Teledyne's third-quarter profit rises on strong defense demand
- US defense firm Teledyne on Wednesday reported a rise in third-quarter profit, driven by strong demand for marine instrumentation and aerospace electronics.
Ongoing conflicts in the Middle East and the Russia-Ukraine war have led to a surge in defense spending by countries, benefiting companies such as Teledyne, Lockheed Martin and RTX. Teledyne reported net income attributable of $262 million, or $5.54 diluted earnings per share, for the quarter ended Sept. 29, compared with $198.6 million, or $4.15 diluted earnings per share, a year earlier.
"We continue to see robust demand in our longer-cycle defense, space, and energy businesses," said Executive Chairman Robert Mehrabian, and highlighted a recovery in sales for its shorter-cycle commercial businesses. The company raised its 2024 profit forecast to between $17.28 and $17.42, up from $15.87 to $16.13 earlier, but narrowed its adjusted profit forecast to between $19.35 and $19.45, down from $19.25 to $19.45.South Korea team showcases drone that serves as 'flying shopping cart'Freedom of expression threatened more seriously in Gaza than in any recent conflict, UN expert says
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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