Shares of Teledyne Technologies Inc. jumped Thursday after the aerospace and energy contractor posted better-than-expected second-quarter results, boosted by higher sales of electronic instruments and defense electronics, among other products.
Shares rose $7.73, or 14 percent, to $62.95 in afternoon trading. Earlier, the stock hit a 52-week high of $64.67.
The company earned $32.6 million, or 89 cents per share, up 34 percent from $24.3 million, or 67 cents per share, in the same period a year earlier.
Revenue rose 20 percent to $478.8 million from $400.3 million.
Analysts, on average, were expecting a profit of 73 cents per share on sales of $454.2 million, according to a poll by Thomson Financial.
The company's "mix of government and commercial businesses, many of which are leveraged to offshore energy, environmental and government markets, should position us favorably in uncertain economic and financial markets," said Robert Mehrabian, chairman, president and chief executive, in a statement.
The company said its electronics and communications segment saw a 19 percent sales increase during the quarter, to $316.3 million, boosted by higher sales of electronic instruments and defense electronics.
Its engineered systems segment's sales jumped 30 percent to $95.7 million.
Teledyne forecast third-quarter earnings of 77 cents to 79 cents per share. Analysts expect, on average, a profit of 77 cents per share.
For the full year, the company expects to earn $3.20 to $3.25 per share, up from its prior outlook of $2.98 to $3.06 per share. Analysts predict earnings of $3.06 per share.
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