(Reuters) - 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.
Sales rose 2.9% to $1.44 billion.