Digital Imaging Down, But Teledyne Ends the Year Up
THOUSAND OAKS, Calif. — Despite lagging sales in its digital imaging department, Teledyne Technologies Inc. reported record profits as it closed the books on 2014.
Total year sales were $2.4 billion, up 2.4 percent from $2.3 billion the previous year. Net income was $217.7 million, up 17 percent from $185.0 million in 2013.
It was the 13th consecutive year that Teledyne’s earnings have grown, said CEO Robert Mehrabian.
Teledyne’s digital imaging segment reported sales of $403.6 million, down 2.7 percent from $414.8 million in 2013. Specialty imaging sensor sales were down in the fourth quarter, but was mostly offset by higher sales of lidar systems and microelectromechanical systems (MEMS) production, the company said.
Sales were also down in the company’s aerospace and defense electronics and engineered systems divisions, while its instruments segment, which includes optical sensors, saw a 9 percent sales growth.