Teledyne Technologies Inc. reported a 25 percent increase in net income in the third quarter, helped by a balanced portfolio of serving the aerospace, marine and energy industries.
The Thousand Oaks-based manufacturer reported net income of $42.7 million, or $1.14 per diluted share, on revenue of $547 million for the quarter ended Sept. 30. For the same period in the prior year, Teledyne reported net income of $34.1 million, or $0.91 per diluted share, on revenue of $496.4 million.
Teledyne is composed of four business units – Instrumentation, Digital Imaging, Engineered Services, and Aerospace and Defense Electronics. All of the divisions showed revenue growth in the quarter except for aerospace and defense electronics, which had a 4.1 percent decrease.
The instrumentation business increased sales by 23 percent to $194 million primarily due to the acquisitions of PDM Neptec Ltd., a British manufacturer of underwater cables, and fiber optic and electrical subsea connectors; BlueView Technologies, a Seattle manufacturer of acoustic imaging and measurement devices; and LeCroy Corp., a New York maker of measurement equipment.
A shift toward servicing high-technology industrial markets has helped the company with its financial performance, said Teledyne Chairman and Chief Executive Robert Mehrabian.
“While we are not immune to the world-wide economic conditions and global austerity, our balanced sources of revenue have moderated the effects of regional economic contractions,” said Mehrabian in a prepared statement.
Shares in Teledyne gained $3.99, or 6.5 percent, to close at $65.76 on the New York Stock Exchange.