Teledyne shares trade up after earnings beat expectations
Teledyne Technologies share were trading up slightly Thursday morning after the company released fourth-quarter earnings with net sales up 4.3 percent, beating Street expectations.
The Thousand Oaks-based industrial conglomerate recorded a net income of $60.2 million, up from $54.9 million for last year’s fourth quarter. Sales were also up 2.4 percent for the year, to $2.3 billion.
Earnings per share were $1.48, topping Zacks Investment Research prediction of $1.38 per share. Teledyne also authorized a repurchase program for up to an additional 2.5 million shares of its common stock.
Teledyne shares have fallen 5 percent since the start of 2015, but in the past 12 months the stock has risen 5.5 percent.
The company expects first quarter 2015 earnings per share to fall between $1.16 and $1.20 and full year 2015 earnings per share to be in the range of $5.71 to $5.76.