Teledyne Technologies Inc. reported on Thursday mixed second-quarter earnings as strong commercial sales counterbalanced a decrease in government contract work.
The Thousand Oaks aerospace, marine and energy products manufacturer reported net income of $56.1 million ($1.47 a share), compared with $42.9 million ($1.13) in the same period a year earlier. Revenue decreased less than 1 percent to $597 million.
Analysts on average expected net income of $1.27 cents on revenue of $606 million, according to Thomson Financial Network.
Chief Executive Robert Mehrabian said Teledyne sales rose in the marine and offshore energy markets, as well as in commercial avionics, helping offset expected decreases in government contracts in the digital-imaging and defense-electronics businesses.
“Our results demonstrate the successful transformation of Teledyne into a higher-margin, industrial technology company,” he said in a prepared statement.
Shares closed down 68 cents, or a fraction of a percent, to $94.59 on the New York Stock Exchange.
Mission Valley Bancorp is now being listed on a new over-the-counter trading platform.
The Sun Valley parent of Mission Valley Bank is trading on the OTCQX operated by OTC Market Groups Inc. after being traded shares on the OTCBB, run by the Financial Industry Regulatory Authority Inc.
In order to be listed on the OTCQX, companies must undergo a financial review by the OTC Markets Group and post financial information, though they are not required to post with the Securities and Exchange Commission.
Mission Valley Chief Executive Tamara Gurney said the bank, which has two branches in the Santa Clarita Valley, was eager to join the OTCQX.
“We believe trading on OTCQX will provide our shareholders even more transparency as it relates to their investment in our bank, which will enhance the liquidity and long-term value of their holdings,” she said in a prepared statement.
Shares closed at $6.10 after no trades were conducted Thursday.