Last month, during Teledyne Technologies Inc.’s first conference call since founding chief executive Robert Mehrabian stepped down, the company emphasizes stability and long-term growth. Mehrabian, who now serves as executive chairman, said on the Jan. 23 call with analysts that the current story of the Thousand Oaks aerospace, marine and digital imaging products manufacturer is about building a portfolio of related companies and products that serve different customers and markets according to different business cycles. “In other words, balanced – balanced in a way to reduce volatility,” Mehrabian said during the call. New Chief Executive Al Pichelli picked up on that theme in his opening remarks during the call, saying that the company has a balanced portfolio but can also address issues quickly when market weaknesses appear. “For example, over the last three years, we have made variable as well as permanent cost reductions in our marine instrumentation businesses,” Pichelli said. “These actions included a 30 percent decrease in the total workforce and the closure of 20 sites, including four manufacturing sites in 2018.” For the fourth quarter ending Dec. 30, the company reported a net income of $91.1 million ($2.45 a share) on revenue of $748 million. That compares to a net income of $68 million ($1.84) on revenue of $704 million in the same period a year earlier. Teledyne shares closed at $192.60 on Jan. 30. James Ricchiuti, an analyst with Needham & Co. LLC who follows Teledyne, said in a recent research report that the company finished 2018 on a strong note. Entering the new year, Teledyne has solid momentum in most areas, including with the pending acquisition of the scientific imaging business from Roper Technologies Inc. in a deal valued at $225 million, Ricchiuti stated in the report. But, he noted, Teledyne was not immune to pressures impacting other industrial technology companies from growing signs of an economic slowdown in China and collateral damage from the prolonged U.S. government shutdown. “However, with 50 percent of its business in long-cycle business (defense, medical, commercial aerospace and offshore energy), we believe Teledyne is better positioned than many industrial technology companies with a much higher percentage of short-cycle business,” Ricchiuti said in the report. Mehrabian said in the conference call he expected organic growth in the range of 3.5 percent to 4 percent, down from the 5 percent he said three months earlier. “So put that as a bucket for the overall anticipated growth and part of the slight decrease is because of China tariffs, governments shut down, currency headwinds, et cetera,” Mehrabian added. Needham rated Teledyne shares as a “buy” and set a price target of $245, a $5 increase from the previous target.