Teledyne Technologies Incorporated (NYSE:TDY) Q3 2023 Results Conference Call October 25, 2023 11:00 AM ET

Company Participants

Jason VanWees - Vice Chairman

Robert Mehrabian - Chairman, President and CEO

Sue Main - SVP and CFO

Conference Call Participants

Jim Ricchiuti - Needham & Company

Joe Giordano - TD Cowen

Greg Konrad - Jefferies

Andrew Buscaglia - BNP

Rob Jamieson - UBS

Kristine Liwag - Morgan Stanley

Noah Poponak - Goldman Sachs

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Teledyne's Third Quarter Earnings Call. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to turn the call over to your host, Mr. Jason VanWees. Please go ahead.

Jason VanWees

Thanks John and good morning everyone. This is Jason VanWees, Vice Chairman, and I'd like to welcome everyone to our third quarter 2023 earnings release conference call. We released our earnings earlier this morning before the market opened.

Joining me today are Teledyne's Chairman, President and CEO, Robert Mehrabian’ and Senior Vice President and CFO, Sue Main. Also joining today are Steve Blackwood who will assume the role of SVP and CFO on December 1st; Melanie Cibik, currently Senior Vice President, General Counsel, Chief Compliance Officer and Secretary will be promoted to Executive Vice President on January 1st; and Edwin Roks and George Bobb, currently Executive VPs of Teledyne will assume the roles of CEO and President and COO, respectively, on January 1st.

After remarks by Robert and Sue, we will ask for your questions. Of course, before we get started, our attorneys have reminded me to tell you that all forward-looking statements made this morning are subject to various assumptions, risks and caveats as noted in the earnings release and our periodic SEC filings and of course actual results may differ materially. In order to avoid potential selective disclosures, this call is simultaneously being webcast and a replay, both via webcast and dial-in, will be available for approximately one month.

Here is Robert.

Robert Mehrabian

Thank you, Jason, and good morning and thank you for joining our earnings call. These are exciting times for Teledyne. We have new leadership coming in, but we also have continuity and resilience in our programs, in our operations and our ability to meet what we say we would do in our earnings.

In the third quarter, as example, we achieved record operating margin and earnings per share. GAAP operating margin of 18.8% was a third quarter record. On a non-GAAP basis, the operating margin was 22.8%, which was an all time record for any quarter. Likewise, GAAP earnings per share of $14.15 (sic) [$4.15] was a third quarter record and non-GAAP earnings per share of $5.05 was an all-time record for Teledyne.