Teledyne

Teledyne Inc., a Los Angeles-based industrial, electronics and insurance conglomerate, reported a 3.7% drop in fourth-quarter income.

However, excluding one-time adjustments for special tax credits and sales of investments, profit plummeted 56% as the firm was hurt by lower profit margins in its manufacturing segments and continued softness in insurance.

Full-year results, aided by one-time gains from the special tax credits and sales of investments, rose 89%. Without the gains, however, profit fell 31%.

Net income for the quarter ended Dec. 31 was $85.7 million, or $7.32 per share, compared to $89 million, or $4.37 per share, for last year’s fourth quarter. However, excluding $62.8 million in special insurance-related tax credits resulting from 1984 tax legislation and a $16.5-million loss on sales of investments, income in the latest quarter was $39.4 million, or $3.37 per share.

The per-share results compare more favorably because of Teledyne’s $1.7-billion buy-back of its own shares last year, which reduced average shares outstanding to 11.7 million at year-end from 20.5 million a year earlier.

Sales in the quarter rose to $867.2 million from $791.1 million in the 1983 period.

Sales increased to $3.49 billion for 1984 from $2.98 billion in 1983.