Record Quarterly Sales
Teledyne reported record quarterly sales with a 10.2% increase, marking the greatest total and organic sales growth in almost 3 years.
Earnings Growth
Non-GAAP earnings per share increased 13.5% from last year, setting a record for any second quarter.
Strong Defense and Energy Performance
The Energy and Defense businesses performed well due to market strength and the company's specific portfolio, including unmanned air and subsea systems, space-based sensors, NATO defense spending, and offshore energy production.
Order Performance
Orders exceeded sales for the seventh consecutive quarter, with a book-to-bill ratio of 1.1x in the Digital Imaging segment.
Aerospace and Defense Electronics Growth
Second quarter sales in the Aerospace and Defense Electronics segment increased 36.2%, primarily driven by acquisitions and organic growth of defense electronics products.
Stock Repurchase Authorization
The Board of Directors increased stock repurchase authorization from $896 million to $2 billion.