Teledyne Technologies Sees 2020 Profit Above View - Quick Facts

(RTTNews) - Teledyne Technologies Inc. (TDY)expects first quarter 2020 GAAP earnings per share to be in the range of $2.25 to $2.35 and full year 2020 GAAP earnings per share of $11.20 to $11.30. Analysts polled by Thomson Reuters expect the company to report earnings of $2.36 per share for the first-quarter and $11.18 per share for fiscal year 2020. Analysts' estimates typically exclude special items.

The company reported that its net income for the fourth-quarter of 2019 rose to $115.7 million or $3.06 per share from $91.1 million or $2.45 per share in the prior year. The fourth quarter of 2019 reflected net discrete income tax benefits of $8.3 million compared with net discrete income tax benefits of $6.9 million for the fourth quarter of 2018. Analysts polled by Thomson Reuters expected the company to report earnings of $2.74 per share. Analysts' estimates typically exclude special items.

Quarterly net sales were $834.2 million, an increase of 11.5% from $748.4 million in the prior year. Analysts expected revenues of $826.78 million.