Teledyne sales fall but earnings per share beat analyst estimates
Thousand Oaks-based industrial conglomerate Teledyne Technologies saw sales slip for the fourth consecutive quarter but still beat analyst estimates for earnings per share when it released results Feb. 4.
Teledyne sales fell 3.6 percent during the fourth quarter from $622.3 million in 2014 to $600 million in 2015. Sales also fell 4 percent during the year from $2.39 billion last year to $2.3 billion this year.
With earnings per share of $1.57, Teledyne still smashed analyst estimates of $1.28 per share.
Still, the quarter was a bounce back one for Teledyne after sales fell 7.6 percent during the third quarter. Profits were down during the quarter from $58.9 million last year to $55 million. Teledyne saw profits fall $20 million during the year to $195 million.
Teledyne CEO Robert Mehrabian attributed the weak quarter in part to weak energy prices, but said Teledyne’s aerospace and defense industries still performed well.
“In 2016, we expect further deterioration in our offshore energy businesses, which now represent approximately 15 percent of total sales,” Mehrabian said in a news release. “We also remain cautious in other commercial markets given the challenging global economic environment.”
Fourth quarter sales of Teledyne’s instrumentation products fell from $299.6 million during the fourth quarter of 2014 to $266.3 million in 2015. Sales of digital imaging products also fell about $300,000 during the quarter. Sales increased aerospace and defense electronics during the quarter to $153.9 million from $145.7 million last year.
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