Teledyne Drops As Profit Outlook Comes In Below View

Shares of Teledyne Technologies Incorporated (TDY) are falling more than 4% Wednesday morning after the company’ second-quarter earnings outlook came in below analysts’ view.

For the second quarter, Teledyne expects EPS to be in the range of $4.56-$4.66. Analysts on average polled by Thomson-Reuters expect the company to report earnings of $4.67 per share.

However, the company’s first-quarter results beat the consensus estimates.

In the first quarter the company posted a lower profit of $178.7 million, or $3.73 per share, compared with $212.6 million, or $4.46 per share, in last year’s first quarter.

Excluding items, earnings were $217.2 million or $4.53 per share for the period. The consensus estimate was for $4.43 per share.

The company’s revenue for the quarter rose 4.7% to $1.383 billion from $1.321 billion last year. Analysts’ were expecting revenue of $1.37 billion.

TDY, currently at $397.92, has traded in the range of $325.00-$470.77 in the last 1 year.

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