Teledyne Technologies Inc. on Wednesday reported better-than-expected net income in the first quarter but its outlook for the current quarter fell on the low end of Wall Street expectations.

The Thousand Oaks maker of electronic components and subsystems reported net income of $20.8 million (57 cents per share), compared with $27.9 million (77 cents) year ago.

Sales fell 2.5 percent to $440 million. The company attributed the decline to contracting commercial markets due to the global recession, which was partially offset by growth in its defense and government business.

Analysts surveyed by Thomson Reuters expected earnings of 54 cents on sales of $460 million.

Teledyne during the quarter cut jobs that equaled 6 percent of its North American workforce, eliminated annual salary increases and annual grant of employee stock options for 2009. The company expects to close or relocate five operating sites by the end of the second quarter.

The company said it expects second-quarter earnings to be in the range of 64 to 68 cents per share, while analysts on average expect earnings of 68 cents.

“Given recent further deterioration in the general aviation, commercial aerospace and global infrastructure markets, 2009 will continue to be a very challenging year,” Chief Executive Robert Mehrabian said in a statement.

Teledyne shares were up $2.49, or 8 percent, to $33.54 in midday trading on the New York Stock Exchange.