San Fernando Valley Business Journal

Teledyne Tops Forecast on Strong Orders

By Elliot Golan Wednesday, April 24, 2013

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.