Strong Quarter at TeledyneThursday, July 25, 2013
Teledyne Technologies Inc. beat analyst forecasts for revenue and earnings per share in the second quarter.
The Thousand Oaks company reported net income of $42.9 million ($1.13 a share) compared with $39.5 million ($1.06 a share) in the same period a year earlier. Revenue increased 15.9 percent to $601 million.
Analyst forecasts were for revenue of $577 million and earnings per share of $1.06, according to Thomson Financial Network.
The Teledyne instrumentation division showed the highest revenue of the four business units with $258 million in the second quarter, an increase of 43 percent from the same period from a year ago. The company attributed the increase to higher sales of both marine and electronic test and measurement instruments.
The company forecasts third-quarter earnings in the range of $1.10 to $1.15.
Shares closed up down 5 cents, a fraction of a percent, to $81.25 on the New York Stock Exchange.