Teledyne sales rise 9.8% to $1.66 billion

• Teledyne reported record quarterly sales of $1.66 billion, up 9.8%, with adjusted EPS rising 20.8% to $6.28.
• Teledyne shares were up 3.3% at $647.48 in premarket trading following the earnings release.
• The company raised its full-year adjusted EPS forecast to $24.45–$24.65 from $23.85–$24.15.

Teledyne Technologies (NYSE:TDY) reported record second-quarter sales of $1.66 billion, up 9.8%, alongside record orders and operating profit.

Net income rose 19.9% to $251.7 million, while adjusted EPS increased 20.8% from $5.20 to $6.28.

Operating margin increased to 20%, while operating cash flow reached $315.2 million and free cash flow totaled $284.7 million.

Following the announcement, Teledyne's share price was up 3.3% at $647.48 in premarket trading.

Digital Imaging sales rose 12.7% to $868.7 million, while funded backlog reached approximately $5.0 billion and leverage fell to 1.1x.

Teledyne said it now expects full-year GAAP EPS of $20.73–$20.99 and adjusted EPS of $24.45–$24.65.