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Monday, May 23, 2022

Briefs: Electro Rent, Teledyne

Computer and electronic test equipment supplier Electro Rent Corp. declared on Thursday a cash dividend of 20 cents a common share. The Van Nuys company will pay the dividend on Oct. 10 to shareholders of record as of Sept. 19. Electro Rent declared a 20-cent dividend early this year that was paid out in April. Shares closed up 10 cents, or a fraction of 1 percent, to $15.15 on the Nasdaq. Teledyne Technologies Inc. is accelerating the repurchase of more than 1 million shares of its common stock valued at $100 million. The repurchase by the Thousand Oaks manufacturer for the aerospace, defense, and marine industries is part of a program announced in October 2011 that has already taken 1.1 million shares off the market. Teledyne Chief Executive Robert Mehrabian said the accelerated repurchase shows the company’s commitment to shareholder value. “While we are increasing our share repurchases, we continue to focus on balanced and disciplined capital deployment among capital expenditures, acquisitions and share repurchases,” he said in a prepared statement released Wednesday. Shares on Thursday closed up $1.22, or more than 1 percent, to $98.62 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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