Teledyne Technologies, a leading provider of instrumentation, digital imaging, and aerospace and defense electronics, reported strong third-quarter results, driven by robust demand across its defense, space, and energy businesses.

For the quarter ended September 29, 2024, the company's net sales increased by 2.9% year-over-year to $1.44 billion, beating analysts' expectations of $1.42 billion. This growth was primarily fueled by higher sales of marine instrumentation, defense electronics, and aerospace electronics products, reflecting strong demand in these sectors.

Teledyne's non-GAAP diluted earnings per share (EPS) for the quarter stood at $5.10, exceeding the consensus estimate of $4.97 by 2.6% and representing a 0.99% increase compared to the same period last year. The company's operating margin remained steady at 18.8%, in line with the prior year's level.

Robert Mehrabian, Executive Chairman of Teledyne, commented, "We continue to see robust demand in our longer cycle defense, space, and energy businesses. Furthermore, sales for most of our shorter cycle commercial businesses have stabilized or are recovering, and year-over-year comparisons have just begun to ease."

While the Digital Imaging segment experienced a slight decline in sales of 1.0% year-over-year due to lower demand for industrial automation imaging systems and X-ray products, this was partially offset by higher sales of unmanned air systems, surveillance systems, infrared detectors, and commercial infrared imaging systems.