Teledyne 2008 outlook tops Wall St. forecasts

The aerospace and energy contractor said it expects second-quarter profit to range between 72 cents and 74 cents per share. Analysts polled by Thomson Financial, on average, forecast profit of 74 cents per share for the period.

For the full year, Teledyne raised its forecast to profit between $2.98 and $3.06 per share, from its prior guidance for earnings between $2.86 and $2.94 per share. Analysts predict $2.93 per share.

Teledyne said its full-year forecast reflects anticipated sales growth in its defense electronics and instrumentation businesses, due primarily to recent acquisitions.

The company said it expects expenses to rise for both the second quarter and the year.