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Thursday, Mar 28, 2024

Teledyne Shares Up on Strong Quarter

Teledyne Technologies Inc. beat Wall Street estimates on revenue and earnings in the second quarter, sending up its share price. The Thousand Oaks aerospace, marine and energy products manufacturer on Thursday reported net income of $60.1 million ($1.66 a share) on revenue of $671 million in the quarter ended July 2. That compares to net income of $46.9 million ($1.33) in the same period a year earlier. Analysts on average expected earnings of $1.24 on revenue of $636 million, according to Thomson Financial Network. Chief Executive Robert Mehrabian said the company did not see declines in its four business divisions during the quarter. “In the absence of major market headwinds, our second quarter results demonstrated Teledyne’s strong, and consistent, underlying business performance,” Mehrabian said in a prepared statement. Teledyne (TDY) shares closed up $8.88, or 6. 4 percent, to $147.51 on the New York Stock Exchange.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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