Teledyne Technologies Issues Earnings View For Q1, FY23 - Update

(RTTNews) - While reporting higher fourth-quarter results, Teledyne Technologies Inc. (TDY) Wednesday issued earnings outlook for first quarter and fiscal 2023.

Looking ahead for the first quarter, the company projects earnings per share in the range of $3.57 to $3.69, and adjusted earnings per share in the range of $4.37 to $4.47.

On average, eight analysts polled by Thomson Reuters expect earnings of $4.44 per share for the next quarter. Analysts' estimates typically exclude special items.

Further, the company expects fiscal 2023 earnings on a reported basis of $15.80 to $16.10 per share and adjusted earnings of $19.00 to $19.20 per share. Analysts expect earnings of $19.07 per share for the year.

In fiscal 2022, earnings per share were $16.53 and adjusted earnings per share were $18.19.

In the fourth quarter, Teledyne's net earnings came in at $226.4 million, or $4.74 per share, an increase of 40 percent from $161.8 million, or $3.39 per share, in last year's fourth quarter.

Adjusted earnings were $236.1 million or $4.94 per share, cmpared to $217.4 million or $4.56 per share a year ago. Analysts had expected the company to earn $4.54 per share.

The company's sales for the quarter rose 3.1 percent to $1.42 billion from $1.38 billion last year. Market estimates for sales were $1.41 billion.

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