Teledyne Beats Expectations By Wide Margin

Teledyne Technologies Inc. beat Wall Street estimates on earnings and revenue for the second quarter.The Thousand Oaks aerospace, marine and digital imaging products manufacturer reported on Wednesday adjusted net income of $201 million ($4.61 a share) for the quarter ending July 4, compared with adjusted net income of $101 million ($2.68) for the same period a year earlier. Revenue increased by 51 percent to $1.1 billion.Analysts on average expected earnings of $2.76 on revenue of $1 billion, according to Thomson Financial Network.Robert Mehrabian, the executive chairman, called the quarter a record setting one for Teledyne.“We achieved double-digit organic growth with such sales from digital imaging, environmental and electronic test and measurement instrumentation increasing from 17 percent to nearly 25 percent year-over-year,” Mehrabian said in a statement. “Furthermore, Teledyne Flir performed very well in its first few weeks under Teledyne ownership.”Teledyne acquired Flir Systems Inc. earlier this year in an $8 billion stock and cash deal. The company develops cameras and sensors used in military, industrial, automotive, marine and public safety applications.Shares in Teledyne (TDY) closed up $14.56, or 3.3 percent, to $456.07 on the New York Stock Exchange on Wednesday, a day when the Dow Jones industrial average closed down a fraction of a percent.