Teledyne reports Q3 adjusted EPS $5.57, consensus $5.47

Reports Q3 revenue $1.54B, consensus $1.53B. “This morning, we were pleased to announce record quarterly sales, non-GAAP earnings per share and free cash flow,” said Robert Mehrabian, Executive Chairman. “Furthermore, total company new orders were also a quarterly record due in part to continued backlog growth at Teledyne (TDY) FLIR. Given our strong third quarter performance, recovering commercial short-cycle businesses, and robust backlog growth, we are raising our full year earnings outlook. Our defense-related businesses, including our new acquisitions, are performing extremely well, and we continue to pursue a number of significant contract opportunities not yet formally awarded or reflected in our backlog. Nevertheless, given the current U.S. Government shutdown, we are a bit measured on expectations for new awards and shipments in the very near-term. Finally, our balance sheet is the strongest in years, providing the capacity to pursue acquisitions or stock repurchases, as we feel appropriate.”