Teledyne Technologies Incorporated (NYSE:TDY) reported Q4 results, with EPS coming in 8% above the Street estimates, as operating margins expanded to 21.5% and were largely unphased by higher inflation and supply chain challenges.

Analysts at Berenberg Bank provided their view on the company following the results, highlighting that the FLIR deal integration continues to track well and they believe that it remains an underappreciated factor that should help margins and EPS exceed expectations in 2022.

While sales (8.4% organic growth) were certainly better than expected, the biggest surprise was the company’s resilient margins, despite headlines of worsening inflation and supply chain challenges, particularly in the electronics industry.