Teledyne Profits Fall Sharply

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Teledyne Technologies Inc. reported that its second quarter profit fell 23 percent on lower sales. The company also forecast third-quarter earnings below Wall Street expectations.

The Thousand Oaks maker of electronic components and subsystems reported net income of $25.2 million (69 cents a share), compared with $32.6 million (89 cents) a year ago.

Revenue fell 8 percent to $441 million. Sales in its aerospace engines and components segment sales were down 38 percent. Analysts surveyed by Reuters Estimates on average were expecting earnings of 67 cents a share on revenue of nearly $468 million.

For the third quarter, the company expects earnings of about 70 cents to 75 cents a share. Analysts are expecting 76 cents.

“Despite our improved performance relative to the first quarter, and even though second quarter orders exceeded sales by 7.6 percent, we continue to expect 2009 to be a challenging year,” said Chief Executive Robert Mehrabian in a statement.

Shares were down 71 cents, or 2 percent, to $34.29 in midday trading on the New York Stock Exchange. The earnings were reported late Thursday.

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