Teledyne Technologies Inc. beat Wall Street expectations on earnings for the third quarter but missed on revenue. Its stock tumbled more than 3 percent.

The Thousand Oaks aerospace, marine and digital imaging products manufacturer on Wednesday reported net income of $94 million ($2.48 a share) for the quarter ending Sept. 27, down from net income of $107 million ($2.84) in the same period a year ago. Revenue dropped by almost 7 percent to $749 million.

Analysts on average expected per share earnings of $2.36 on revenue of $751 million, according to Thomson Financial Network.

Three out of the four company’s business units – instrumentation, digital imaging and aerospace and defense electronics – had decreases in revenue. Only engineered systems showed an increase, going to $101 million for the third quarter compared to $98.2 million from the same period a year ago.

Robert Mehrabian, executive chairman of Teledyne, said that during the third quarter the environmental and test and measurement instrumentation businesses did experience a rebound from the trough in the second quarter. Additionally, with non-COVID-19 health care procedures increasing, a similar recovery was expected in the medical imaging businesses late in the fourth quarter, he said.

“Finally, our balance sheet has never been stronger, and our acquisition pipeline is healthy,” Mehrabian added in a statement. “Nevertheless, we will continue to be disciplined in capital deployment.”

Shares in Teledyne (TDY) closed down $10.86, or 3.2 percent, to $328.60 on the New York Stock Exchange. The major stock indexes on Wednesday were down; the Dow Jones industrial average declined 0.35 percent.