Teledyne Shares Surge on Strong Quarter

Shares of Teledyne Technologies Inc. gained nearly 5 percent after the company beat Wall Street estimates on earnings and revenue in the third quarter. The Thousand Oaks aerospace, marine and energy products manufacturer on Thursday reported net income of $69 million ($1.90 a share) on revenue of $662 million in the quarter ended Oct 1. That compares to net income of $52 million ($1.46) in the same period a year earlier. Analysts on average expected earnings of $1.56 on revenue of $656 million, according to Thomson Financial Network. Chief Executive Robert Mehrabian attributed the strong quarter to sales growth in the company’s divisions. “While our digital imaging segment performed exceptionally well, we also achieved strong organic revenue growth in each instrumentation product group and the majority of our government and defense businesses,” Mehrabian said in a prepared statement. Third quarter revenue for the digital imaging segment was nearly $192 million, an increase of 94 percent from the $98.5 million in the same period a year ago. Shares of Teledyne (TDY) closed Thursday up $8.23, or 4.9 percent, to $178.09 on the New York Stock Exchange.