By Paulo Trevisani

Teledyne Technologies Inc. said Wednesday it has revised down its 2022 outlook because of foreign exchange headwinds.

The Thousand Oaks, Calif. supplier of electronic products now expects full-year 2022 GAAP earnings to be between $15.13 to $15.45 per share, down from $15.34 to $15.66 in the previous outlook.

It sees full-year non-GAAP earnings at $17.45 to $17.70, compared with the prior outlook of $17.75 to $18.00.

The non-GAAP outlook excludes acquired intangible asset amortization for all acquisitions and benefits or charges for acquisition-related tax matters, the company said.

"Given the recent and significant appreciation of the U.S. dollar, ongoing supply chain constraints and inflation, we believe it is prudent to revise our reported revenue and adjusted earnings outlook modestly for the remainder of the year," the company said.

Teledyne said currency translations had a negative impact on organic sales, which grew 8.2% in the second quarter from a year earlier.

Write to Paulo Trevisani at paulo.trevisani@wsj.com

(END) Dow Jones Newswires

July 27, 2022 09:23 ET (13:23 GMT)

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