Teledyne Technologies Incorporated (NYSE:TDY) Q2 2024 Earnings Conference Call July 24, 2024 11:00 AM ET
Company Participants
Jason VanWees - Vice Chairman
Robert Mehrabian - Executive Chairman
Edwin Roks - CEO
Stephen Blackwood - SVP and CFO
Conference Call Participants
Jim Ricchiuti - Needham and Company
Andrew Buscaglia - BNP
Conor Walters - Jefferies
Joe Giordano - TD Cowen
Guy Hardwick - Freedom Capital Markets
Rob Jamieson - Vertical Research Partners
Jordan Lyonnais - Bank of America
Operator
Ladies and gentlemen, thank you for standing by and welcome to Teledyne's Second Quarter Earnings Call. [Operator Instructions] And as a reminder, this conference call is being recorded.
At this time, I'd like to turn the conference call over to your host, Jason VanWees. Please go ahead, sir.
Jason VanWees
Good morning, everyone. I'm Jason, VanWees, Vice Chairman. I'd like to welcome everyone to Teledyne's second quarter 2024 earnings release conference call. We released our earnings earlier this morning before the market opened.
Joining me today are Teledyne's Executive Chairman, Robert Mehrabian; CEO, Edwin Roks; Senior Vice President and CFO, Steve Blackwood; and Melanie Cibik, EVP, General Counsel, Chief Compliance Officer and Secretary. President and COO, George Bobb would have joined us, but after getting stuck in airports late last week in the weekend, George came back with COVID and is being isolated. Anyway, after remarks by Robert, Edwin and Steve, we will ask your questions.
However, before we get started, our attorneys have reminded me to tell you that all forward-looking statements made this morning are subject to various discussions with some 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 about one month.
Here is Robert.
Robert Mehrabian
Thank you, Jason, and good morning, and thank you for joining our earnings call.
In the second quarter, Teledyne achieved all-time record free cash flow allowing us to deploy approximately $852 million through July on debt repayment, acquisitions and stock repurchases. Non-GAAP operating margin increased from last year and increased in each of our three largest segments.
Total sales and earnings increased sequentially and exceeded our most recent expectations, although year-over-year comparisons remain especially difficult in certain commercial markets, such as industrial automation and electronic test and measurement.