BOSTON (Thomson Financial) - Teledyne Technologies Inc. Wednesday said
first-quarter net income rose to $27.9 million, or 77 cents a share, beating the
mean estimate of analysts polled by Thomson Financial of 66 cents a share.
In the same period a year ago, the company posted net income of $20.5
million, or 57 cents a share.
Revenue for the Thousand Oaks, Calif.-based manufacturer of flight data
products and military missiles rose 17.2% to $451.8 million from $385.6 million
a year earlier. Analysts, on average, had estimated revenue of $424.6 million.
For the second quarter, Teledyne Technologies forecast earnings of 72 cents
to 74 cents a share. Analysts, on average, are looking for 74 cents a share.
Teledyne Technologies raised its fiscal 2008 earnings guidance to a range of
$2.98 to $3.06 a share from its prior outlook of $2.86 to $2.94 a share. The
company sees fiscal 2008 adjusted earnings of $3.08 to $3.16 a share, compared
to the consensus estimate of $2.93 a share.
Shares closed Tuesday at $47.83.
Casey Logan
cl/pc
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