Teledyne Technologies Inc. fell short of Wall Street expectations on earnings and revenue in the first quarter.
The Thousand Oaks aerospace, marine and digital imaging products manufacturer on Wednesday reported net income of $82.2 million ($2.17 a share) for the quarter ending March 29, compared with net income of $75.3 million ($2.02) in the same period a year earlier. Revenue increased 5 percent to $785 million.
Analysts on average expected earnings of $2.19 a share on revenue of $790 million, according to Thomson Financial Network.
Executive Chairman Robert Mehrabian said that due to the coronavirus pandemic, at least 40 percent of the workforce is working from home, and its manufacturing operations were maintaining social distancing and other protocols.
“Teledyne’s business portfolio remains exceptionally well-balanced across end markets and geographies. In addition, approximately one half of our businesses are longer-cycle, more predictable and supported by record quarter-end backlog,” Mehrabian said in a statement.
Shares in Teledyne (TDY) closed up Wednesday by $6.37, or just over 2 percent, to $311.17 on the New York Stock Exchange. The major stock exchanges also were up 2 percent or more.