By Staff Report Friday, July 25th, 2014

Though Thousand Oaks-based conglomerate Teledyne missed its revenue mark for the second quarter, profits jumped 30 percent compared to a year prior, beating analysts estimates. The company also boosted its full-year profit outlook.

Teledyne said on July 24 that second quarter earnings per share were $1.47, 30 percent higher than a year prior and $0.20 better than Wall Street estimates, according to six analysts polled by Thomson Reuters.

The company’s revenue was $597 million for the second quarter, compared to $601 million a year earlier. Analysts expected $606 million in revenue. While revenue fell in most divisions, operating profits, operating income and net income all had double-digit growth. Teledyne raised its full-year 2014 earnings per diluted share guidelines $0.20 to $5.31 to $5.35.

“Our results demonstrate the successful transformation of Teledyne into a higher-margin, industrial technology company,” said Chairman, President and CEO Robert Mehrabian in a statement.

The company’s instrumentation division, which makes up 46 percent of total revenue, experienced revenue growth of 7.3 percent to $276.6 million. The expansion was lead by the marine and environmental instrumentation product lines. Operating profit increased 6.6 percent to $43.8 million.

Revenue dropped in the company’s other divisions.

Aerospace and defense electronics revenue fell 10.2 percent to $152.2 million because of the completion of a program with a foreign government. Operating profit for the division increased to $22.9 million, a jump of 11.2 percent compared to the year prior.

Digital imaging revenue dropped slightly to $103.7 million, but operating profit increased 48.1 percent. This reflected “improved margins across most product lines and a greater mix of higher margin commercial sales,” according to securities filings.

Teledyne’s stock price was down 1.9 percent to $92.77 midday July 25.