Teledyne Technologies Corp. just beat Wall Street estimates on earnings and matched on revenue in the first quarter.
The Thousand Oaks aerospace, marine and digital imaging products manufacturer reported adjusted net income of $217 million ($4.53 a share) for the quarter ending April 2, compared with adjusted net income of $204 million ($4.27) in the same period of the previous year. Revenue increased by 5% from the first quarter of the prior year to $1.4 billion.
Analysts expected earnings of $4.43 on revenue of $1.4 billion, according to Thomson Financial Network.
All four of Teledyne’s business segments reported increases in revenue led by engineered systems with a boost of 9% compared to the prior year.
“The first quarter 2023 net sales reflected higher sales of $4.8 million for engineered products and $3.9 million for energy systems,” the company said in a release.
Robert Mehrabian, the company’s chief executive, said that supply chain challenges improved during the quarter and there was a decline in the premiums paid for scarce electronic components.
“Our healthcare-focused imaging businesses achieved all-time record sales and even stronger orders, while our longer-cycle marine, aerospace and government businesses, collectively, also performed well,” Mehrabian said in a statement. “Our shorter-cycle commercial imaging and instruments businesses remained resilient with sales in the majority of product families increasing compared with last year.”
After the earnings were announced Wednesday, shares of Teledyne closed down $11.16, or nearly 2.7% to $404.92 on the New York Stock Exchange, on a day when the Dow Jones closed down at a fraction of a percent.