Stephen Blackwood on margins
From Teledyne Technologies Inc ($TDY) Q3 2025 Earnings Call · · Castify Earnings Call
“I think what will happen is that for the year when you add the first two three quarters and then Q4, for the year we should be flat with last year. Even though we took a significant amount of cost out in the first three quarters including uh Q3 uh just that we just concluded. So, with all of that said if we can maintain the same margins as last year with all the cost out, then going ahead uh I think 24 is uh achievable.”
On , Stephen Blackwood, Chief Financial Officer & Executive Vice President at Teledyne Technologies Inc, spoke about margins during Teledyne Technologies Inc ($TDY) Q3 2025 Earnings Call on Castify Earnings Call.
About Stephen Blackwood
On Teledyne's Q3 2025 earnings call, Blackwood reported record quarterly sales and a book-to-bill ratio of 1.09. He stated the company was raising its full-year earnings outlook and expected sales to reach approximately $6.06 billion. Blackwood noted the company ended the quarter with $2.0 billion of net debt, and described the company's acquisition strategy as "aggressive" but "prudent," saying they would avoid overpaying for assets trading at multiples higher than their own. On the Q4 2025 call, Blackwood said Teledyne ended 2025 with a leverage ratio of 1.4 times, providing "ample financial flexibility" for acquisitions and stock repurchases. He reiterated the company's preference for "string of pearls" small acquisitions over larger deals, and stated that Teledyne had never paid a dividend, instead prioritizing investment in CapEx and R&D, which increased by 40% and 10% respectively over the prior year.