Teledyne shares soar as earnings beat estimates
Shares of Thousand Oaks-based Teledyne Technologies jumped nearly 6 percent or $18 on Oct. 23 after the company reported quarterly results that beat estimates.
Teledyne shares were trading in the $330 range in afternoon trading after the company reported adjusted earnings of $2.57 per share and revenue of $802.20 million for the quarter ended September 2019, beating estimates of $2.53 per share and up sharply from $2.23 Teledyne revenues surpassed the Zacks Equity Research estimate by 2.7 percent and beat last year’s revenue of $725.30 million.
Earlier, the company announced a major contract with the Navy’s NAVSEA unit in Alabama to produce a submersible vehicle to deliver and extract Navy SEAL teams in high-risk, shallow water operations.
According to Zachs, Teledyne shares have added about 50.5 percent since the beginning of the year versus the S&P 500’s gain of around 20 percent.