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Wednesday, Jun 7, 2023

Teledyne Ends Year with Strong Finish

Teledyne Technologies Inc. ended its fiscal year with a strong finish despite the sluggish economy weakening the commercial business in the fourth quarter. The Thousand Oaks-based manufacturer for the aerospace, defense and energy industries reported a net income of $30.8 million, or $0.84 per diluted share, on revenues of $467.1 million for the quarter ending Dec. 31. That is a 16 percent increase of the net income of $26.6 million, or $0.73 per diluted share, on revenues of $427.5 million for the same period in 2007. For the fiscal year, Teledyne had net income of $122.2 million, or $3.35 per diluted share, on revenues of $1.9 billion. For the previous fiscal year, the company had net income of $98.5 million, or $2.72 per diluted share, on revenues of $1.6 billion. During the year, the company made acquisitions in marine instrumentation operations, aviation support, defense electronics, and sensor and monitoring systems. The year brought lower sales in the commercial electronics segment and hydrogen generators and 2009 will be a challenging year with increased pension expense and volatile commodity prices, said Teledyne Chairman, President and CEO Robert Mehrabian. “Nonetheless, we believe we can successfully navigate the current environment given our balanced mix of businesses in defensible markets, sufficient liquidity, and continued commitment to operational excellence,” Mehrabian said.

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