logo
  

Teledyne Now Expects FY20 EPS To Be Lower Than Initial Outlook - Quick Facts

Announcing preliminary results for the first quarter of fiscal 2020 on Monday, Teledyne Technologies Inc. (TDY) said it expects to achieve record first quarter sales and earnings per share. Sales are expected to increase over 5%, including positive organic growth, to about $785 million.

The company also expects earnings first quarter to increase to a range of $2.10 to $2.15 per share, compared to $2.02 per share in the first quarter of 2019. Orders also exceeded sales in each month of the first quarter, resulting in record backlog of approximately $1.8 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.29 per share on sales of $796.87 billion for the quarter. Analysts' estimates typically exclude special items.

However, given likely reductions in customer capital expenditures, the company currently expects a substantial change in demand in the second quarter for some of Teledyne's commercial businesses, especially those serving North America and Europe-based customers.

Due to the current environment, Teledyne's full year earnings outlook will decrease from the prior outlook issued January 22, 2020.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Apple is set to open the Apple Tower Theatre in Los Angeles on Thursday. Apple has converted the 94-year old historic downtown LA art deco theatre into a show-stopping retail store or creative hub for the 21st century. This will be the first Apple Store in downtown LA and the 26th location in greater LA. Bea Lydecker's Naturals, Inc. is recalling six Living Free brand dietary supplement products citing undeclared soy lecithin, the U.S. Food and Drug Administration said. According to the agency, the labels declare lecithin but do not declare soy lecithin. Investment banking major Morgan Stanley plans to block employees and clients who are not fully vaccinated against COVID-19 from entering its New York offices, the Financial Times reported citing an internal memo. The policy is expected to come into effect on July 12, and all unvaccinated employees will lose building access from then onwards.
Follow RTT