(Reuters) -Teledyne Technologies raised its 2025 profit forecast on Wednesday, betting on sustained demand for its defense electronics and military drones.
The maker of target detection sensors also beat Wall Street expectations for its third quarter results.
Defense contractors and suppliers are benefiting from a surge in demand for military equipment as geopolitical tensions rise and global conflicts simmer.
The company, however, cautioned of a possible short-term hit to new contracts from the U.S. government shutdown that is now three weeks old.
Teledyne raised its annual adjusted profit forecast to between $21.45 and $21.60 per share, from $21.20 to $21.50 per share.
It posted a third-quarter revenue of $1.54 billion, up 6.7% from a year ago and above expectations of $1.53 billion, according to data compiled by LSEG.
Its adjusted profit per share came in at $5.57, also surpassing estimates of $5.48.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Sahal Muhammed)
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