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.
