Teledyne Bought $139.0 Million Of Its Own Stock After Quarter-End, Topping The Whole Quarter's $94.8 Million
The buying came as the company lines up cash and credit-line borrowings for its roughly $1.1 billion Varex deal, which is expected to close in early 2027.
Teledyne Technologies, which makes sensors, cameras and instruments for aerospace, defense and industrial customers, repurchased $139.0 million of its own stock after its third quarter ended, more than the $94.8 million it spent during the quarter itself, according to its 10-Q filed Friday. It is also committing cash on hand and credit-line borrowings to its pending Varex Imaging purchase.
Buybacks accelerate
The post-quarter purchases covered 0.2 million shares at a weighted average of $610.16. Third-quarter buying, also about 0.2 million shares, averaged $603.09.
The quarter's buying is a reversal. The prior quarterly filing said no shares were repurchased in the second quarter or first half of 2026. In the third quarter, $1.5 billion remained on a $2.0 billion authorization approved in July 2025.
In its earnings release on Wednesday, Teledyne said repurchases in September and through October 19 totaled $224.6 million at an average $607.03. Executive Chairman Robert Mehrabian called them "opportunistic stock repurchases."
Paying for Varex
Teledyne agreed on August 10 to buy Varex in a cash deal valued at about $1.1 billion, including Varex's equity awards and net debt. It plans to pay from cash and its credit facility, and Varex will join the Digital Imaging segment, which made up 52% of 2025 net sales.
Cash stood at $562.4 million at quarter-end, up from $352.4 million at the end of 2025. Another $1,158.4 million was available on the $1.2 billion credit facility. Total debt fell to $2,027.8 million from $2,475.4 million after Teledyne repaid $450.0 million of notes in the second quarter.
The liquidity section says resources should cover Varex over the next 12 months, then adds that to support acquisitions Teledyne "may need to raise additional capital."
A Varex stake and the quarter
Before signing, Teledyne bought about 1.3 million Varex shares for $13.9 million. Marking them to market produced a $10.6 million gain in other income for the third quarter.
The quarter itself was a record. Sales rose 9.4% to $1,684.9 million, and net income attributable to Teledyne climbed 23.6% to $272.8 million, or $5.82 a share. Teledyne also plans about $140 million in capital spending this year, mainly on facilities and manufacturing equipment.
Varex's special meeting is scheduled for October 28, and Teledyne expects the deal to close in early 2027, subject to regulatory approvals.
Sources
- 10-Q Filing — Teledyne Technologies (TDY) — SEC EDGAR
- 10-Q Filing — Teledyne Technologies (TDY), Q2 FY2026 filed 2026-07-24 (comparison basis) — SEC EDGAR
- Earnings release (8-K Item 2.02, q3-2026earningsrelease.htm) — Teledyne Technologies, filed 2026-10-21 — SEC EDGAR
- Teledyne Technologies Reports Third Quarter Results — Yahoo Finance
- Teledyne Technologies (TDY) Q3 Earnings Lift Guidance After Record Profit — Yahoo Finance
- Teledyne Technologies (TDY) Surpasses Q3 Earnings and Revenue Estimates — Yahoo Finance
- Teledyne: Q3 Earnings Snapshot — Associated Press
- Teledyne Technologies Q3 Adj. EPS $6.72 Beats... — benzinga.com
