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AMETEK Inc Reports Third Quarter 2024 Financial Results

authorIntellectia.AI

2024-10-312mins

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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