Monday, October 5, 2015
Teledyne Cuts Outlook On Sales Slowdown In Energy Markets
Thousand Oaks-based Teledyne Technologies said this morning that it is cutting its outlook for the third quarter and full year, due to decline in sales in energy-related products. The company said the decline came in sales of its marine and electronic test and measurement instrumentation, which it blamed on a slowdown in the energy markets. The company also blamed a strong U.S. dollar and "challenging" capital spending environment impacting its results. The company said it would be taking "aggressive" cost reduction measures as a result of the change in outlook. Teledyne is a diversified provider of aerospace, energy, defense, electronics, imaging, engineered systems, and other products.