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Thursday, Jun 30, 2022

Teledyne Beats Estimates While Awaiting Flir Acquisition

Teledyne Technologies Inc. beat Wall Street estimates on adjusted earnings and revenue in the first quarter.The Thousand Oaks aerospace, marine and digital imaging products manufacturer reported on Wednesday an adjusted net income of $115 million ($3.02 a share) for the quarter ending April 4, compared to adjusted net income of $82 million ($2.17) in the same period a year earlier. Revenue increased by 3 percent to $806 million.

Analysts on average expected earnings of $2.59 on revenue of $786 million, according to Thomson Financial Network.

Executive Chairman Robert Mehrabian said that sales increased in every major business category except for commercial aerospace and that operating margins increased significantly in every business segment.

“I am very pleased with the breadth of our performance across both our commercial and government businesses,” Mehrabian said in a statement. “I remain especially excited about Teledyne’s future, both individually and even more so when combined with Flir.”Teledyne announced in early January it would acquire Flir Systems Inc. in a cash and stock deal valued at $8 billion. Flir in Arlington, Va. develops cameras and sensors used in military, industrial, automotive, marine and public safety applications. The transaction is expected to close next month.

Shares of Teledyne (TDY) closed up Thursday by $1.95, or less than a percent, to $452.22 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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