Teledyne Technologies Inc. beat analysts’ profit and revenue estimates for the first quarter.
The Thousand Oaks-based manufacturer of electronic systems and digital imaging equipment reported net income of $40.4 million ($1.07 a share) for the first quarter, compared with $35.7 million (96 cents) for the first quarter of last year, an increase of 13.2%. Revenue rose 15 percent to $569.4 million.
Wall Street analysts forecast earnings of 97 cents a share on revenue of $551.3 million, according to Thomson Financial Network.
The company, which serves the aerospace and marine industries, saw the biggest sales gains in its instrumentation division; revenue rose by 38 percent, to $221.2 million in the first quarter, compared with $160.6 million in the same period last year.
“We began 2013 with a strong quarter. Quarterly sales were an all-time record and earnings per share increased 11.5% compared to last year,” said Chief Executive Robert Mehrabian, in a statement. “In addition, orders exceeded sales by 10%, and quarter-end backlog was also a record at over $1.0 billion.”
Mehrabian said the rise in revenue from the instrumentation division accounted for more than half of the first quarter profit for the company.
Shares of Teledyne gained $1.08, or 1.5 percent, to $75.13 on the New York Stock Exchange.