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Teledyne Beats Wall Street Q4 Earnings Estimates

Teledyne Technologies Inc. beat Wall Street estimates on earnings and matched on revenue for the fourth quarter.

The Thousand Oaks aerospace, marine and digital imaging products manufacturer reported on Wednesday an adjusted net income of $236 million ($4.94 a share) for the quarter ending Jan. 1, compared with an adjusted net income of $217 million ($4.56) in the same period a year earlier. Revenue increased by 3% from the previous year to $1.4 billion.

Analysts on average estimated earnings of $4.54 on revenue of $1.4 billion, according to Thomson Financial Network.

Robert Mehrabian, chief executive of Teledyne, said that like many other companies, the firm found itself challenged by inflation, a strong dollar and parts shortages.

“Nevertheless, we continued our long history of navigating these market environments, and we ultimately delivered earnings in excess of our own expectations,” Mehrabian said in a statement.

“Our acquisition pipeline remains healthy, as evidenced by the recent addition of ChartWorld, whose maritime navigation software and hardware tools bridge a product and technology gap between our Teledyne Marine and Raymarine businesses,” he added.

Shares in Teledyne (TDY) closed up $19.18, or nearly 4.7%, to $429.50 on the New York Stock Exchange, on a day when the Dow Jones closed up a fraction of a percent.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is Interim Editor at the Los Angeles Business Journal and the Inside The Valley. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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