Robert Mehrabian
Chairman, President and Chief Executive Officer at Teledyne Technologies
Thank you, Jason, and good morning, everyone, to our 90th earnings call since our spin-off in November of 2019. At this point, our stock price was approximately $9 per share. We began today, we begin -- 2002 we began with the greatest first quarter sales, earnings and adjusted operating margin in our company's history. Our results and our operational execution continued 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. Both our GAAP and non-GAAP earnings were first quarter records. GAAP earnings per share was exactly doubled compared with 2021 and non-GAAP earnings increased 34%. I want to emphasize that our non-GAAP earnings exclude only acquired intangible assets amortization. But in the first quarter, it also excluded a large tax benefit related to FLIR foreign tax matter which only appear in the GAAP results.
While free cash flow was lower than last year, it reflected the following guidance. First, bond interest payments of over $36 million made only in the first quarter and again will be made in the third quarter. Second, annual incentive compensation paid only in the first quarter and third, a significant investment in inventory to derisk revenue in future periods. This items will not be repeated in the second quarter. Nevertheless, our leverage ratio declined to 2.8x from 3.8x immediately after the FLIR transaction in May of 2021.
Turning to our 2022 outlook. The overall demand environment across our businesses remain favorable. Even with supply chain constraints and currency translation headwind, we are increasing our expectation for the full-year organic growth to approximately 6% from 4% to 5% communicated in January. Coupled with our FLIR full year sales contribution slightly less than $2 billion from FLIR, this equates to total revenue of just over $5.5 billion for the year, roughly equal to the current consensus. I will now further comment on the performance of our four business segments.
In our Digital Imaging segment, first quarter sales increased 185% largely due to FLIR acquisition but organic growth in our combined Commercial and Government imaging businesses was also very strong at 13.1%. Sales growth was strongest for industrial vision sensors and systems as well has our low dose high resolution digital X-ray detectors. GAAP segment operating margin was 15.4, but adjusted for intangible asset amortization segment margin was 21.9% or about 20 basis points greater than last year.
In our Instrumentation segment, overall, first quarter sales increased 7.8% versus last year. Sales of electronic test and measurement systems, which include our oscilloscopes and protocol analyzers were very strong and increased 19.1% year-over-yea to record levels. Sales in the environmental instruments were flat compared to last year with greater sales from search[Phonetic] instrument health and drug discovery products, offset by lower sales of industrial and laboratory gas detection devices. Sales of marine instrumentation increased 9.7% organically due to improved energy markets, but also a record sales of autonomous underwater vehicle growth for both defense and commercial portion echocardiography applications.
Overall, instrumentation segment GAAP operating profit increased 20.5% in the first quarter with operating margin increasing 245 basis points or 229 basis points excluding intangible asset amortization.
Moving to our Aerospace and Defense Electronics segment. First quarter sales increased 9.9% driven by modest growth in defense, space, and industrial sales combined with greater than 50% increase in sales of commercial aerospace products. GAAP segment operating profit increased 51.6% with margin 710 basis points greater than last year. Finally, in our Engineered Systems segment first quarter revenue decreased 8.9% and operating profit and margin declined due to lower sales, but especially since we exited the higher margin cruise missile turbine engine business following the first quarter of last year.
Before turning the call over to Sue, I wanted to make a couple of concluding remarks. Effective just this week, FLIR successfully fulfilled the terms of its consent agreement with the US Department of State. Compliance has been always and will always be the critical component of our culture at Teledyne. But Teledyne FLIR has now moved beyond the extra burden and cost of numerous investigations and third party audits.
Finally, regarding our global defense business, which represents approximately 25% of our total sales over the last six months defense sales including that of Teledyne FLIR declined slightly year-over-year and backlog also increased. However, this was more than offset by very strong commercial orders and sales across the company. But now with firmer US and NATO budgets, the outlook for our defense has changed. Creating opportunities for greater defense sales but also limiting risk for Teledyne if general economic growth decelerates in the future periods. While the improvement in the events may benefit future years the most, we are nevertheless seeing an increase in near-term bookings and opportunities, some of which we expect to benefit the second half of 2022. This is especially true for the FLIR -- Teledyne FLIR business portfolio where our commercially derived, but military qualified products they only require a purchase order as opposed to a lengthy appropriation process.
I will now turn the call over to Sue.
