Teledyne Technologies' Q1 results top Street expectations
Electronic component maker Teledyne Technologies (NYSE:TDY) said Wednesday that it increased first quarter profits by 28%, as the company achieved record sales on strength in its instrumentation and digital imaging business.
For the first three months of 2011, the California-based company, which provides electronic components and engineered systems for a whole host of applications, posted net income of $32.0 million, or $0.86 per diluted share, compared to $25.0 million, or $0.68 per diluted share, in the year ago period.
First quarter sales rose 15.6% to $468.1 million. Results more than surpassed analyst estimates, who expected earnings of $0.73 per share on revenue of $456.53 million.
The aerospace and defense electronics division recorded 11.3% revenue growth to $166.9 million, driven by higher sales of microwave devices and interconnects.
Meanwhile, its instrumentation segment improved revenue by 17.5% to $157.9 million on greater demand of marine and environmental products.
The company's digital imaging unit also saw sales increase by 122% to $66.2 million, including $32.4 million from Teledyne's $340 million acquisition of Waterloo-based DALSA Corp in February.
The engineered systems unit recorded a 15% decrease in revenue to $77.1 million, as space and defense programs lagged.
Looking ahead, the company said it expects earnings in the range of $3.25 to $3.32 per share in 2011.
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