U.S. defense firm Teledyne raises 2023 profit target, beats Q3 earnings view
(Reuters) - U.S. defense contractor Teledyne Technologies on Wednesday raised its full-year profit forecast after reporting better-than-expected quarterly earnings on strong performance in its business that makes monitoring and control equipment.
Teledyne, which owns drone maker FLIR systems, also reported an 8.1% rise in its aerospace and defense business amid rising geopolitical tensions.
The Pentagon has awarded lucrative contracts to refill its depleted weapons stockpile after shipping aid to Ukraine, adding to sales at U.S. defense contractors.
California-based Teledyne expects a full-year profit of $15.82 to $15.96 per share, compared with its previously forecast range of $15.66 to $15.88.
In the third quarter ended Oct. 1, Teledyne reported a quarterly profit of $5.05 per share, compared with analysts' estimates of $4.76.
Its quarterly revenue came in at about $1.4 billion, up 2.9% from a year earlier, but missed analysts' average estimate of $1.42 billion, according to LSEG data.
(Reporting by Aishwarya Jain; Editing by Shinjini Ganguli)
