Teledyne Technologies Inc. just beat Wall Street estimates on earnings and revenue in the second quarter.
The Thousand Oaks aerospace, marine and digital imaging products manufacturer reported on Wednesday an adjusted net income of $224 million ($4.67 a share) for the quarter ending July 2, compared with an adjusted net income of $211 million ($4.43) in the same period a year earlier. Revenue increased 5% from the second quarter of the prior year to $1.42 billion.
Analysts on average expected earnings of $4.64 on revenue of $1.41 billion, according to Thomson Financial Network.
Robert Mehrabian, chief executive of Teledyne, said that both orders and quarter-end backlog were nearly records driven by its digital imaging segment, especially Teledyne FLIR.
“Nevertheless, we have begun further integration and facility consolidation activities, as we accelerate the relocation of select Teledyne FLIR operations to existing sites,” Mehrabian said in a statement.
Out of the four business segments making up Teledyne, engineered systems had the highest revenue increase of 18.5% year over year.
“The second quarter net sales reflected higher sales of $14.8 million for engineered products and $3.5 million for energy systems,” the company said.
The earnings report was released before the market opened. Shares in Teledyne (TDY) closed down $26.85, or nearly 6.5%, to $387.87 on the New York Stock Exchange on a day when the Dow Jones closed up a fraction of a percent.