Teledyne Technologies Inc. beat Wall Street estimates on earnings and matched on revenue in its second quarter.
The Thousand Oaks-based aerospace, marine and digital imaging products manufacturer reported on Wednesday an adjusted net income of $211 million ($4.43) for the quarter ending July 3, compared with an adjusted net income of $201 million ($4.61) in the same period a year earlier. Revenue increased by 21% from the prior year to $1.4 billion.
Analyst on average expected earnings of $4.38 and revenue of $1.4 billion, according to Thomson Financial Network.
Teledyne Chief Executive Robert Mehrabian said that demand for the company’s products remained strong during the second quarter.
“We remain highly confident in our balanced and resilient mix of commercial and government businesses across a broad range of geographies and end markets,” Mehrabian said in a statement.
Shares in Teledyne closed down $28.06, or 7%, to $372.01 on the New York Stock Exchange on Wednesday, a day when the Dow Jones market closed up nearly 1.4%.