Teledyne posts higher 3Q results, stock jumps

AP News
Posted: Oct 27, 2011 2:44 PM
Teledyne posts higher 3Q results, stock jumps

Engineering and electronic products maker Teledyne Technologies Inc. said Thursday that its third-quarter profit climbed 13 percent, helped by higher revenue at its digital imaging and aerospace and defense businesses.

The results beat analysts' expectations, and its shares rose almost 7 percent in afternoon trading.

The company said its net income rose to $34.1 million, or 91 cents per share, for the three months ended Oct. 2 from $30.3 million, or 82 cents per share, a year earlier.

Revenue grew 21 percent to $496.4 million from $409.8 million.

Analysts, on average, were expecting earnings of 85 cents per share on revenue of $491.3 million, according to a poll by FactSet.

"With our diversified mix of industrial and growing international businesses, we believe we are (in a good position) to navigate an environment of volatile capital markets and economic uncertainty," said Robert Mehrabian, chairman, president and CEO, in a statement.

For the current quarter, the company is forecasting earnings of 84 cents to 86 cents per share. Analysts are expecting 88 cents.

Shut Up, They Explain
John Stossel

Teledyne expects full-year earnings of $3.66 to $3.68 per share, above analysts' expectations of $3.64 per share.

The company also said that its board has approved a plan to repurchase up to 2.5 million shares of the company's stock.

Teledyne shares rose $3.86, or 6.8 percent, to $60.56 in afternoon trading. Earlier, the stock hit a 52-week high of $60.91. Its shares are up 56 percent from their 52-week low of $38.94 last Nov. 17.