Increased sales at Teledyne boost net income
Sales for Thousand Oaks-based Teledyne rose more than 25 percent for the third quarter of 2017, boosting net income up 32.7 percent to $69 million, or $1.90 per diluted share.
Aerospace and defense electronics sales rose 7.6 percent for the company, and engineered systems sales increased nearly 10 percent to $73.1 million. Sales in the instrumentation division led the quarter, gaining 11.6 percent to $232.5 million, and sales of its digital imaging products nearly doubled to $191.5 million, partially attributed to its acquisition of British manufacturer e2v in December of last year.
“In addition, orders exceeded sales, and free cash flow was a record for any third quarter,” President and CEO Robert Mehrabian said in a news release Nov. 2. “Finally, given our strong cash flow, e2v integration progress and stability in our end markets, we are pursuing a number of acquisitions across our business portfolio.”
Costs and expenses also increased around 24 percent compared to the previous third quarter, to $569.3 million.
The company raised its earnings outlook, expecting $1.70 to $1.75 per share in the fourth quarter of 2017, bringing it up to $6.10 to $6.15 per share for the full year. Teledyne had $82.5 million in cash on hand, with $525.1 million in total liabilities.
Shares rose 2.7 percent after the announcement to $174.46 as of 11:30 a.m. on Nov. 2.
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