California-based Teledyne Technologies Incorporated (TDY), founded in 1960, provides enabling technologies for industrial growth markets in the U.S. and internationally. Valued at $20.9 billion by market cap, the company thrives at the cutting edge of imaging and electronics.

Its Digital Imaging segment offers sensors spanning infrared to X-ray, while aerospace and defense solutions power avionics and unmanned systems. From cooled thermal cameras to high-energy X-ray systems, Teledyne engineers precision tech for defense, space, and energy. With instruments measuring everything from physical properties to communications in extreme environments, Teledyne’s innovations fuel breakthroughs across land, sea, and sky.

The company is anticipated to release its Q3 2024 earnings on Wednesday, Oct. 23.

Ahead of the event, analysts estimate Teledyne Technologies’ Q3 EPS to decline 1.6% year over year to $4.97. The company has surpassed Wall Street’s EPS estimates in three of the previous four quarters while missing on one other occasion. Its EPS for the last reported quarter declined 1.9% year over year to $4.58 but surpassed the consensus estimates by 2%.

For fiscal 2024, analysts expect Teledyne Technologies’ EPS to dip 1.3% year over year to $19.43 from $19.69 per share in fiscal 2023. However, in fiscal 2025, analysts project the company’s bottom line to rise 11.5% to $21.67 per share.

TDY stock has declined 1.3% on a YTD basis, underperforming the S&P 500 Index’s ($SPX) 20.6% returns and the Technology Select Sector SPDR Fund’s (XLK) 17.1% gains during the same time frame.

Teledyne Technologies has been treading water lately, underperforming the broader market despite some notable wins. On July 24, its stock ticked up 3.7% after Q2 profit beat estimates, thanks to strong sales in marine instrumentation and aerospace defense electronics. Investors embraced the positive growth outlook, even as revenues fell short of forecasts.

Wall Street analysts are moderately bullish on TDY’s prospects. The stock has a consensus “Moderate Buy” rating from the eight analysts covering it, with five recommending a “Strong Buy,” one suggesting a “Moderate Buy,” and the remaining two analysts playing it safe with a “Hold” rating. The mean price target of $477.25 indicates an upside potential of 8.3% from the current price levels.

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On the date of publication, Sristi Jayaswal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.