UPDATE 1-Teledyne posts lower Q2 net, forecasts weak Q3

* Q2 EPS $0.69 vs $0.89 year ago

* Rev fell 8 pct

July 23 (Reuters) - Teledyne Technologies Inc (TDY.N), which provides electronic components and subsystems, reported a lower quarterly profit, due to weakness in selected commercial businesses, and forecast third-quarter earnings below market expectations.

For the second quarter, net income was $25.2 million, or 69 cents a share, compared with $32.6 million, or 89 cents a share, a year ago.

Revenue for the company, which also makes instrumentation and communication products, fell 8 percent to $441.1 million.

The aerospace engines and components segment sales were down 38 percent at $29.7 million.

Analysts on average were expecting earnings of 67 cents a share, before special items, on revenue of $467.9 million, according to Reuters Estimates.

The company continues to expect 2009 to be a challenging year, Chief Executive Robert Mehrabian said in a statement.

For the third quarter, the company expects earnings of about 70 cents to 75 cents a share. Analysts on average were expecting 76 cents a share. Shares of the company closed at 33.81 Wednesday on the New York Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Jarshad Kakkrakandy)