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Teledyne Sales Lower Than Expected

Teledyne Technologies Inc. on Monday reduced its outlook for the third quarter and full year as orders of marine and electronic equipment declined more than expected. The Thousand Oaks aerospace, marine and energy products manufacturer now has forecast earnings for the third quarter ending Sept. 30 in the range of $1.30 to $1.33 from the previous guidance of $1.45 to $1.48. Full year earnings are expected at $5.10 to $5.17 compared with the previous guidance of $5.60 to $5.65. Teledyne Chief Executive Robert Mehrabian said the guidance was lowered due to lower sales. “While sales to offshore energy markets generally declined as expected in the third quarter, orders have slowed in recent weeks,” Mehrabian said in a prepared statement, adding that sales of the company’s aerospace and defense electronics, environmental instrumentation and commercial digital imaging systems did increase. Teledyne will release its third quarter earnings prior to the market opening on Oct. 29. Shares closed down 40 cents, or less than 1 percent, to $89.85 on the New York Stock Exchange.

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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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