(RTTNews) - Announcing preliminary results for the first quarter of fiscal 2020 on Monday, Teledyne Technologies Inc. (TDY) said it expects to achieve record first quarter sales and earnings per share. Sales are expected to increase over 5%, including positive organic growth, to about $785 million.
The company also expects earnings first quarter to increase to a range of $2.10 to $2.15 per share, compared to $2.02 per share in the first quarter of 2019. Orders also exceeded sales in each month of the first quarter, resulting in record backlog of approximately $1.8 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.29 per share on sales of $796.87 billion for the quarter. Analysts' estimates typically exclude special items.
However, given likely reductions in customer capital expenditures, the company currently expects a substantial change in demand in the second quarter for some of Teledyne's commercial businesses, especially those serving North America and Europe-based customers.
Due to the current environment, Teledyne's full year earnings outlook will decrease from the prior outlook issued January 22, 2020.