Teledyne Beats Earnings Estimate, Falls Short on Revenue

Teledyne Technologies Inc. beat Wall Street estimates on earnings for the third quarter but fell short on revenue. The Thousand Oaks aerospace, marine and energy products manufacturer on Thursday reported net income of $52 million ($1.46 a share) in the quarter ended Oct. 2, up from $48.3 million ($1.34) in the same period a year earlier. Revenue decreased 4.5 percent to $527 million. Analysts on average expected earnings of $1.31 on revenue of $553 million, according to Thomson Financial Network Teledyne Chief Executive Robert Mehrabian said highlights of the third quarter included organic growth in the imaging and aerospace businesses and an increase in sales in the electronic test and measurement instrumentation divisions. “I am very pleased with our execution across Teledyne, especially given the generally weaker capital spending environment,” Mehrabian said in a prepared statement. Shares closed up 78 cents, or nearly 1 percent, to $103.79 on the New York Stock Exchange.