Teledyne Technologies Inc. (NYSE: TDY) reported an increase in earnings and raised its full-year guidance above Wall-Street estimates on Wednesday, driven by higher margins in each of its segments.
The electronic component maker said it earned $20.5 million, or 57 cents per share for its first-quarter, compared to the $17.9 million, or 51 cents per share during the same period a year ago.
Analysts polled by Thomson Financial had expected earnings of 50 cents per share, on average. The figures even beat the company's own projections given in January of 47 to 71 cents per share.
Teledyne said its sales rose 22.9 percent, to $248.3 million, compared with $202.0 million in the same quarter last year, driven from growth in its defense electronics and electronic instruments.
Teledyne started 2007 with a great quarter, said Robert Mehrabian, chairman, president and chief executive officer. Operating margin increased in each business segment compared to last year.
Teledyne increased its 2007 outlook, anticipating sales growth in its defense electronics and instrumentation businesses.
For the full year, Teledyne now expects earnings of $2.50 to $2.54 a share, compared to its previous forecast of $2.41 to $2.44 a share.
Shares of Teledyne jumped $4.64, or 11.26 percent, to close at $45.83 on the New York Stock Exchange.