Teledyne Technologies Inc. beat Wall Street estimates in earnings in the first quarter while falling short on revenue.
The Thousand Oaks aerospace, marine and energy products manufacturer on Thursday reported net income of $38.4 million ($1.10 a share) in the quarter ended April 3, down from $43.7 million ($1.20) in the same period a year earlier. Revenue decreased 6.1 percent to $530.5 million.
Analysts on average expected net income of $1.08 a share on revenue of $552.8 million, according to Thomson Financial Network.
Teledyne Chief Executive Robert Mehrabian said Teledyne had strong orders during the quarter in the aerospace and defense businesses while the energy business remained weak but was stabilizing. Still, the company was maintaining a focus on cost control and strong operating discipline, he added.
“So while we continue to invest in research and development and focus on execution and delivery of orders, we are also implementing significant additional cost reduction actions, especially within marine instrumentation,” Mehrabian said in a prepared statement.
Teledyne announced on Thursday it sold off its printed circuit technology business to FTG Circuits Inc., in Chatsworth, for $9.3 million in cash. FTG Circuits is a division of Firan Technology Group.
That business, named Teledyne PCT, in Hudson, N. H., designs and manufactures rigid-flex printed circuit boards and assemblies used in the defense, aerospace, and oil and gas industries.
Shares on Thursday closed up $2.19, or about 2.4 percent, to $94.16 on the New York Stock Exchange.