Teledyne Technologies Inc. on Thursday said third-quarter earnings grew 14 percent and beat Wall Street expectations. The company lowered expectations for the current quarter, but raised its full-year outlook.

The Los Angeles manufacturer of turbine engines and other energy and power systems products reported net income of $30.9 million (84 cents per diluted share) for the quarter ended Sept. 30, compared to $27.1 million (75 cents) in the same period a year ago. The quarter included income tax benefits that were 82 percent lower than a year ago.

Revenue rose 22 percent to nearly $498 million as slighter lower sales in commercial electronics were offset by better sales in electronic instruments and defense electronics. Analysts polled by Thomson First Call had expected the company to report earnings of 78 cents on revenue of nearly $474 million.

The company gave guidance for the current quarter that was lower than expectations, between 74 cents to 77 cents a share compared to the 82 cent consensus, but raised its full-year outlook to $3.24 to $3.27, in line with the analyst average of $3.27.

“We continue to hold strong positions in defensible niche markets, have good visibility in many of our government businesses and possess sufficient liquidity,” said Chief Executive Robert Mehrabian in a statement. “Nonetheless, given the potential impact of credit tightening on end-customer demand, volatile commodity prices, customers’ labor strikes and anticipated pressures on government spending, we intend to manage the company cautiously.”

Teledyne shares were up 37 cents, or 1 percent, to $43.72 in morning trading on the New York Stock Exchange.