Teledyne posted a 4.8% earnings decline in 1985, reflecting the dual effects of sharp declines in income from its industrial operations and a drop in equity income at its various unconsolidated insurance subsidiaries.
Teledyne earned $546.4 million on sales of $3.26 billion in the year, down from profits of $574.3 million on sales of $3.49 billion in 1984.
The Los Angeles-based diversified manufacturer said it earned $182.6 million from its consolidated subsidiaries, which are mainly industrial firms concentrated in the aerospace, specialty metals and machinery markets.
Although the firm did not comment on those operations, a number of industrial markets have been depressed in the past year and have come under sharp price pressure. A company spokesman said the sales decline of $238 million sales in 1985 was not the result of any major divestments.
The firm said its various unconsolidated insurance subsidiaries posted equity earnings of $30.7 million in 1985, down sharply from $71.6 million the year earlier. Those results do not include gains on sales of investments or other extraordinary gains.
Teledyne said it gained $358.2 million in 1985 on the sale of investments and from a stock repurchase plan by Litton Industries. (Teledyne holds about 26% of Litton.) In 1984, Teledyne's net was boosted by $365.3 million from sales of investments and a special tax credit.
Also, Teledyne posted fourth-quarter profits of $98.6 million on sales of $819.8 million, up from $85.7 million on sales of $867.2 million in the year-earlier period.
The fourth-quarter improvement reflected increased profits at Teledyne's industrial companies, the company said. Income declined sharply at the insurance companies but was more than offset by gains on the sales of investments.
For detailed data and results of other companies, please see tables, Page 16.