Teledyne Technologies beat Wall Street estimates on revenue and earnings for the fourth quarter, the company announced Thursday.
The Thousand Oaks aerospace, marine and energy products manufacturer reported net income of $55.5 million ($1.57 a share) in the quarter ended Jan. 3, compared with $60.2 million ($1.62) in the same period a year earlier. Revenue decreased 3.6 percent to $600 million.
Analysts on average expected net income of $1.28 a share on revenue of $576 million, according to Thomson Financial Network.
Teledyne’s instrumentation business saw the quarter’s largest decrease in revenue at 11 percent, which the company attributed to less sales of sensors and systems used in the energy industry. The digital imaging business decreased by 0.3 percent while aerospace and defense electronics business increased by 5.6 percent to $153 million.
Teledyne Chief Executive Robert Mehrabian said that while energy markets have weakened, the company’s aerospace and defense businesses performed well during the year.
“Nevertheless, in 2016 we expect further deterioration in our offshore energy businesses,” Mehrabian said in a prepared statement. “We also remain cautious in other commercial markets given the challenging global economic environment, so we believe it is prudent to be measured in our outlook.”
Shares closed up $3.10, or 4 percent, to $80.80 on the New York Stock Exchange.