Teledyne Reverses Year-Ago Loss to $64.3-Million Profit
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Teledyne Inc., a Los Angeles-based conglomerate that recently put itself up for sale, on Tuesday reported a first-quarter profit of $64.3 million, or $1.16 a share, compared to a year-earlier loss of $55.1 million.
The rebound in Teledyne’s earnings for the quarter ended March 31 included a $30.3-million after-tax gain from the sale of Teledyne Electronic Systems to Litton Industries Inc., and it came on an 18% jump in Teledyne’s sales from continuing operations, to $623.8 million from $527.4 million.
The gains “are further evidence that Teledyne is realizing the benefits” of cost-cutting efforts and other restructurings that the company has undergone in recent years, Chairman William P. Rutledge and President Donald B. Rice said in a statement.
Teledyne, which makes aerospace electronics, industrial goods and the Water Pik line of home dental products, put itself on the auction block after WHX Corp., the parent of steelmaker Wheeling-Pittsburgh, launched a proxy fight for control of Teledyne’s board.
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