Teledyne’s Quarter Beats Wall Street ExpectationsWednesday, April 25, 2012
Teledyne Technologies Inc. said that its first quarter net income rose nearly 12 percent, with international sales contributing more than 40 percent to revenue.
The Thousand Oaks technology manufacturer on Wednesday reported net income of $35.7 million (96 cents a share), compared with $32 million (86 cents) in the same period a year earlier. Revenue rose 5.5 percent to $494 million.
Earnings from continuing operations rose 9.8 percent to $35.7 million (99 cents). Analysts surveyed by Thomson Reuters on average expected adjusted earnings of 91 cents on revenue of $491 million.
Teledyne’s products include instrumentation and digital imaging equipment, aerospace and defense electronics, hydrogen gas generators and small turbine engines.
“We continued our emphasis on higher margin industrial growth markets, and also increased our global presence,” said Chief Executive Robert Mehrabian in a statement. “In addition, our recent acquisitions build upon our current capabilities, adding new products and further expanding our markets.”
Teledyne said it expects second quarter earnings to be in the range of 97 to 99 cents a share, with full year earnings of $3.98 to $4.04, both of which were within the Wall Street consensus.
Shares were up $2.19, or 3.5 percent, to $64.24 in midday trading on the New York Stock Exchange