By Keith Collins
Teledyne Technologies Inc. said Wednesday its third-quarter profit fell as sales decreased, but the company raised the lower end of its full-year earnings guidance target.
The Thousand Oaks, Calif., engineering company reported net income of $93.9 million, or $2.48 a share, compared with $106.7 million, or $2.84 a share, a year earlier.
Teledyne had expected third-quarter earnings of between $2.25 and $2.45 a share.
The company said it booked $3.9 million in severance, facility consolidation, acquisition and other costs for the quarter.
Sales fell 6.6%, to $749 million, from $802.2 million. The company said it had free cash flow of $135.1 million in the latest quarter.
"During the third quarter, our shortest-cycle environmental and test and measurement instrumentation businesses experienced a rebound from the trough in the second quarter. With non-Covid health-care procedures now increasing, we expect a similar recovery for our medical imaging businesses late in the fourth quarter," Teledyne Executive Chairman Robert Mehrabian said.
"Finally, our balance sheet has never been stronger and our acquisition pipeline is healthy. Nevertheless, we will continue to be disciplined in capital deployment," he said.
Teledyne said sales in its instrumentation and digital-imaging segments fell from a year earlier, as did revenue from its aerospace and defense-electronics business. Sales of engineered products and turbine engines advanced, the company said.
Teledyne raised the lower end of its full-year earnings guidance target to $9.70 a share from $9.45 a share. It continues to expect earnings of $10 a share at the upper end of its forecast range.
Teledyne said it expects fourth-quarter earnings of between $2.56 and $2.86 a share.
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