Teledyne Shares Gain on Strong Second Quarter

Teledyne Technologies Inc. beat Wall Street estimates on revenue and earnings in the second quarter, sending shares 6 percent higher. The Thousand Oaks aerospace, marine and digital imaging products manufacturer reported on Wednesday net income of nearly $105 million ($2.80 a share) for the quarter ending June 30, compared with net income of $85.9 million ($2.32) in the same period a year earlier. Revenue increased by 7 percent to $782 million. Analysts on average expected earnings of $2.41 on revenue of $775.4 million, according to Thomson Financial Network. Chief Executive Al Pichelli said that the four business segments reported organic sales growth which was a testament to having a balanced portfolio of common technologies serving different, complementary markets. “Strong sales of advanced detectors for medical imaging and defense electronics generated growth for our digital imaging and aerospace and defense segments,” Pichelli said in a statement. “Instrumentation sales were led by continued growth of electronic test and measurement systems. Finally, marine instrumentation received outstanding orders and ended the quarter with its largest backlog in nearly four years.” The company also announced the appointment of Denise Cade, general counsel and corporate secretary of Idex Corp., to its board of directors. Idex is a manufacturer of fluid systems and specialty engineered products. The appointment raises the number of board members to 11. Quarterly earnings results were released before the market opened. Shares of Teledyne (TDY) closed Wednesday up $17.65, or more than 6 percent, to $299.64 on the New York Stock Exchange.