Teledyne Technologies Inc. beat Wall Street expectations on earnings and nearly matched on revenue for the second quarter.
The Thousand Oaks manufacturer of aerospace, marine and digital imaging products on Wednesday reported net income of $93.7 million ($2.48 a share) for the quarter ending June 28, compared with net income of $105 million ($2.80) in the same period a year earlier. Revenue decreased 5 percent to $743 million.
Analysts on average expected earnings of $1.98 a share on revenue of $744 million, according to Thomson Financial Network.
Executive Chairman Robert Mehrabian said that despite economic contraction and a challenging operating environment for manufacturers, Teledyne performed well in the second quarter.
Much uncertainty remains for the rest of the year, and the company does not know the pace of recovery in all its industrial businesses, Mehrabian added.
“Nevertheless, given our strong execution and lower cost structure, as well as our very healthy balance sheet, we are well-positioned to continue compounding earnings and cash flow for quarters and years to come,” Mehrabian said in a statement.
Teledyne released its quarterly earnings at the opening of the markets. Shares in Teledyne (TDY) closed up $7.10, or just more than 2 percent, to $336.82 on the New York Stock Exchange, on a day when the Dow closed up 0.6 percent and the Nasdaq closed up 0.2 percent.