Teledyne Technologies Inc. beat Wall Street estimates on earnings and matched on revenue for the fourth quarter.
The Thousand Oaks aerospace, marine and digital imaging products manufacturer reported on Thursday adjusted net income of $217 million ($4.56 a share) for the quarter ending Jan. 2, compared with adjusted net income of nearly $140 million ($3.68) in the same period a year earlier. Revenue increased by 70 percent to $1.4 billion.
Analysts on average expected earnings of $4.22 on revenue of $1.4 billion, according to Thomson Financial Network.
Chief Executive Robert Mehrabian called 2021 a “defining year” for Teledyne as it reported record sales, adjusted earnings, operating margin and cash flow.
“Furthermore. with the successful acquisition and integration of Teledyne Flir, Teledyne has further evolved into a global sensing and decision-support technology company,” Mehrabian said in a statement.
Teledyne acquired Flir Systems Inc. in May in a cash and stock deal valued at $8 billion. Flir develops cameras and sensors used in military, industrial, automotive, marine and public safety applications.
The fourth quarter 2021 net sales included $499 million in incremental net sales from the acquisition of Flir, Teledyne said in a release.
Shares of Teledyne (TDY) closed Thursday down $8.58, or 2.1 percent, to $397.41 on the New York Stock Exchange, on a day when the Dow Jones closed down a fraction of a percent.