Teledyne Technologies Shares Gain On Strong Q2, Raised FY21 Outlook

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  • Teledyne Technologies Inc TDY reported second-quarter sales growth of 50.8% year-over-year to $1.12 billion, beating the consensus estimate of $1.03 billion.
  • Sales by segments: Digital Imaging $579.5 million (+143.9% Y/Y), Instrumentation $291.1 million (+10.6% Y/Y), Aerospace and Defense Electronics $152.4 million (+6.5% Y/Y), and Engineered Systems $98 million (-1.5% Y/Y).
  • Adjusted EPS improved to $4.61 from $2.68 in 2Q20, beating the consensus of $2.76.
  • Non-GAAP operating income increased by 113.5% Y/Y to $255.1 million, and the margin expanded by 670 bps to 22.8%.
  • Total costs and expenses increased 60.5% to $1.01 billion.
  • Teledyne Technologies generated cash from operating activities of $211 million, compared to $155.8 million a year ago. Adjusted free cash flow was $257.2 million.
  • Teledyne Technologies management attributes substantial non-GAAP margin and earnings performance in the second quarter resulted, in part, from a disproportionate amount of sales from FLIR relative to costs in its first six weeks of consolidation.
  • Net sales included $301.4 million in incremental net sales from the acquisition of FLIR Systems, Inc.​
  • Q3 Outlook: The company expects GAAP EPS of $2.00 to $2.15 and non-GAAP EPS of $3.55 to $3.65, versus the consensus of $3.40.
  • FY21 Outlook: The company expects GAAP EPS of $8.05 to $8.45 and non-GAAP EPS of $15.25 to $15.50, versus the consensus estimate of $13.15. It had previously expected adjusted EPS of $12.00 - $12.20, excluding charges and income related to FLIR.
  • Price action: TDY shares are trading higher by 3.22% at $455.74 on the last check Wednesday.
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