Teledyne Technologies Inc. reporting earnings on Thursday that beat analysts’ net income estimates.
The Thousand Oaks aerospace, marine and energy products manufacturer reported net income of $60.2 million ($1.62 a share) in the quarter ended Dec. 31, compared with $54.9 million ($1.44) in the same period a year earlier. Revenue increased 4.3 percent to $622 million.
Analysts on average expected net income of $1.38 a share on revenue of $624 million, according to Thomson Financial Network.
Teledyne’s marine-and-environmental instrumentation business recorded 8.6 percent sales growth to $300 million. Its engineered services division saw strong sales of turbine engines used in cruise missiles, resulting in an 8.9-percent increase in revenue to $74.6 million.
Digital imaging was flat, while sales were down 2.5 percent in aerospace and defense electronics.
Shares closed up 34 cents, or a fraction of 1 percent, to $97.32 on the New York Stock Exchange.
Children’s cable network Nickelodeon will begin offering its programming online without the need for a cable or satellite subscription, according to media reports.
Details on the new service will not be disclosed until next month, but Philippe Dauman, chief executive of Nickelodeon’s parent Viacom Inc. in New York, was quoted in entertainment industry publication Hollywood Reporter as saying “it will be very attractive to consumers.”
The network follows Home Box Office Inc., a subsidiary of Time Warner Inc., and CBS Broadcasting Inc., in providing programming through on-demand digital streaming rather than just with a cable or satellite subscription.
Nickelodeon has its West Coast operations in Burbank.