CONEJO VALLEY

THOUSAND OAKS

Teledyne Technologies Inc. beat Wall Street estimates on earnings and matched on revenue for the third quarter. The aerospace, marine and imaging products manufacturer reported an adjusted net income of $207 million ($4.34 a share) for the quarter ending Oct. 3, compared to an adjusted net income of $102 million ($2.68) in the same period a year earlier. Revenue increased by 75 percent to $1.3 billion. Analysts on average expected earnings of $3.69 on revenue of $1.3 billion, according to Thomson Financial Network. Chief Executive Robert Mehrabian said that sales increased in every business category but were especially strong in the commercial imaging and electronic test and measurement instrumentation businesses. The digital imaging segment’s third quarter 2021 net sales were $761 million, compared with $240 million in the same period a year earlier, an increase of 217 percent, while the instrumentation segment’s revenues increased by 9 percent to $287 million. Teledyne acquired Flir Systems Inc. earlier this year in an $8 billion stock and cash deal. The company develops cameras and sensors used in military, industrial, automotive, marine and public safety applications.

...

Join our Membership to get the full story.


Are you a current Member? Sign In