Teledyne Technologies Inc. (NYSE:TDY) Q4 2023 Results Conference Call January 24, 2024 11:00 AM ET

Company Participants

Jason VanWees - VC

Robert Mehrabian - Executive Chairman

Edwin Roks - CFO

George Bobb - President, COO

Steve Blackwood - SVP, CFO

Conference Call Participants

Jim Ricchiuti - Needham & Company

Greg Konrad - Jefferies

Joe Giordano - TD Cowen

Robert Jamieson - UBS

Noah Poponak - Goldman Sachs

Andrew Buscaglia - BNP

Kristine Liwag - Morgan Stanley

Operator

Ladies and gentlemen, good morning, thank you for standing by. Welcome to the Teledyne Fourth Quarter Earnings Call. [Operator Instructions]. As a reminder, today's conference is being recorded.

At this time, it's my pleasure to turn the conference over to our host, Mr. Jason VanWees. Please go ahead.

Jason VanWees

Thanks, Tom, and thanks, everyone. This is Jason VanWees, Vice Chairman. I would like to welcome everyone to Teledyne's Fourth Quarter and full year 2013 (sic) [2023] earnings release conference call. We released our earnings earlier this morning.

Joining me today are Teledyne's Executive Chairman, Robert Mehrabian and our new but familiar management team, CEO, Edwin Roks, President and COO, George Bobb, Senior Vice President and CFO, Steve Blackwood, and also Melanie Cibik, EVP and General Counsel, Chief Compliance Officer and Secretary. After remarks by Robert, Edwin, George and Steve, we will ask for your questions. Of course, so before we get started, Tony's 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 1 month. Here is Robert.

Robert Mehrabian

Thank you, Jason, and good morning, and thank you for joining our earnings call. In the fourth quarter, we achieved all-time record sales and GAAP and non-GAAP earnings per share. Sales increased primarily due to the performance of our Marine medical and aerospace businesses, which were more than able to compensate for the previously announced headwind in the industrial automation and laboratory instrumentation market.

Furthermore, Overall, record orders exceeded sales in every business segment but were particularly strong in our Marine and Defense businesses. Leverage declined further to 1.9% and our balance sheet remains healthy.

Finally, we continue to acquire complementary businesses, as shown by the acquisition of Zeno Networks in the fourth quarter.