AMETEK Inc Reports Third Quarter 2024 Financial Results
Intellectia.AI
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.
For more in-depth analysis and insights, stay tuned with our platform to stay ahead of the market.
Share
Want more financial insights delivered directly to your inbox?
Subscribe now and receive handpicked financial news, insights, and trending topics.