Teledyne Technologies Earnings: Here’s Why Shares are Down Now

Teledyne Technologies Inc. (NYSE:TDY) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.15%.

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Teledyne Technologies Inc. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased 11.46% to $1.07 in the quarter versus EPS of $0.96 in the year-earlier quarter.

Revenue: Rose 15.26% to $569.4 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Teledyne Technologies Inc. reported adjusted EPS income of $1.07 per share. By that measure, the company beat the mean analyst estimate of $0.97. It beat the average revenue estimate of $551.3 million.

Quoting Management: “We began 2013 with a strong quarter. Quarterly sales were an all-time record and earnings per share increased 11.5% compared to last year,” said Robert Mehrabian, chairman, president and chief executive officer. “In addition, orders exceeded sales by 10%, and quarter-end backlog was also a record at over $1.0 billion. Our commercial and international business continues to grow. For example, instrumentation sales increased approximately 38% over last year and contributed more than half of our profit in the first quarter. Our government businesses, assisted by new programs and recent contract wins, were also relatively stable in the quarter. With the acquisition of RESON, a leading provider of multibeam sonar systems, as well as BlueView and Optech last year, Teledyne offers 3D marine imaging systems for use from aircraft, fixed platforms, surface vessels and AUVs over a wide range of distances and water depths. We now provide our customers one of the most comprehensive portfolios of marine technologies, ranging from connectors and communication devices to sensors, imaging systems and complete underwater vehicles.”

Key Stats (on next page)…

Revenue increased 0.35% from $567.4 million in the previous quarter. EPS decreased 8.55% from $1.17 in the previous quarter.

Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $1.08 to a profit $1.05. For the current year, the average estimate has moved down from a profit of $4.41 to a profit of $4.40 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)