Teledyne Shares Up on Strong Quarter

Teledyne Technologies Inc. beat Wall Street estimates on revenue and earnings in the second quarter, sending up its share price. The Thousand Oaks aerospace, marine and energy products manufacturer on Thursday reported net income of $60.1 million ($1.66 a share) on revenue of $671 million in the quarter ended July 2. That compares to net income of $46.9 million ($1.33) in the same period a year earlier. Analysts on average expected earnings of $1.24 on revenue of $636 million, according to Thomson Financial Network. Chief Executive Robert Mehrabian said the company did not see declines in its four business divisions during the quarter. “In the absence of major market headwinds, our second quarter results demonstrated Teledyne’s strong, and consistent, underlying business performance,” Mehrabian said in a prepared statement. Teledyne (TDY) shares closed up $8.88, or 6. 4 percent, to $147.51 on the New York Stock Exchange.