Teledyne Technologies

(TDY) - Get Report

warned Friday that its first-quarter and full-year earnings will be lower than expected.

The maker of electronics, communications products and aerospace engines said it expects to earn 15 cents a share in the first quarter and 95 cents for the full year. Analysts polled by

First Call/ Thomson Financial

were expecting 25 cents a share for the first quarter and $1.21 for the full year.

The company said it doesn't expect demand to pick up anytime soon for its semiconductor products, and plans to cut back spending and temporarily lay off some employees.

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"Based on the current level of orders for aftermarket products, we forecast a significant decline in sales and profits for the Aerospace Engines and Components segment," Teledyne Chairman and CEO Robert Mehrabian said in a written release.

The Los-Angeles-based company, a spinoff of

Allegheny Technologies

(ATI) - Get Report

, blamed the weakening U.S. economy for its falling sales and profits in that division, and said it also expects a decline in its electronics and communications division.

Teledyne shares closed Thursday at $19.70 and were unchanged in early Friday trading on the

New York Stock Exchange

.