Imaging Revenues Down, Profits Up at Teledyne
THOUSAND OAKS, Calif., Oct. 24, 2014 — Teledyne Technologies Inc. reported record earnings in the third quarter of 2014 despite a decline in sales at its imaging businesses.
Net income was $55.6 million, up 18.8 percent from $46.8 million in the third quarter of 2013. Total sales were $601.1 million, up 5.2 percent from $571.6 million for the third quarter of 2013.
The parent company of Teledyne Dalsa said its digital imaging segment had third-quarter sales of $95.6 million, down 9.1 percent from $105.2 million in the third quarter of 2013. Lower government sales of IR-imaging sensors and lower margins for IR and lidar systems accounted for the drop in revenue, the company said.
“Our sales and earnings were driven by continued growth within our instrumentation and other commercial industrial businesses,” said CEO Robert Mehrabian.
The company said it expects to continue to be profitable in the fourth quarter.
For more information, visit www.teledyne.com.
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