Teledyne Posts $155-Million Loss in 1st Quarter

Teledyne Inc. said its first-quarter loss widened, in part because of costs resulting from the continuing Pentagon investigation of alleged fraud at its Teledyne Relays electronics unit.

Teledyne’s loss grew to $155 million, or $2.81 a share, from a loss of $900,000, or 2 cents, a year ago.

The Los Angeles-based aerospace company had a net charge of $6.2 million, or 11 cents a share, for the investigation. Teledyne said the inquiry could result in additional charges, although it couldn’t estimate how large they might be.

The charge for the investigation, as well as a net gain of $5.1 million from a change in the rate used to calculate pension-fund liability, are included in its first-quarter operating profit of $9.6 million, or 17 cents a share. Year-earlier operating profit was $11.8 million, or 21 cents a share, the company said.