Teledyne Surges on Earnings, Outlook

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Shares in Teledyne Technologies Inc. shot up nearly 17 percent early Wednesday after the Thousand Oaks-based sonar systems maker reported strong first quarter earnings and added that profit in 2008 may be higher than predicted.


Teledyne reported net income of $27.9 million (77 cents per share), a 36 percent hike from $20.5 million (57 cents) from the same period a year earlier.


Sales for the aerospace company rose 17 percent to $452 million.


The company said it now expects full-year earnings of between $2.98 and $3.06 a share, above its January prediction of $2.86 to $2.94.


Teledyne said acquisitions have lifted revenues in its defense electronics and instrumentation units more than anticipated.


Shares in Teledyne were up $7.71 to $55.54 in early trading Wednesday.

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