Teledyne Beats Estimates

Teledyne Technologies Inc. beat Wall Street estimates on earnings and revenue in the fourth quarter.The Thousand Oaks aerospace, marine and digital imaging products manufacturer on Wednesday reported net income of $132 million ($3.48 a share) for the quarter ending Jan. 3, compared with net income of $116 million ($3.06) in the same period a year earlier. Revenue decreased by 3 percent to $809 million.Analysts on average expected earnings of $3.11 a share on revenue of $802 million, according to Thomson Financial Network.Executive Chairman Robert Mehrabian said the quarter ended a year in which the company had its best-ever earnings, cash flow and operating margin. For over two decades Teledyne has consistency and predictably compounded earnings and cash flow, he added.“Nevertheless, I have never been more excited about Teledyne’s future,” Mehrabian said in a statement. “On the first day of fiscal 2021, we announced the pending acquisition of Flir (Systems Inc.) for $8 billion. Across digital imaging and unmanned systems, Flir will add uniquely complementary technologies, products, customers and applications to Teledyne’s proven business model.”Shares in Teledyne (TDY) closed up $3.94, or just more 1 percent, to $387.62 on the New York Stock Exchange on Wednesday, a day when the major market indexes were each down more than 2 percent.