Teledyne Technologies Inc. fell short on analyst estimates of revenue in the third quarter, even as it beat earnings estimates.
The Thousand Oaks aerospace, marine and energy products manufacturer reported net income of $48.3 million ($1.34 a share) in the quarter ended Sept. 27, compared with $54.9 million ($1.47) in the same period a year earlier. Revenue decreased 7.6 percent to $555.4 million.
Analysts on average expected net income of $1.31 a share on revenue of $584.3 million, according to Thomson Financial Network.
Teledyne Chief Executive Robert Mehrabian said lower revenue reflected a weakness in energy markets and a challenging capital spending environment that resulted in lower sales of marine, electronic test and measurement instruments.
“However, this was partially offset by increased sales of environmental instrumentation and commercial digital imaging systems,” Mehrabian said in a prepared statement. “Furthermore, sales of aerospace and defense electronics increased sequentially as expected.”
Shares closed up 39 cents, or less than a percent, to $89.03 on the New York Stock Exchange.
DineEquity Inc. reported third quarter earnings that met analysts’ forecasts but revenues that missed expectations.
The Glendale restaurant operator reported adjusted net income of $26.7 million ($1.43 per share) for the quarter ended Sept. 30, compared to $21.5 million ($1.14) for the same period last year. Revenue rose nearly half a percent to $162.4 million.
Analysts surveyed by Thomson Financial Network expected net income of $1.43 a share on revenue of $165.4 million.
Same-store sales at IHOP restaurants increased 5.6 percent during the quarter, while Applebee’s sales were up half a percent.
"We ended the quarter with several notable achievements, highlighted by continued solid growth in adjusted earnings per diluted share and significant free cash flow generation," Chief Executive Julia A. Stewart, said in a prepared statement.
Shares closed down $2.61 cents or 3 percent to $84.85 on the New York Stock Exchange.