Shares in Teledyne Technologies Inc. fell more than 3 percent despite the company reporting strong growth in both profit and sales.

Teledyne reported second quarter net income of $24 million (67 cents per share), a 5.4 percent increase from $21 million (59 cents) from the same period a year earlier. Analysts polled by Thomson Financial expected earnings of 60 cents per share.

Sales for the Thousand Oaks-based defense and government contractor increased 15 percent to $400 million thanks mainly to a 24 percent jump in sales of the company's electronics and communications products.

Teledyne forecast third-quarter earnings of 69 cent per share to 72 cents a share and raised its full-year earnings guidance to $2.56 per share to $2.62 per share, up from previous guidance of $2.42 per share to $2.48 per share.

Despite the strong numbers, shares in Teledyne fell $1.45, or 3.2 percent, to $44 in afternoon trading Thursday on the New York Stock Exchange.

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