U.S. defense contractor Teledyne Technologies on Wednesday cut its annual profit forecast after missing first-quarter estimates on weak sales in its imaging and instrumentation businesses.

Teledyne, which makes digital imaging sensors and measurement instruments for marine applications, now expects 2024 adjusted profit between $19.25 and $19.45 per share, down from its previous forecast of $20.35 to $20.68 per share.

The California-based company said sales growth in the industrial automation markets, including test and measurement, weakened more than planned in the first quarter.

"We now forecast full-year sales in those product families to decline meaningfully in 2024," Teledyne Executive Chairman Robert Mehrabian said.

Sales in its digital imaging segment, which made up 56% of total net sales in 2023, declined 4.1% from a year earlier.

However, sales in its aerospace and defense electronics segment, which contributed 13% to total net sales in 2023, increased 10.4% from a year ago, as sales improved.

It reported a first-quarter adjusted profit of $4.55 per share, below analysts' estimates of $4.63, according to LSEG data.

Quarterly revenue came in at $1.35 billion, below estimates of $1.39 billion.



(Reporting by Kannaki Deka in Bengaluru; Editing by Devika Syamnath)