Teledyne Technologies' (TDY) CEO Robert Mehrabian on Q1 2022 Results - Earnings Call Transcript

Teledyne Technologies Incorporated (NYSE:TDY) Q1 2022 Earnings Conference Call April 27, 2022 11:00 AM ET

Company Participants

Jason VanWees – Vice Chairman

Robert Mehrabian – Chairman, President and Chief Executive Officer

Sue Main – Senior Vice President and Chief Financial Officer

Conference Call Participants

Greg Konrad – Jefferies

Jim Ricchiuti – Needham & Company

Joe Giordano – Cowen

Andrew Buscaglia – Berenberg

Kristine Liwag – Morgan Stanley

Noah Poponak – Goldman Sachs

Operator

Ladies and gentlemen, we'd like to thank you for standing by, and welcome to the Teledyne First Quarter Earnings Call of 2022. [Operator Instructions] And as a reminder, today's call will be recorded.

I would now like to turn the conference over to our facilitator, Mr. Jason VanWees. Please go ahead, sir.

Jason VanWees

Thank you, Steve. This is Jason VanWees, Vice Chairman of Teledyne, and I'd like to welcome everyone to Teledyne's First Quarter 2022 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; Senior Vice President and CFO, Sue Main; and Senior Vice President, General Counsel, Chief Compliance Officer and Secretary, Melanie Cibik. Also joining today is 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 our periodic SEC filings, and the 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, everyone, to our 19th [ph] earnings call since our spin-off in November of 2019, at which point, our stock price was approximately $9 a share. We began today -- we began 2002, we began with the greatest first quarter sales, earnings and adjusted operating margin in our company's history. Our results and operational execution continue to reflect exceptionally well-balanced business portfolio across both end markets and geographies.

Demand throughout our short-cycle instrumentation and imaging businesses remain very robust, resulting in total organic sales growth of 7.8%, including approximately 100 basis points of currency translation headwind. We achieved record orders for our electronic test and measurement instrumentation and industrial imaging sensors and systems, even in a typically weak first quarter for these businesses. Sales from our longer-cycle commercial aerospace and marine businesses increased considerably from last year and backlog also grew.