Teledyne Technologies Inc. beat Wall Street estimates on earnings and revenue for the fourth quarter.
The Thousand Oaks aerospace, marine and digital imaging products manufacturer reported on Wednesday a net income of $91.1 million ($2.45 a share) on revenue of $748 million for the quarter ending Dec. 30. That compares to a net income of $68 million ($1.84) on revenue of $704 million in the same period a year earlier.
Analysts on average expected earnings of $2.18 on revenue of $728 million, according to Thomson Financial Network.
Chief Executive Al Pichelli said the company reached all-time records with the fourth quarter revenue and earnings.
“Sales increased in every segment and we achieved overall organic growth of 6.2 percent in the fourth quarter,” Pichelli said in a statement. “Our full-year cash flow was the strongest in the company’s history, and orders exceeded sales for the fourth consecutive quarter.”
For the full year, Teledyne reported net income of $334 million ($9.01 a share) on revenue of $2.9 billion. That compares to net income of $227 million ($6.26) on revenue of $2.6 billion in the previous year.
The company released its earnings before the market opened. Shares of Teledyne (TDY) closed up Wednesday $3.03, or 1.4 percent, to $220.42 on the New York Stock Exchange.