The active cavity radiometer experiment on the Solar Maximum Mission is providing sensitive measurements of time variations of the total solar irradiance with greater accuracy and precision than previously achieved. The mean 1 AU irradiance for the first 45 days' operation is 1368.64 W/sq m with an absolute uncertainty of less than + or 0.5%. Variations about this mean have been observed on time scales of hours to days with amplitudes up to + or - 0.04%, resolved with a statistical uncertainty as low as 0.001%. Variations within a single orbit with amplitudes as large as + or - 0.5% have been resolved with 0.005% or smaller statistical uncertainty. Although these variations do not display a systematic relationship to conventional solar activity indices over the period, correlative behavior cannot be ruled out on the basis of the present limited data set.