Teledyne Technologies Inc. on Thursday posted a 62 percent increase in quarterly profit as some commercial markets improved. But the manufacturer gave guidance for 2010 that was below Wall Street expectations.

The Thousand Oaks maker of electronic components reported net income of $32.2 million (88 cents a share), compared with $19.9 million (54 cents) a year earlier. The company said the results included $6.1 million in research and development credits and after-tax charges of $1.5 million.

Revenue fell 2 percent to $454 million.

Analysts surveyed by Thomson Reuters on average were expecting per-share earnings of 74 cents a share on revenue of $449 million.

The company expects full-year earnings of $2.80 to $2.90 a share. Analysts on average had expected $3.15.

“In 2009, we chose to manage the company cautiously, focusing on reducing costs, improving operations and maximizing cash flow,” said Chief Executive Robert Mehrabian in a press release. “While some of our commercial markets are beginning to improve, we expect weakness in selected government services businesses in 2010.”

Shares closed down $1.30, or 3 percent to $38.51 on the New York Stock Exchange.