Teledyne lifts annual profit forecast, tops quarterly results estimates
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July 22 : Teledyne Technologies on Wednesday raised its 2026 profit forecast as demand remained robust at its digital imaging, instrumentation as well as aerospace and defense segments.
Shares of the sensing-systems maker, which also reported better-than-expected quarterly profit and revenue, rose nearly 3 per cent before the bell.
• Teledyne, which continues to benefit from elevated demand for defense and surveillance equipment amid heightened geopolitical tensions, noted further boost to its top-line from recent acquisitions.
• “Organic growth was greatest in our Digital Imaging segment, where infrared detectors and systems for space and airborne and marine unmanned systems, as well as counter unmanned applications, each increased considerably,” CEO Robert Mehrabian said.
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• “We achieved growth in our other segments and each product line within the Instrumentation segment,” the CEO added.
• Teledyne now expects full-year adjusted profit between $24.45 and $24.65 per share, compared with its prior range of $23.85 to $24.15.
• The mid-point of the new forecast range is 39 cents ahead of average analysts’ estimate of $24.16, according to data compiled by LSEG.
• On an adjusted basis, Teledyne earned $6.28 per share in the quarter ended June 28, compared with estimates of $5.80 a share.
• The Thousand Oaks, California-based company posted a 9.8 per cent year-on-year rise in second-quarter revenue to $1.66 billion, compared with estimates of $1.58 billion.
Source: Reuters
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