Sunday, December 10, 2023

Teledyne Technologies Inc(TDY) 2022 Chairman, President and CEO Robert Mehrabian's shareholder ...

  • Teledyne delivered record financial results in 2022 despite inflation, a strong dollar, and supply chain constraints.
  • Record sales of $5,458.6 million, an 18.3% increase compared to the previous year.
  • GAAP diluted earnings per share reached a record $16.53, with non-GAAP diluted earnings per share at $18.19.
  • Teledyne's imaging sensor technology continued to lead, with significant contributions to the James Webb Space Telescope.
  • Recent acquisitions have strengthened Teledyne's offerings in marine navigation, healthcare, security, and defense applications.
  • Optimism for growth in defense, medical, energy, and aerospace markets in 2023.

Throughout 2022, we found ourselves, like many other companies, challenged by the external forces of inflation, a strong dollar and supply chain constraints. Nevertheless, Teledyne continued its long history of navigating difficult market environments, and we ultimately delivered record financial results.

Record sales of $5,458.6 million increased 18.3% compared with last year. Furthermore, record full year GAAP diluted earnings per share of $16.53 and non-GAAP diluted earnings per share of $18.19 increased 64.5% and 7.9%, respectively. Full year 2022 GAAP and non-GAAP operating margins were also records.

Imaging Milestones

In 2022, we continued to demonstrate our leadership in imaging sensor technology. Teledyne infrared detectors are used in three of the four instruments of the James Webb Space Telescope (JWST), accounting for 95% of all imaging pixels. The JWST was launched on December 25, 2021, and after commissioning, the first images were released to the public in July 2022. The JWST has imaged galaxies beyond the grasp of other telescopes and yielded unprecedented views of star formation and the early universe.

Looking Earthward, Teledyne infrared detectors are utilized in the latest Earth science missions and space-based defense programs that protect our nation and allies. For example, Teledyne’s imaging sensors support critical defense missions that detect and track conventional and advanced missile threats, including hypersonic missile systems.

Recent Acquisitions and Safety, Health and Security

For years, Teledyne Marine Instrumentation systems and Digital Imaging software have helped hydrographic agencies around the world provide accurate nautical charts for safe navigation of the world’s waterways and oceans. Through the January 2023 acquisition of ChartWorld, Teledyne now provides these electronic navigation charts and other value-added software information services directly to vessel pilots, owners, and operators.

In October 2022, Teledyne acquired ETM, a multi-decade customer of Teledyne’s specialty electronic components used in healthcare, security, and defense applications. ETM accelerated Teledyne’s ability to provide...

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