Teledyne Technologies Sees Q3 Earnings Below Market; Cuts FY22 Outlook - Update

(RTTNews) - Teledyne Technologies Inc. (TDY), while reporting higher second-quarter results, on Wednesday issued third-quarter earnings view and trimmed fiscal 2022 earnings forecast, both below market estimates.

For the third quarter, earnings per share will be in the range of $3.36 to $3.54 and adjusted earnings per share will be in the range of $4.20 to $4.35.

On average, seven analysts polled by Thomson Reuters expect earnings of $4.52 per share for the quarter. Analysts' estimates typically exclude special items.

Further, for fiscal 2022, the company now expects reported earnings per share of $15.13 to $15.45, down from previous estimate of $15.34 to $15.66. Adjusted earnings per share for the year is now expected to be $17.45 to $17.70, compared with the prior outlook of $17.75 to $18.00.

Analysts estimate earnings of $18.03 per share for the year.

Robert Mehrabian, Chairman, President and Chief Executive Officer, said, "Given the recent and significant appreciation of the U.S. dollar, ongoing supply chain constraints and inflation, we believe it is prudent to revise our reported revenue and adjusted earnings outlook modestly for the remainder of the year. Nevertheless, we continue to see mid-single digit organic sales growth in the second half and full year 2022 including the impact of foreign currency translation."