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Teledyne Technologies Inc. reported third-quarter 2020 net sales of $749 million, and a year-over-year decrease of 6.6%, compared to third-quarter net sales of $802.2 million for the third quarter of 2019. The company posted a net income of $93.9 million ($2.48 adjusted earnings per share) for the quarter. The figure is down from $106.7 million ($2.84 diluted earnings per share) for the third quarter of 2019. Earnings per share exceeded the Zacks consensus estimate of $2.40 (3.3%) as well as previously announced GAAP earning ranging from $2.25 to $2.45.
The third quarter of 2020 included $3.9 million in severance, facility consolidation, acquisition, and other costs. The amount is nearly double that of 2019’s third quarter.