Q2 2024 Teledyne Technologies Inc Earnings Call Transcript
Key Points
- Teledyne Technologies Inc (TDY) achieved all-time record free cash flow in Q2 2024, allowing significant capital deployment.
- Non-GAAP operating margin increased from last year and in each of the three largest segments.
- Total sales and earnings increased sequentially and exceeded recent expectations.
- Strong defense-related sales and marine instrumentation businesses contributed to a record backlog.
- Management is confident in sequential sales growth and year-over-year sales growth in the second half of 2024.
- Year-over-year sales comparisons remain difficult in certain commercial markets such as industrial automation and electronic test and measurement.
- Second quarter 2024 sales in the digital imaging segment declined 6.8% compared to last year.
- Sales of environmental instruments decreased by 1.6% year-over-year.
- Sales of laboratory test and measurement systems decreased by 5.8% year-over-year.
- Engineered systems segment revenue decreased by 8.7% in the second quarter, impacting operating profit.
Ladies and gentlemen, thank you for standing by, and welcome to Teledyne's second-quarter earnings call. (Operator Instructions) And as a reminder, this conference call is being recorded. At this time, I'd like to turn the conference call over to your host, Jason VanWees. Please go ahead, sir.
Good morning, everyone. This is Jason VanWees, Vice Chairman. I'd like to welcome everyone to Teledyne's second quarter 2024 earnings release conference call. We released our earnings earlier this morning before the market opened. Joining me today are Teledyne's Executive Chairman, Robert Mehrabian, CEO, Edwin Roks, Senior Vice President and CFO, Steve Blackwood, and Melanie Cibik, EVP, General Counsel, Chief Compliance Officer and Secretary. President and COO, George Bobb would have joined us, but after getting stuck in airports late last week in the weekend, George came back with COVID and is being isolated.
Anyway, after remarks by Robert, Edwin and Steve, we will answer your questions. However,
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