Teledyne Technologies Incorporated

Ladies and gentlemen, thank you for standing by. Welcome to the Teledyne Third Quarter Earnings Conference Call. At this time, all lines are in a listen-only mode. Later, there will be an opportunity for questions and answers with instructions given at that time. If you should require assistance during the call, please press star, then zero, and an AT&T specialist will assist you offline. And as a reminder, your conference call today is being recorded. I'll now turn the conference call over to your first speaker, Jason Van Wees. Please go ahead.

Thank you. Hello and good morning, everyone. This is Jason Van Wees, Vice Chairman. I'd like to welcome everyone to Teledyne's third quarter 2024 earnings release conference call. We released our earnings earlier this morning. Joining us today are Teledyne's Executive Chairman, Robert Morabian, CEO, Edwin Rocks, President and COO, George Bob, and SAP CFO, Steve Blackwood, and Melanie Sivic, EBP General Counsel, Chief Compliance Officer, and Secretary. After remarks by Robert, Edwin, George, and Steve, we will ask you your questions. But 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. Here's Robert.

Thank you, Jason, and good morning, and thank you for joining our earnings call. Teledyne achieved all-time record sales in the third quarter, with revenues sequentially greater in each segment, allowing us to report overall year-over-year growth as we expected. We continue to see robust demand in our longer-cycle defense, space, and energy businesses. And at the same time, while year-over-year comparison remains challenging, sales for most of our short-cycle commercial businesses have either stabilized or have begun to recover sequentially. Year-to-date, we approximately repurchased about $354 million of our stock. We completed two acquisitions for $125 million and repaid $450 million of gross debts. But our quarter end leverage has remained in the 1.7 X given record free cash flow over the last nine months. Orders were greater than sales for the fourth consecutive quarter and we once again ended the period with record backlogs. Nevertheless, Given the timing of future shipments against this background and some sales we were able to accelerate into the third quarter, we continue to remain reasonably confident that quarterly sales will again increase sequentially in the fourth quarter, but only modestly compared with the third quarter. I will now turn the call over to Edwin, our CEO, who will further comment on the performance of our four business segments.