Teledyne sales dropped in third quarter
Sales slumped once again for Teledyne Technologies in the third quarter.
The Thousand Oaks-based industrial conglomerate said it saw sales decline for the third straight quarter when it released third quarter earnings on Oct. 29.
Sales fell 7.6 percent from $601.1 million during the third quarter of 2014 to $555.4 million this year. Because of that, net income fell from $55.6 million last year to $48.3 million this year.
Earnings per share decreased from $1.47 in 2014 to $1.34 in 2015.
The company attributed the slow quarter to lower sales of marine instrumentation and electronic test and measurement instrumentation. Sales for marine instrumentation decreased $30.9 million during the quarter. Sales of electronic test and measurement instrumentation decreased by $7.6 million.
Those losses were partially offset by $10.8 million Teledyne received in new sales from acquisitions of new companies.
Despite the third soft quarter in a row, Teledyne raised its outlook for the year by slightly increasing earnings projections to between $5.13 and $5.18 per share from $5.10 to $5.17.
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