SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                 -------------------------------------------


                                    FORM 8-K


                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934



                                 Date of Report
                      (Date of earliest event reported):

                                  July 21, 1998

                   ----------------------------------------


                           THERMO ELECTRON CORPORATION
             (Exact name of Registrant as specified in its charter)


Delaware                        1-8002                    04-2209186
(State or other               (Commission              (I.R.S. Employer
jurisdiction of                File Number)            Identification Number)
incorporation or
organization)


81 Wyman Street
Waltham, Massachusetts                                         02454
(Address of principal executive offices)                    (Zip Code)


                                (781) 622-1000
                         (Registrant's telephone number
                              including area code)












Item 5.     Other Events

      On July 21, 1998,  Thermo Electron  Corporation  (the "Company")  issued a
press release,  attached hereto as Exhibit 99, regarding its expected  operating
income for the quarter ended July 4, 1998.

Item 7.     Financial Statements, Pro Forma Financial Information and Exhibits

      (a)    Financial Statements of Business Acquired: not
            applicable.

      (b)   Pro Forma Financial Information: not applicable.

      (c)   Exhibits

            99    Press Release of the Company, dated July 21,
                  1998











                                    SIGNATURE



      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized, on this 22nd day of July, 1998.



                                          THERMO ELECTRON CORPORATION



                                          By: /s/ Sandra L. Lambert
                                             Sandra L. Lambert
                                             Secretary









EXHIBIT 99


                     THERMO ELECTRON EXPECTS SECOND QUARTER
              OPERATING INCOME TO BE APPROXIMATELY $105 MILLION

WALTHAM,  Mass.,  July  21,  1998  --  Thermo  Electron  Corporation  (NYSE-TMO)
announced today that it believes operating income for the second quarter,  ended
July  4,  1998,  will  be   approximately   $105  million  (before   anticipated
restructuring charges of approximately $3 million). This is primarily the result
of  lower-than-expected  operating  income at the  company's  Thermo  Instrument
Systems Inc.  (ASE-THI)  subsidiary,  which expects to report  approximately $55
million for the quarter.  Lower sales as a result of orders received late in the
quarter at Thermo Instrument's ThermoQuest (ASE-TMQ) subsidiary were the primary
cause of the lower operating income estimate.

      Thermo Electron plans to release its complete  quarterly  earnings results
on August 13, 1998.

     Thermo Electron  Corporation is a world leader in  environmental-monitoring
and  analysis  instruments,  papermaking  and  recycling  equipment,  biomedical
products such as heart-assist devices and mammography systems,  biomass electric
power generation,  and other specialized products and technologies.  The company
also provides a range of services related to environmental  quality and personal
care.  With  annual  worldwide  sales  of  $3.6  billion,  Thermo  Electron  has
approximately 22,000 employees and operations in 23 countries.  Headquarters are
in Waltham,  Massachusetts.  More  information  is  available on the Internet at
http://www.thermo.com.

     This press  release  contains  forward-looking  statements  that  involve a
number of risks and  uncertainties.  Important  factors  that could cause actual
results  to differ  materially  from  those  indicated  by such  forward-looking
statements  are set forth  under the  heading  "Forward-looking  Statements"  in
Exhibit 13 to the company's annual report on Form 10-K, as amended, for the year
ended January 3, 1998.  These include  risks and  uncertainties  relating to the
company's  spinout  and  acquisition  strategies,   competition,   international
operations,  technological change, possible changes in governmental regulations,
regulatory  approval  requirements,  capital  spending  and  government  funding
policies,  dependence on intellectual  property rights, and the potential impact
of the year 2000 on processing date-sensitive information.