Teledyne’s second quarter revenues, profits, earnings per share down
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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