Teledyne Technologies Incorporated (TDY) CEO Robert Mehrabian on Q2 2022 Results - Earnings Call Transcript

Teledyne Technologies Incorporated (NYSE:TDY) Q2 2022 Earnings Conference Call July 27, 2022 11:00 AM ET

Company Participants

Jason VanWees - Vice Chairman

Robert Mehrabian - Chairman, President and CEO

Sue Main - SVP and CFO

Conference Call Participants

Greg Konrad - Jefferies

Joe Giordano - Cowen

Elizabeth Grenfell - Bank of America

Jim Ricchiuti - Needham & Company

Andrew Buscaglia - Berenberg

Kristine Liwag - Morgan Stanley

Operator

Ladies and gentlemen, thank you for standing by and welcome to the Teledyne Second Quarter Earnings Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions] As a reminder, this call is being recorded.

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

Jason VanWees

Thank you, and good morning, everyone. This is Jason VanWees, Vice Chairman, and I'd like to welcome everyone to Teledyne's second quarter 2022 earnings release conference call. We released our earnings earlier this morning.

Joining me today are Teledyne's Chairman, President and CEO, Robert Mehrabian; Senior Vice President and CFO, Sue Main; Senior Vice President, General Counsel, Chief [technical difficulty] and also Edwin Roks, Executive VP of Teledyne.

After remarks by Robert and Sue, we will ask for your questions. Of course, though, 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 their 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 dial-in and webcast will be available for approximately one month.

Here is Robert.

Robert Mehrabian

Thank you, Jason. Good morning, and thank you for joining our earnings call.

In the second quarter sales increased nearly 21% to about $1.36 billion. In addition, our GAAP operating profit, operating margins and earnings per share were all time or second quarter records. Non-GAAP earnings declined slightly but last year's non-GAAP margin and earnings resulted in part from a disproportionate amount of sales relative to costs near the end of the quarter at Teledyne FLIR, as well as lower share count, both due to the mid-quarter closing of the FLIR transaction in May 2021.