Teledyne Technologies (NYSE: TDY) reported Q2 EPS of $4.61, $1.85 better than the analyst estimate of $2.76. Revenue for the quarter came in at $1.12 billion versus the consensus estimate of $1.03 billion.

GUIDANCE:

Teledyne Technologies sees FY2021 EPS of $15.25-$15.50, versus the consensus of $13.15.

• Based on its current outlook, the company’s management believes that third quarter 2021 GAAP diluted earnings per common share will be in the range of $2.00 to $2.15 and full year 2021 GAAP diluted earnings per common share will be in the range of $8.05 to $8.45 and third quarter 2021 non-GAAP diluted earnings per common share will be in the range of $3.55 to $3.65 and full year 2021 non-GAAP diluted earnings per common share will be in the range of $15.25 to $15.50. The non-GAAP outlook excludes certain costs related to the FLIR acquisition, such as acquired intangible asset amortization, inventory step-up expense, bridge loan and debt extinguishment fees, and transaction costs and reflects the issuance of Teledyne common stock on May 14, 2021 in connection with the FLIR transaction. This outlook also excludes acquired intangible asset amortization from prior acquisitions and the remeasurement of deferred taxes related to acquired intangible assets due to changes in tax laws. The company’s annual expected tax rate for 2021 is 23.9%, before discrete tax items. In addition, we currently expect less discrete tax items in 2021 compared with 2020.

For earnings history and earnings-related data on Teledyne Technologies (TDY) click here.