Teledyne’s Quarter Beats ExpectationsThursday, October 27, 2011
Teledyne Technologies Inc. on Thursday said its third quarter earnings rose 13 percent, boosted by higher revenue at its digital imaging, aerospace and defense businesses.
The Thousand Oaks maker of engineering and electronic products reported net income of $34.1 million (91 cents per share), compared with $30.3 million (82 cents) in the same period a year earlier. Analysts surveyed by FactSet on average expected per-share profit of 85 cents.
“We continued our emphasis on higher margin commercial and international markets, as well as new product development,” said Chief Executive Robert Mehrabian in a statement. “With our diversified mix of industrial and growing international businesses, we believe we are (in a good position) to navigate an environment of volatile capital markets and economic uncertainty.”
For the current quarter, Teledyne expects earnings of 84 cents to 86 cents per share. The Wall Street consensus is for 88 cents. But the company also expects full-year earnings of $3.66 to $3.68 per share, above the $3.64 consensus.
The company also said that its board has approved a plan to repurchase up to 2.5 million shares of the company's stock.
Shares closed up $1.86, or 3 percent, to $58.56 on the New York Stock Exchange.