Teledyne profits, sales up
Thousand Oaks-based Teledyne Technologies, a defense and industrial conglomerate, reported second-quarter profits of $39.5 million, or $1.06 a share, on July 26, compared with $38.7 million, or $1.04, last year.
The company also said it took in $518.5 million in sales compared with $502.9 million for the second quarter of 2011. Sales increased 3.1 percent from last year while net income rose 2.1 percent.
The company’s actual net income from the second quarter of last year was $152.3 million, with $113.8 million coming from discontinued operations when it sold aircraft engine manufacturing company Continental Motors to a Chinese firm.
“We performed well this quarter, achieving record sales and earnings per share. Despite some challenges in the global economy, orders exceeded sales and quarter-end backlog was a record at over $1 billion,” said Teledyne CEO Robert Mehrabian.
Teledyne’s shares were down 1 percent to $60.50 at mid-day trading on July 26.