Teledyne Technologies Inc. beat Wall Street estimates on earnings and matched on revenue for the third quarter.
The Thousand Oaks aerospace, marine and imaging products manufacturer reported on Wednesday an adjusted net income of $207 million ($4.34 a share) for the quarter ending Oct. 3, compared to an adjusted net income of $102 million ($2.68) in the same period a year earlier. Revenue increased by 75 percent to $1.3 billion.
Analysts on average expected earnings of $3.69 on revenue of $1.3 billion, according to Thomson Financial Network.
Chief Executive Robert Mehrabian said that sales increased in every business category but were especially strong in the commercial imaging and electronic test and measurement instrumentation businesses.
The digital imaging segment’s third quarter 2021 net sales were $761 million, compared with $240 million in the same period a year earlier, an increase of 217 percent, while the instrumentation segment’s revenues increased by 9 percent to $287 million.
“Our government businesses continued to grow, and we are beginning to see a recovery in some of our longer-cycle commercial markets such as aerospace and energy,” Mehrabian said in a statement. “We are also very pleased with the integration of Teledyne Flir, as well as its performance in the first full quarter as part of Teledyne.”
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.
The third quarter 2021 imaging net sales increase included $474 million of incremental net sales from the Flir acquisition as well as organic sales growth from industrial and scientific sensors and cameras, X-ray products and micro-electro-mechanical systems, partially offset by lower sales for geospatial imaging systems, the company said in a release.
Shares of Teledyne (TDY) closed Wednesday up $14.71, or nearly 3.4 percent, to $452.34 on the New York Stock Exchange, on a day when the Dow Jones closed down a fraction of a percent.