Electronic components and communications products maker Teledyne Technologies, Inc. (TDY) reported Thursday, a decline in second-quarter profit on lower sales particularly in electronic instruments and other commercial electronics. On a per share basis, however, earnings came in above the Street view by two cents. The company also provided earnings forecast for the third quarter and reaffirmed its guidance for fiscal year 2009.
For the second quarter, net income attributable to Teledyne dipped to $25.2 million or $0.69 per share from $32.6 million or $0.89 per share in the previous year.
On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.67 per share for the second quarter. Analysts' estimates typically exclude special items.
Net sales for the period decreased to $441.1 million from $478.8 million in the second quarter of the prior fiscal year. Four analysts were expecting revenue of $467.86 million in the second quarter.
Sales in the Electronics and Communications segment declined 3.5% to $305.1 million from $316.3 million, reflecting a drop in sales in electronic instruments and other commercial electronics. Segment revenue in the latest quarter included revenue from acquisitions made in 2008 of $15.2 million.
Engineered Systems segment's sales decreased 6.3% to $89.7 million from $95.7 million, mainly due to lower revenue in certain aerospace programs.
Aerospace Engines and Components segment's sales fell 38% to $29.7 million from $47.9 million, while Energy and Power Systems segment's sales came down 12.2% to $16.6 million from $18.9 million in, reflecting lower commercial hydrogen generator and battery product sales
For the the first half of fiscal 2009, net income attributable to Teledyne dropped to $46.0 million or $1.26 a share from $60.5 million or $1.66 a share last year. Sales for the period decreased to $881.4 million from $930.6 million in the same period last year.
Looking forward, for the third quarter, the company expects earnings to range from around $0.70 to $0.75 per share. Analysts currently expect the company to report earnings of $0.76 per share for the quarter.
Chairman, President and Chief Executive Officer Robert Mehrabian said, "We continue to expect 2009 to be a challenging year."
For the full year 2009, the company continues to expect earnings in the range of $2.70 to $2.80 per share, while analysts forecast $2.75 per share.
Teledyne noted that the outlook for the third quarter and full year 2009 reflects a reduction in sales for the company's Aerospace Engines and Components segment, as well as lower sales of environmental instruments for air and water monitoring and other commercial electronics. In addition, the full year guidance reflects a contraction in sales of marine instruments, which serve the offshore exploration market, especially in the second half of 2009.
TDY closed Wednesday's regular trading hours at $33.81 on the NYSE.
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