Teledyne Technologies Sees Q4 Earnings Below Market; Lifts FY23 Outlook - Update

(RTTNews) - Teledyne Technologies Inc. (TDY), while reporting higher third-quarter results, on Wednesday issued fourth-quarter outlook, and raised its fiscal 2023 earnings guidance.

For the fourth quarter, the company expects earnings per share in the range of $4.07 to $4.21, and adjusted earnings per share in the range of $4.95 to $5.05.

On average, seven analysts polled by Thomson Reuters expect earnings of $5.17 per share for the quarter. Analysts' estimates typically exclude special items.

Further, for fiscal 2023, the company now expects earnings on a reported basis of $15.82 to $15.96 per share, higher than previous outlook of $15.60 to $15.88 per share.

Adjusted earnings are now expected to be $19.20 to $19.30 per share, compared with the prior outlook of $19.00 to $19.20 per share.

The Street is looking for earnings of $19.15 per share for the year.

In the third quarter, Teledyne Technologies revealed earnings for its third quarter that increased from last year and beat the Street estimates.

The company's earnings totaled $198.6 million, or $4.15 per share. This compares with $178.3 million, or $3.74 per share, in last year's third quarter.

Adjusted earnings were $241.9 million or $5.05 per share for the period. Analysts expected the company to earn $4.76 per share.

The company's revenue for the quarter rose 2.9 percent to $1.40 billion from $1.36 billion last year.

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