Teledyne Technologies Inc. beat Wall Street estimates on revenue and adjusted earnings in the first quarter.
The Thousand Oaks aerospace, marine and energy products manufacturer on Thursday reported adjusted net income of $30.5 million ($1.26 a share) on revenue of $566 million in the quarter ended April 2. That compares to net income of $39 million ($1.11) in the same period a year earlier.
Analysts on average expected earnings of $1.03 on revenue of $539 million, according to Thomson Financial Network
Chief Executive Robert Mehrabian said the year started with a great quarter.
“We achieved strong organic growth in our imaging and aerospace businesses,” Mehrabian said in a prepared statement. “Sales of environmental and electronic test and measurement instrumentation also increased nicely from last year.”
Shares closed up $2.39, or just less than 2 percent, to $135.69 on the New York Stock Exchange.