Why Industrial Conglomerate Teledyne Technologies Shares Are Falling Wednesday

Teledyne Technologies Incorporated TDY shares are trading lower on Wednesday.

The firm reported Q4 FY23 sales growth of 0.5% year-over-year to $1.425 billion, missing the consensus of $1.470 billion.

Adjusted EPS was $5.44, above the consensus of $5.04.

“Sales increased primarily due to the performance of our marine, medical, and aerospace businesses, which were more than able to compensate for the previously announced headwind in the industrial automation and laboratory instrumentation markets,” said Robert Mehrabian, Chairman, President, and CEO. 

Teledyne Technologies clocked Q4 all-time record orders of $1.519 billion.

The Digital Imaging segment’s fourth quarter 2023 net sales were $802.5 million, compared with $806.7 million, a decrease of 0.5%.

The Instrumentation segment’s fourth quarter 2023 net sales were $335.2 million, compared with $326.2 million, an increase of 2.8%. 

The Aerospace and Defense Electronics segment’s fourth quarter 2023 net sales were $184.0 million, compared with $177.9 million, an increase of 3.4%. 

The Engineered Systems segment’s fourth quarter 2023 net sales were $103.3 million, compared with $107.4 million, a decrease of 3.8%. 

The company exited the quarter with cash and equivalents worth $648.3 million. 

Outlook: The company expects the first quarter 2024 non-GAAP EPS of $4.55-$4.65 versus the $4.84 estimate. 

Teledyne sees full-year 2024 non-GAAP EPS of $20.35-$20.68 versus the $20.68 estimate. 

Price Action: TDY shares are trading lower by 3.52% to $426.42 on the last check Wednesday.