Teledyne posts higher 3Q results, stock jumps

AP News
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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.

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.