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Did Teledyne beat or miss consensus estimates last quarter?

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What were the key takeaways from Teledyne's earnings call?

- **Q3 Records**: 6.7% sales growth, $314M free cash flow, and $6.06B full-year sales target.
- **Defense Dominance**: 37.6% YoY growth in Aerospace & Defense, unmanned systems bookings +$30M.
- **Cash Position**: $2.0B net debt, $1B+ free cash flow, enabling selective M&A.
- **2026 Vision**: Machine vision recovery, defense spending, and subsea drone expansion driving long-term growth.

**【Management Opening Remarks】**
- **Record Q3 Performance**: Achieved all-time highs with 6.7% YoY sales growth ($6.06B full-year forecast), 9.2% non-GAAP EPS increase, and $314M free cash flow.
- **Government Shutdown Impact**: Anticipated minimal impact (25% of sales if prolonged), with 2018-19 shutdown precedent showing resilience.
- **China Designation**: Teledyne FLIR and Brown Engineering sales to China negligible (0.4% and 0% of 2024-25 sales).
- **Acquisition Activity**: $770M spent YTD, nearing completion of TransponderTech carve-out, pursuing selective deals.

**【CEO Commentary】**
- **Digital Imaging**: FLIR defense/industrial sales up 10%, sensors/cameras for machine vision +3.4%, offset by X-ray detector weakness.
- **Instrumentation**: Marine interconnects (+3.2%), environmental safety systems (+7.5%), test & measurement oscilloscopes growth.
- **Aerospace & Defense**: 37.6% YoY growth driven by acquisitions, strong aftermarket and 2026 delivery orders.
- **Engineered Systems**: 8.1% YoY decline vs. tough comp, 30bps margin improvement.

**【CFO Financial Commentary】**
- **Cash Flow Strength**: Q3 free cash flow $314M (vs. $229M), operating cash flow $343M (vs. $250M), net debt $2.0B.
- **Q4 Guidance**: GAAP EPS $4.76-$4.98, non-GAAP EPS $5.73-$5.88.
- **Full Year 2025**: Non-GAAP EPS $21.45-$21.60.

**【Q&A Highlights】**
- **Digital Imaging Margins**: 2024 target achievable with cost reductions, 2025 flat-to-up trend.
- **Defense Growth**: Unmanned systems (Rogue 1, LASSO) and subsea vehicles ($500M+ annual run rate) key drivers.
- **2026 Outlook**: Machine vision recovery, defense spending, and test & measurement semiconductors growth.
- **Organic vs. M&A**: 2025 EPS growth ~$0.25 from M&A, rest organic; cautious on high-multiple deals.

Teledyne Technologies Incorporated (TDY) Q3 2025 Earnings Call Transcript

Revenue

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Operating Expenses

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