Teledyne Reports Record Year

Teledyne Technologies Inc. beat Wall Street estimates on earnings and revenue for the fourth quarter, leading the company to a record year. The Thousand Oaks aerospace, marine and energy products manufacturer on Thursday reported net income of $67.6 million ($1.84 a share) on revenue of $704 million in the quarter ended Dec. 31. That compares to net income of $53 million ($1.48) in the same period a year earlier. Analysts on average expected earnings of $1.74 on revenue of $669 million, according to Thomson Financial Network. Chief Executive Robert Mehrabian said that Teledyne’s sales growth accelerated throughout 2017, leading to a record year. “(The company had) record sales, record earnings, record operating margin, record cash flow and the successful acquisition and integration of Teledyne e2v, our largest acquisition to date,” Mehrabian said. For the full year, Teledyne reported net income of $227 million ($6.26 a share) on revenue of $2.6 billion. That compares to net income of $191 million ($5.37) and revenue of $2.2 billion in 2016. Shares in Teledyne (TDY) closed Thursday up $1.08, or less than 1 percent, to $192 on the New York Stock Exchange.