THOUSAND OAKS, Calif. - Teledyne Technologies Incorporated (NYSE:TDY) reported third-quarter results that surpassed analyst expectations, while narrowing its full-year earnings outlook.
The company posted adjusted earnings per share of $5.10, exceeding the consensus estimate of $4.97. Revenue for the quarter reached $1.44 billion, up 2.9% year-over-year and ahead of the $1.42 billion analysts had projected.
Teledyne's performance was driven by robust demand in its defense, space, and energy businesses. The company also noted that sales for most of its shorter-cycle commercial businesses have stabilized or are recovering.
"We achieved all-time record orders and sales in the third quarter," said Robert Mehrabian, Executive Chairman. "Revenue was sequentially greater in each segment, allowing us to report overall year-over-year growth as we expected."
For the full year 2024, Teledyne narrowed its adjusted earnings per share guidance to $19.35-$19.45, compared to its previous outlook of $19.25-$19.45. The company also provided fourth-quarter adjusted EPS guidance of $5.13-$5.23, slightly below the consensus of $5.33.
Teledyne reported strong cash flow, with third-quarter cash from operations of $249.8 million and free cash flow of $228.7 million. The company has repurchased approximately $354 million in stock year-to-date through October.
Looking ahead, Mehrabian stated, "We will continue to evaluate share repurchases against acquisitions, for which the pipeline has recently improved."
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