Teledyne Technologies ends year on positive note
Jan 24, 2013 (Menafn - Ventura County Star - McClatchy-Tribune Information Services via COMTEX) --Teledyne Technologies Inc. capped the year with record revenues and a fourth quarter that trounced analysts' expectations, boosting the Thousand Oaks-based defense and aerospace supplier's stock price.
The company said Thursday that net profit, including discontinued operations, in the fourth quarter rose 25.5 percent to 46.2 million, or 1.23 per share, compared with 36.8 million, or 99 cents a share, a year earlier.
Earnings per share exceeded analysts' average estimate of 1.08 a share, according to a Yahoo Finance review. The strong performance was driven by a 21.9 percent increase in Teledyne's instrumentation segment.
Revenue for the quarter was up 19.6 percent to 567.4 million, well above analysts' forecast of 553 million.
The company's stock price rose 2.12 to 71.79 by the end of the trading day.
For the year, the company's sales were 2.13 billion, compared with 1.94 billion in 2011. Earnings, including discontinued operations, in 2012 were 164.1 million (4.39 a share), compared with 255.2 million (6.84 a share) in the previous year.
CEO Robert Mehrabian said the last quarter of 2012 was a strong one, with a cash flow of nearly 100 million. While revenue growth in existing operations was 5.1 percent, he said in an earnings call that it may be 2 or 3 percent this year.
He said, however, that the company has significant orders going forward. Teledyne is conducting an ongoing transformation into a higher technology company serving industrial growth markets.
"Despite continued economic and government funding uncertainty," Mehrabian said, "we enter 2013 with the strength of our balanced business portfolio, which now has the greatest proportion of commercial and international sales in our history."
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