Q3 2024 Teledyne Technologies Inc Earnings Call Transcript
Key Points
- Teledyne Technologies Inc (TDY) achieved all-time record sales in the third quarter with revenues increasing sequentially in each segment.
- The company reported robust demand in its longer cycle defense, space, and energy businesses.
- Teledyne Technologies Inc (TDY) repurchased approximately $354 million of its stock and completed two acquisitions for $125 million.
- The company ended the period with record backlog, with orders greater than sales for the fourth consecutive quarter.
- Operating margins improved in several segments, with the instrumentation segment seeing a 155 basis point increase to 27.5%.
- Sales in the Digital Imaging segment declined less than 1% compared to last year, with industrial and machine vision markets experiencing a year-over-year decline.
- Free cash flow decreased in the third quarter due to higher income tax payments.
- Sales of environmental instruments decreased by 3.5%, primarily due to lower sales of select laboratory instruments and emission monitoring systems.
- The electronic custom measurement systems saw an 8.6% year-over-year decrease in sales.
- The company expressed caution regarding revenue projections due to uncertainties such as elections and conflicts in the Middle East and Europe.
Ladies and gentlemen, thank you for standing by. Welcome to the Teledyne third quarter earnings conference call. (Operator Instructions) And as a reminder, your conference call today is being recorded.
I will now turn the conference call over to your first speaker, Jason VanWees. Please go ahead.
Thank you. Hello, and good morning, everyone. This is Jason VanWees, Vice Chairman. And I'd like to welcome everyone to Teledyne's Third Quarter 2024 Earnings Release Conference Call. We released our earnings earlier this morning.
Joining us today are Teledyne's Executive Chairman, Robert Mehrabian; CEO, Edwin Roks, President and COO; George Bobb, and SAP CFO, Steve Blackwood, and Melanie Cibik, EVP, Counsel, Chief Compliance Officer and Secretary. After remarks by Robert, Edwin, George and Steve, who will ask for your questions.
But of course, before we get started, our attorneys have remind to me to tell you that all forward-looking statements made this morning are
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