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Teledyne Technologies Inc. beat Wall Street estimates on earnings and revenue in the fourth quarter.
The Thousand Oaks aerospace, marine and digital imaging products manufacturer on Wednesday reported net income of $132 million ($3.48 a share) for the quarter ending Jan. 3, compared with net income of $116 million ($3.06) in the same period a year earlier. Revenue decreased by 3 percent to $809 million.
Analysts on average expected earnings of $3.11 a share on revenue of $802 million, according to Thomson Financial Network.
Executive Chairman Robert Mehrabian said the quarter ended a year in which the company had its best-ever earnings, cash flow and operating margin. For over two decades Teledyne has consistency and predictably compounded earnings and cash flow, he added.