Teledyne Technologies (NYSE: TDY) reported Q1 EPS of $1.10, $0.02 better than the analyst estimate of $1.08. Revenue for the quarter came in at $530.5 million versus the consensus estimate of $548.94 million.

“We started 2016 with record orders driven by strong bookings across the majority of our aerospace and defense businesses,” said Robert Mehrabian, Chairman, President and Chief Executive Officer. “We also generated the greatest level of cash flow for any first quarter, allowing us to complete three recent acquisitions with a minimal increase in net debt. Some industrial sectors, especially energy, remain weak, but those markets appear to be stabilizing. Nevertheless, we are maintaining our emphasis on cost control and strong operating discipline. So while we continue to invest in research and development and focus on execution and delivery of orders, we are also implementing significant additional cost reduction actions, especially within marine instrumentation. Finally, our acquisition pipeline remains healthy, which should allow us to generate additional growth in our core businesses.”

GUIDANCE:

Teledyne Technologies reaffirms FY2016 EPS of $5.05-$5.15, versus the consensus of $5.09.

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