Stronger US Dollar Takes The Toll - Industrial Conglomerate Teledyne's Sales Up 2.9%, But Misses Estimate
Portfolio Pulse from Nabaparna Bhattacharya
Teledyne Technologies Incorporated (TDY) reported Q3 FY23 sales growth of 2.9% year-over-year to $1.403 billion, missing the consensus of $1.423 billion. Adjusted EPS was $5.05, above the consensus of $4.76. The company's revenue was impacted by a stronger U.S. dollar and some deterioration in certain end markets. The company expects Q4 non-GAAP EPS of $4.95-$5.05 versus consensus of $5.17. TDY shares are trading lower by 3.03% at $374.48.
October 25, 2023 | 5:49 pm
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Teledyne Technologies reported Q3 FY23 sales growth of 2.9% YoY, missing estimates. Adjusted EPS beat consensus. The company's revenue was impacted by a stronger U.S. dollar and some deterioration in certain end markets. Shares are trading lower.
Teledyne's Q3 sales growth was lower than expected, which is likely to negatively impact investor sentiment and the stock price. However, the company's adjusted EPS beat consensus, which could mitigate some of the negative impact. The company's revenue was affected by a stronger U.S. dollar and deterioration in certain end markets, which could continue to impact the company's performance and stock price in the future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100