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Friday, Jul 19, 2024

Teledyne Income Falls in Q1

Shrinking commercial markets contributed to Teledyne Technologies Inc. reporting a 25 percent decrease in net income for the first quarter when compared to a year ago. The Thousand Oaks-based developer and manufacturer for the defense, energy and electronics industries has cut costs through layoffs, eliminating salary increases and closing or relocating five facilities. The year is expected to bring more challenges due to further deterioration in the general aviation, commercial aerospace and global infrastructure markets, company Chairman, President and CEO Robert Mehrabian said. “However, we believe the strength of our defense and government businesses, along with aggressive cost controls, should allow Teledyne to outperform in such an environment,” Mehrabian said. For the first quarter ending March 30, Teledyne reported a net income of $20.8 million, or $0.57 per diluted share, on revenues of $440.3 million. For the same period in 2008, the company reported net income of $27.9 million, or $0.77 per diluted share, on revenues of $451.8 million. Revenues for the electronics and communications and the engineered services business units grew in the first quarter of 2009 compared to a year ago. Aerospace engines and components revenue dropped as did energy and power systems, due to lower sales of hydrogen generators and turbine engines. Mark R. Madler

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