Boeing Contract Boosts Teledyne's QuarterThursday, January 23, 2014
Aerospace, marine and energy products manufacturer Teledyne Technologies Inc. beat analysts' estimates on revenue and earnings for the fourth quarter, the company reported Thursday.
The Thousand Oaks company posted net income of $54.5 million ($1.44 a share), compared with $46.8 million ($1.23) in the same period a year earlier. Revenue rose 5.1 percent to $597 million.
Analysts forecast earnings of $1.22 a share on revenue of $595 million, according to Thomson Financial Network.
For the full year, Teledyne’s four business units did well, with acquisitions and a significant contract with Boeing Co., in Chicago, for the commercial aerospace unit, said Chief Executive Robert Mehrabian.
"Throughout 2013, we also undertook aggressive actions to consolidate our businesses and lower our cost structure. We enter 2014 with a demonstrated record of performance, a more efficient and more attractive business portfolio, and a strong balance sheet," Mehrabian said in a prepared statement.
Shares closed up $1.25, or 1.3 percent, to 94.95 on the New York Stock Exchange.