Teledyne Technologies Inc. (TDY) beat Wall Street expectations on earnings for the second quarter but fell short on revenue.

The Thousand Oaks aerospace, marine and energy products manufacturer on Thursday reported net income of $45.7 million ($1.31 a share) in the quarter ended July 3, down from $48.3 million ($1.34) in the same period a year earlier. Analysts on average expected earnings of $1.24.

Revenue decreased 7 percent to $535 million. That’s lower than the $547 million predicted, according to the Thomson Financial Network.

Chief Executive Robert Mehrabian said that cost cutting in the aerospace and defense electronics divisions improved operating margins during the quarter.

During the quarter, Teledyne made three acquisitions and sold off a lower margin contract manufacturing business.

Shares closed up 86 cents, or less than 1 percent, to $105.33 on the New York Stock Exchange.