Teledyne Technologies Inc. beat Wall Street expectations on earnings and matched on revenue for the third quarter.
The Thousand Oaks aerospace, marine and digital imaging products manufacturer reported on Wednesday an adjusted net income of $217 million ($4.54 a share) for the quarter ending Oct. 2, compared to an adjusted net income of $207 million ($4.34) in the same period a year earlier. Revenue increased by 3.9% over the prior year to $1.4 billion.
Analysts on average expected earnings of $4.29 on revenue of $1.4 billion, according to Thomson Financial Network.
Robert Mehrabian, chief executive of Teledyne, said the company was proud of its third quarter results as well as its long history of navigating challenging markets. Teledyne continues to execute its strategy, which has delivered long-term results regardless of economic conditions, Mehrabian said.
“That is, maintain a balanced and resilient mix of commercial and government businesses across a broad range of geographies and markets, continue to simplify operations to improve margins, and acquire and integrate complementary businesses to continuously compound earnings and cash flow,” he said in a statement.
On the acquisition front, the company announced on Wednesday it was buying ETM-Electromatic Inc., a Newark manufacturer of high-power microwave and high-energy X-ray subsystems for cancer radiotherapy, defense and X-ray security applications. The company will also acquire ETM’s manufacturing facility from an affiliate of ETM and its owners. Terms of the transactions were not disclosed.
Shares in Teledyne (TDY) closed up $16.28, or just more than 4.5%, to $376.67 on the New York Stock Exchange Wednesday, on a day when the Dow Jones closed up at a fraction of a percent.