Teledyne Technologies, Inc. (NYSE: TDY) reported Q1 EPS of $1.20, $0.07 better than the analyst estimate of $1.13. Revenue for the quarter came in at $573.5 million versus the consensus estimate of $583 million.

Teledyne Technologies, Inc. sees FY2014 EPS of $5.10-$5.14, versus prior guidance of $5.06-$5.12 and the consensus of $5.09.

“Teledyne started 2014 with record first quarter sales and earnings per share. With the significant cost reduction actions taken in 2013, a higher margin commercial sales mix and a well-funded pension, we were also able to generate meaningful margin improvement,” said Robert Mehrabian, chairman, president and chief executive officer. “Operating margin increased 116 basis points and earnings per share increased 12.1% compared to last year. Furthermore, orders exceeded sales by approximately 7% in the quarter, largely due to robust orders across our marine oil and gas instrumentation businesses. Despite the anticipated year-over-year reduction in sales within our aerospace and defense electronics segment, greater sales of commercial avionics and communication equipment improved margins and helped offset the decline in sales. Finally, cash flow was strong, especially for a first quarter, providing continued flexibility for acquisitions.”

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