Teledyne Technologies (TDY) Tops Q2 EPS by 44c, Revenues Beat; Boosts FY18 EPS Outlook Above Consensus

Teledyne Technologies (NYSE: TDY) reported Q2 EPS of $2.32, $0.44 better than the analyst estimate of $1.88. Revenue for the quarter came in at $732.5 million versus the consensus estimate of $704.58 million.

• Record sales of $732.5 million, an increase of 9.1% compared to last year
• Record GAAP earnings per diluted share of $2.32
• Record operating margin
• Raising full year 2018 GAAP earnings outlook to $8.18 to $8.28, an increase from the prior outlook of $7.67 to $7.77

“Teledyne’s second quarter results were the best in our history. We achieved all-time record sales, earnings, and operating margin,” said Robert Mehrabian, Chairman and Chief Executive Officer. “Organic growth of 8.3% was driven by broad-based growth across our imaging and instrumentation businesses. Orders also remained healthy with an overall book to bill greater than 1.1 times due in part to strong defense and space-related contract awards. Finally, margins increased in every segment as a result of greater sales, favorable product mix and cost control, as well as stronger business integration and simplification efforts across the company.”

GUIDANCE:

Teledyne Technologies sees FY2018 EPS of $8.18-$8.28, versus the consensus of $7.74.

For earnings history and earnings-related data on Teledyne Technologies (TDY) click here.

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