(RTTNews) - Thursday, Teledyne Technologies Inc.(TDY: News ), reported a rise in third quarter profit beating analysts estimates despite a decline in the revenue. The company also raised its full year guidance.

Teledyne's net income for the quarter increased to $35.1 million or $0.96 per share from $30.9 million or $0.84 per share in the year-ago period. On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.74 per share for the quarter.

Net sales for the quarter declined to $429.4 million from $497.6 million in the same quarter last year. Analysts estimated revenues of $458.11 million for the quarter.

Segment-wise, electronics and communication segment sales declined to $295.2 million from $330.3 million, engineered systems segment sales decreased to $82 million from $97.9 million, aerospace engines and components segment sales declined to $30.5 million from $46.3 million and sales for energy and power segment slid to $21.7 million from $23.1 million last year.

Provision for income tax decreased to $7.4 million compared with $18.2 million in the same quarter last year.
Teledyne's nine months net income declined to $81.1 million or $2.22 per share from $91.4 million or $2.50 per share, and net sales decreased to $1.31 billion from $1.43 billion last year.

The company said it expects fourth quarter earnings to be in the range of about $0.72 to $0.76 per share. The company also raised its full year 2009 earnings outlook to range of about $2.94 to $2.98 per share from prior expected range of around $2.70 to $2.80 per share.

Analysts estimate earnings of $0.77 per share and $2.76 per share for the fourth quarter and full year 2009 respectively.

Teledyne is currently trading at $36.51, up $1.02 or 2.87%, on a volume of 0.21 million shares, on the NYSE.

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by RTT Staff Writer

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