Shares in Teledyne Technologies Inc. soared nearly 13 percent Wednesday after the company announced double-digit increases in profit and sales thanks to higher operating margins.
Teledyne reported first quarter net income of $21 million (57 cents per share), a 17 percent hike from $18 million (51 cents) from the same period a year earlier, beating Wall Street expectations of 50 cents per share, according to a poll by Thomson Financial.
Revenues for the Thousand Oaks-based aerospace company rose 17 percent to $386 million, also beating estimates of $383 million.
The company said sales from the electronics and communications segment rose 23 percent, driven by higher defense sales. But sales from the company's energy systems segment were off 15 percent due to lower commercial hydrogen generator demand.
Shares in Teledyne gained nearly 12.6 percent Wednesday and hit a new 52-week high during afternoon trading. Shares were up $5.19 to $46.38 on the New York Stock Exchange in early afternoon trading.
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