Teledyne Technologies Inc. beat Wall Street expectations on earnings but just missed on revenue in the third quarter.
The Thousand Oaks-based manufacturer of aerospace, marine and digital imaging products also named a new chief executive and president, who will assume the roles in Jan. 1.
Teledyne reported on Wednesday an adjusted net income of $242 million ($5.05 a share) for the quarter ending Oct. 1, compared to adjusted net income of $217 million ($4.54) in the same period a year earlier. Revenue increased by 2.9% over the third quarter of the prior year to $1.4 billion.
Analysts on average expected earnings of $4.76 on revenue of $1.42 billion.
Robert Mehrabian, the chief executive of Teledyne, said that the quarterly results were driven by the company’s balanced business portfolio.
“Our overall performance was led by growth in our marine, medical, aerospace and certain defense businesses, coupled with vigilant cost control,” Mehrabian said in a statement. “We remain highly confident in our balanced and resilient mix of commercial and government businesses and our ability to acquire and integrate complementary businesses.”
Teledyne announced on Tuesday that Mehrabian would relinquish the titles of chief executive and president of the company effective Jan. 1; he will become executive chairman. Edwin Roks will assume the role of chief executive, while George C. Bobb III will assume the role of president and chief operating officer.
“I want to congratulate Edwin and George on their well-deserved promotions to CEO and President and COO, respectively,” Mehrabian said in a statement. “I will work side by side with them to continue the development and execution of Teledyne’s growth strategy.”
The third-quarter results were announced before the market opened. Shares in Teledyne (TDY) closed down $12.91, or more than 3%, to $373.28 on the New York Stock Exchange on a day when then Dow Jones closed down a fraction of a percent.