Teledyne Technologies Inc. beat Wall Street estimates on earnings and revenue for the fourth quarter.
The Thousand Oaks aerospace, marine and digital imaging products manufacturer on Wednesday reported net income of nearly $116 million ($3.06 a share) for the quarter ending Dec. 29, compared with net income of $91.1 million ($2.45) in the same period a year earlier. Revenue increased 12 percent to $834 million.
Analysts on average expected earnings of $2.74 on revenue of $827 million, according to Thomson Financial Network.
Chief Executive Al Pichelli credited the company’s growth to its balanced business portfolio.
“Instrumentation performance was led by a recovery in the marine market,” Pichelli said in a statement. “The digital imaging segment reflected growth in health care and space markets. Our U.S. defense businesses also performed well across the entire company.”
The instrumentation business recorded fourth quarter revenue of $302 million, an increase of 14 percent from the prior year. Digital imaging revenue increased in the quarter by 20 percent to $268 million. Revenue from the aerospace and defense electronics business increased by 3 percent to $170 million.
Shares of Teledyne (TDY) closed Thursday down $7.25, or nearly 2 percent, to $368.13 on the New York Stock Exchange.