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Thursday, Feb 29, 2024

Teledyne Reports Mixed Quarter, Lowers Outlook

Teledyne Technologies Inc. shares lost 19 percent Thursday after the maker of electronic components and subsystems reported fourth quarter results and sharply lowered its 2009 forecast due to the poor economy.

Thousand Oaks-based Teledyne reported net income of $30.8 million (84 cents a share), compared with $26.6 million (73 cents) a year ago. Sales rose 9 percent to more than $467 million. Analysts surveyed by Reuters Estimates were expecting earnings of 78 cents a share on nearly $490 million revenue.

The company, which expects lower sales of aerospace engines and marine instruments products this year, foresees 2009 earnings of $2.70 to $2.80. Analysts were expecting a profit of $3.40 a share on average, before one-time items.

Full-year 2008 net income was $122 million ($3.35), compared with $98.5 million ($2.72) in 2007. Sales rose 17 percent to $1.9 billion.

“We expect 2009 to be a challenging year given the continuing global economic downturn, increased pension expense and volatile commodity prices,” said Chief Executive Robert Mehrabian in a statement. “Nonetheless, we believe we can successfully navigate the current environment given our balanced mix of businesses in defensible markets (and) sufficient liquidity.”

After earlier plunging 30 percent, Teledyne shares rebounded slightly to close down $6.99, or 19 percent, to $29.99 on the New York Stock Exchange.

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