Teledyne Technologies Inc. reported a nearly flat, but better-than-expected profit in the fourth quarter. However, revenue for the Thousand Oaks aerospace and defense contractor missed Wall Street forecasts.

The maker of electronics, communications and digital imaging products on Thursday reported net income of $36.8 million (99 cents a share), compared with $36.6 million (99 cents) in the same period a year earlier. Revenues rose 10 percent to more than $474 million, which the company largely attributed to a threefold jump in instrumentation sales to $92.5 million.

Analysts surveyed by Thomson Reuters on average expected net income of 86 cents a share on revenue of more than $498 million.

“2011 was a decisive year in the history of Teledyne, both financially and strategically,” said Chief Executive Robert Mehrabian in a statement. “Full year sales, earnings per share, GAAP operating margin, and free cash flow all were at record levels. The divestiture of our aircraft piston engine business … significantly reduced our risk profile, while the acquisition of Dalsa (Corp.) was a major commitment to digital imaging.”

Looking ahead, the company expects first quarter earnings in the range of 88 cents to 91 cents a share. The Wall Street consensus is 90 cents.

Shares were down $1.56, or 2.7 percent, to $55.82 in midday trading Thursday on the New York Stock Exchange.