AMETEK Inc Reports Third Quarter 2024 Financial Results
Intellectia.AI2024-10-31
AMETEK, Inc. Reports Third Quarter 2024 Financial Results
BERWYN, Pa., Oct. 31, 2024 — AMETEK, Inc. (NYSE: AME), a global leader in industrial technology solutions, announced its financial results for the third quarter ending September 30, 2024.
Key Financial Metrics:
| Financial Metric | Q3 2024 | Q3 2023 | YoY Change | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $1.71B | - | +5% | $1.71B |
| Adjusted Earnings Per Share (EPS) | $1.66 | $1.65 | +1% | $1.62 |
AMETEK reported total sales of $1.71 billion for Q3 2024, a 5% increase from the same quarter last year. Adjusted diluted earnings per share reached $1.66, surpassing the Wall Street consensus estimate of $1.62. The company's robust operating performance and cash flow conversion rate reflect its ability to manage macroeconomic challenges effectively.
Revenue Performance by Segment:
| Segment | Q3 2024 Revenue | Q3 2023 Revenue | YoY Change |
|---|---|---|---|
| Electronic Instruments Group (EIG) | $1.13B | $1.13B | 0% |
| Electromechanical Group (EMG) | $574M | $486M | +18% |
The Electronic Instruments Group reported steady sales, while the Electromechanical Group saw an 18% increase in revenue, attributed to double-digit organic orders growth.
Key Developments and Operational Highlights:
- Double-digit order growth across AMETEK's portfolio.
- Strong operating performance with operating margins at 26.1%.
- Successful acquisition of Virtek Vision, enhancing AMETEK's advanced metrology instrumentation business.
Management Commentary:
Chairman and CEO David A. Zapico praised the company's performance, emphasizing its strategic position and long-term growth prospects despite market uncertainties. The acquisition of Virtek Vision was highlighted as a strategic fit that strengthens key business segments.
Outlook and Guidance:
For the full year 2024, AMETEK raised its adjusted diluted EPS guidance to the range of $6.77 to $6.82, reflecting a 6-7% increase from the prior year. The fourth quarter is expected to see sales growth in the mid-single digits with adjusted EPS projected between $1.81 and $1.86.
Stock Movement:
Following the earnings release, AMETEK's stock experienced a modest increase of approximately 0.85%.
Overall, AMETEK continues to demonstrate strong financial health and strategic acumen, positioning itself for sustained growth and value creation for its shareholders.
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