Teledyne Technologies Issues Q4 View; Lifts FY22 Forecast Above Market - Update

(RTTNews) - While reporting higher third-quarter results, Teledyne Technologies Inc. (TDY) Wednesday said it expects fourth-quarter earnings per share to be in the range of $3.67 to $3.80, and adjusted earnings per share to be in the range of $4.46 to $4.56.

On average, six analysts polled by Thomson Reuters expect earnings of $4.62 per share for the quarter. Analysts' estimates typically exclude special items.

For fiscal 2022, the company now expects earnings per share to be in the range of $15.46 to $15.60, compared to the prior outlook of $15.13 to $15.45.

Adjusted earnings per share for the year are now expected to be in the range of $17.70 to $17.80, compared with the prior outlook of $17.45 to $17.70. Analysts estimate earnings of $17.62 per share for the year.

Separately, Teledyne said its unit has entered into an agreement to acquire ETM-Electromatic, Inc. The financial terms of the deal were not disclosed.

ETM manufactures high-power microwave and high-energy X-ray subsystems for cancer radiotherapy, defense and X-ray security applications.

Teledyne will also acquire ETM's purpose-built manufacturing facility from an affiliate of ETM and its owners.