Teledyne Technologies Inc. beat Wall Street estimates on adjusted earnings and revenue in the first quarter.
The Thousand Oaks aerospace, marine and digital imaging products manufacturer reported on Wednesday an adjusted net income of $115 million ($3.02 a share) for the quarter ending April 4, compared to adjusted net income of $82 million ($2.17) in the same period a year earlier. Revenue increased by 3 percent to $806 million.
Analysts on average expected earnings of $2.59 on revenue of $786 million, according to Thomson Financial Network.
Executive Chairman Robert Mehrabian said that sales increased in every major business category except for commercial aerospace and that operating margins increased significantly in every business segment.
THOUSAND OAKS, Calif. (AP) Teledyne Technologies Inc. (TDY) on Wednesday reported first-quarter earnings of $84.7 million. The Thousand Oaks, California-based company said it had net income of $2.23 per share. Earnings, adjusted for non-recurring costs, came to $3.02 per share. The defense and aerospace industry supplier posted revenue of $805.7 million in the period.
Teledyne Technologies Raises FY21 Adj. Earnings Outlook
WASHINGTON (dpa-AFX) - While reporting financial results for the first quarter on Wednesday, Teledyne Technologies Inc. (TDY) raised its adjusted earnings guidance for fiscal 2021 to a range of $12.00 to $12.20 per share from the prior forecast range of $11.25 to $11.45 per share.
Based on its current outlook, the company also projected earnings for the second quarter to be in the range of $2.85 to $2.95 per share.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.79 per share for the second quarter and $11.55 per share for the year. Analysts estimates typically exclude special items.