Teledyne Technologies Inc. beat Wall Street estimates on earnings and matched on revenue for the first quarter.
The Thousand Oaks aerospace, marine and digital imaging products manufacturer reported on Wednesday adjusted net income of nearly $204 million ($4.27 a share) for the quarter ending April 3, compared to adjusted net income of $121 million ($3.19) in the same period a year earlier. Revenue increased over the prior year by 64 percent to $1.3 billion.
Analysts on average forecast earnings of $3.97 on revenue of $1.3 billion, according to Thomson Financial Network.
Chief Executive Robert Mehrabian said that the company’s results reflected its well-balanced business portfolio, across both end markets and geographies.
Demand throughout the shorter-cycle instrumentation and imaging businesses remained very robust while sales from the longer-cycle commercial aerospace and marine lines increased considerably from last year and backlog also grew, he said.
“Finally, after consuming backlog over the last six months in several of our U.S. government-focused businesses, we have seen a recent increase in bookings and future opportunities,” Mehrabian added in a statement.
Shares of Teledyne (TDY) closed down $11.41 cents, or 2.5 percent, to $451.16 on the New York Stock Exchange, on a day when the Dow Jones closed up a fraction of a percent.