Teledyne Technologies Inc. beat analysts’ profit and revenue estimates for the fourth quarter.
The Thousand Oaks-based manufacturer of electronic systems and digital imaging equipment reported net income of $46.2 million ($1.23 a share) for the fourth quarter compared with $36.8 million (99 cents a share) in the same period a year earlier. Revenue rose 19.6 percent to $567 million.
Wall Street analysts forecast earnings of $1.08 a share on revenue of $553 million, according to Thomson Financial Network.
For the full fiscal year, Teledyne had net income of $164 million ($4.39 a share) compared with the $255 million ($6.84 a share) for the previous fiscal year. Revenue rose 9.5 percent to $2.1 billion.
The company, which serves the aerospace and marine industries, saw the biggest sales gains in its instrumentation division; revenue rose by 56 percent, an increase the company attributed to a rise in sales of geophysical sensors and interconnect systems used in offshore energy exploration and production.
The digital imaging division increased sales by 11 percent to $103 million; the aerospace and defense electronics division had a decrease in sales by 0.2 percent to $163 million; and the engineered systems division saw sales drop by 1 percent to $69.3 million.
Shares of Teledyne closed Thursday at $71.79, up $2.12 or 3 percent on the New York Stock Exchange.