Teledyne Technology revenues fell, profits fell and earnings per share fell during the second quarter, the company announced when it released second quarter earnings results Aug. 4.
The Thousand Oaks-based industrial conglomerate saw second quarter revenues fall 6.7 percent from $573.6 million in 2015 to $534.9 million in 2016, which missed analyst estimates of $546.7 million, according to S&P Capital IQ.
Net income fell 4.8 percent, from $48 million in 2015 to $45 million in 2016. Earnings per share also fell from $1.34 per share to $1.31 per share, which beat analyst estimates of $1.24 per share.
Teledyne did see increases in sales in its digital imaging and aerospace systems sectors. Digital imaging sales increased to $98.4 million, up from $90.8 million a year ago. Aerospace and defense system sales increased from $142.9 million last year to $153.2 million this year.
Engineered systems saw sales fall 9.3 percent from $68.6 million last year to $62.2 million this year. Instrumentation sales fell the most from $271.3 million in 2015 to $220.1 million this year.
Despite the poor second quarter, Teledyne raised guidance for the full year to earnings per share of $5.10 to $5.20, up slightly from previous estimates of $5.05 to $5.15.
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