By Katherine Hamilton
Shares for Teledyne Technologies hit an all-time high after the company beat Wall Street expectations for fourth-quarter sales and said it expects to deploy $770 million on acquisitions in the quarter ahead.
The stock closed at $511.67, up 6.5%, in Wednesday trading after touching a new high of $515.99 intraday. Shares are up 22% over the past 12 months, and have risen for seven consecutive days. Today's gain marked Teledyne's largest percent increase since November 2020, when it rose 8%.
The Thousand Oaks, Calif., maker of infrared cameras and other high-tech industrial and aerospace supplies reported a fourth-quarter profit of $198.5 million, or $4.20 a share, compared with $323.1 million, or $6.75 a share in the year-ago quarter.
Adjusted for one-time items, the company reported earnings of $5.52 a share, beating analysts' expectations of $5.23 a share.
It posted a quarterly revenue of $1.5 billion, up 5.4% from last year. Analysts expected $1.45 billion.
For 2025, the company said it expects earnings per share between $21.10 to $21.50, compared with $17.21 for fiscal 2024.
Teledyne said it closed on its acquisition of Micropac at the beginning of 2025 and will deploy about $770 million on acquisitions during the first quarter of the year.
The company expects its commercial and defense markets are well-positioned to grow, Executive Chairman Robert Mehrabian said.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
January 22, 2025 18:18 ET (23:18 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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