Teledyne Beats Expectations for Fourth Quarter

Teledyne Technologies Inc. beat Wall Street estimates on earnings and revenue for the fourth quarter. The Thousand Oaks aerospace, marine and digital imaging products manufacturer reported on Wednesday a net income of $91.1 million ($2.45 a share) on revenue of $748 million for the quarter ending Dec. 30. That compares to a net income of $68 million ($1.84) on revenue of $704 million in the same period a year earlier. Analysts on average expected earnings of $2.18 on revenue of $728 million, according to Thomson Financial Network. Chief Executive Al Pichelli said the company reached all-time records with the fourth quarter revenue and earnings. “Sales increased in every segment and we achieved overall organic growth of 6.2 percent in the fourth quarter,” Pichelli said in a statement. “Our full-year cash flow was the strongest in the company’s history, and orders exceeded sales for the fourth consecutive quarter.” For the full year, Teledyne reported net income of $334 million ($9.01 a share) on revenue of $2.9 billion. That compares to net income of $227 million ($6.26) on revenue of $2.6 billion in the previous year. The company released its earnings before the market opened. Shares of Teledyne (TDY) closed up Wednesday $3.03, or 1.4 percent, to $220.42 on the New York Stock Exchange.