Teledyne Rises on Strong Fourth QuarterThursday, February 2, 2017
Teledyne Technologies Inc. beat Wall Street estimates on earnings and revenue for the fourth quarter, sparking a 4 percent rise in share price.
The Thousand Oaks aerospace, marine and energy products manufacturer on Thursday reported net income of $53 million ($1.48 a share) on revenue of $553 million in the quarter ended Jan. 1. That compares to net income of $55.5 million ($1.57) in the same period a year earlier.
Analysts on average expected earnings of $1.36 on revenue of $549 million, according to Thomson Financial Network.
Chief Executive Robert Mehrabian said that Teledyne closed on two acquisitions during the fourth quarter and has a pending acquisition of e2v, a United Kingdom manufacturer of image sensors, radio frequency subsystems and semiconductors for the space science, health care, defense and aerospace industries.
“I am personally very excited about the pending acquisition of e2v, as every business in its portfolio is complementary to Teledyne,” Mehrabian said in a prepared statement.
Shares closed Thursday up $5.69, or 4.6 percent, to $128.74 on the New York Stock Exchange.