Teledyne Technologies Inc. on Thursday reported third quarter net income of $35.1 million, up 14 percent from third quarter 2008. Revenue for the quarter totaled $429 million, down 14 percent since last year.

The net income translated to 96 cents per share, easily beating analyst expectations of 74 cents per share.

The company cited cost reductions and strong demand for its product as factors in its strong earnings.

“As a result of our cost reduction actions, we also reported the highest operating margin thus far in 2009,” Chairman Robert Mehrabian said in a statement. “We believe we are well positioned, given our reduced cost structure, to benefit when demand in our commercial markets improves."

Shares of Teledyne rose 98 cents, or 2.8 percent, to close at $36.47 on the NYSE Thursday.