July 23 (Reuters) - Teledyne Technologies TDY.N raised the lower end of its annual profit forecast after topping Wall Street expectations for second-quarter results on Wednesday, driven by strong demand for its military drones and target detection sensors.
Shares of the company rose 4.3% in premarket trading.
Defense firms have benefited from sustained demand as a result of simmering geopolitical tensions, including the protracted Russia-Ukraine war and tensions in the Middle East.
It now expects adjusted profit per share for 2025 between $21.20 and $21.50, compared with its previous forecast of $21.10 and $21.50.
The company, however, struck a cautious tone for its third-quarter outlook.
"We are exercising some caution regarding the third quarter, as our second quarter likely benefited from a degree of accelerated demand given uncertain global trade policies," said Executive Chairman Robert Mehrabian.
Teledyne's revenue for the quarter rose 10.2% to $1.51 billion, above expectations of $1.48 billion, according to data compiled by LSEG.
Its adjusted profit per share was $5.20, also beating estimates of $5.05.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Vijay Kishore)
((UtkarshUmesh.Shetti@thomsonreuters.com;))
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