Teledyne’s Sales, Earnings Decline in Second Quarter

Teledyne said its earnings and sales fell in the second quarter.

The Los Angeles-based conglomerate said it earned $225 million in the second quarter, down almost 38% from the $356 million earned in the second quarter of 1984.

The results in this year’s second quarter included operating earnings of more than $45 million and non-operating gains of more than $179 million from investment sales and a favorable tax adjustment on its ownership of Litton Inc.’s common stock. Teledyne had non-operating gains of $279 million from investment sales in the second quarter of 1984.

Teledyne’s sales fell to $824 million in the second quarter of 1985, down from $896 million a year ago.

A Teledyne spokesman said the earnings decline was caused in part by the company’s casualty insurance operations, but he declined to be more specific. Teledyne has operations in insurance, specialty metals, aviation and electronics and consumer products.