Teledyne sales dip but profits up for third quarter
Thousand Oaks-based industrial conglomerate Teledyne Technologies saw sales dip but profits increase during the third quarter, according to figures released Nov. 3.
Revenues for the company dipped to $526.8 million in the third quarter, compared to $551.7 during the third quarter of 2015. That missed analyst revenue estimates of $553 million, according to S&P Capital IQ.
Still, profits increased from $48.3 million during the third quarter of last year to $52 million this year. Earnings per share also increased from $1.34 per share last year to $1.46 per share, crushing analyst estimates of $1.31 per share, according to S&P Capital IQ.
Teledyne said sales of its instrumentation business decreased from $243.2 million last year to $208.3 million this year because of lower sales of marine and environmental instrumentation. Sales of electronic test and measurement instrumentation partially offset the decrease. Digital imaging sales also decreased slightly from $98.5 million to $95.7 million.
Teledyne’s aerospace and defense electronics sector saw sales increase slightly though from $147.6 million during the third quarter of 2015 to $153.5 million in 2016.
Teledyne said the decrease in revenue was partially offset by the sale of its printed circuit technology business for $9.3 million. Teledyne also said it benefited from lower tax rates during the third quarter compared to the third quarter of last year.
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