Thousand Oaks-based Teledyne Technologies beat analyst estimates when it reported second-quarter earnings on July 30 but the company still saw a sharp decline in net income.
Teledyne posted earnings of $1.34 per share, barely beating analyst estimates of $1.33 per share.
Second-quarter revenues were down by 3.2 percent from the second-quarter of 2014, from $597.1 million to $577.7 million. Analysts predicted that Teledyne would post revenues of $597.8 million.
Net income was also down by 13.9 percent from $56.1 million during the second-quarter last year to $48.3 million in 2015.