01:12 PM EDT, 04/24/2024 (MT Newswires) -- (Updates with the company's latest stock move in the headline and first paragraph.)

Teledyne Technologies ( TDY ) shares dropped nearly 11% in recent Wednesday trading after the company reported Q1 results below analysts' expectations and lowered its full-year adjusted earnings guidance.

The company reported Q1 adjusted earnings Wednesday of $4.55 per diluted share, up from $4.53 a year earlier.

Analysts polled by Capital IQ expected $4.63.

Net sales for the quarter ended March 31 were $1.35 billion, compared with $1.38 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.39 billion.

For Q2, the company said it expects adjusted earnings of $4.40 to $4.50 per diluted share. Analysts polled by Capital IQ expect $5.00.

For 2024, the company now expects adjusted earnings of $19.25 to $19.45 per diluted share, compared with $20.35 to $20.68 previously. Analysts surveyed by Capital IQ expect $20.56.

Price: 362.39, Change: -44.68, Percent Change: -10.98