AMETEK(AME)
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AMETEK(AME) - 2020 Q3 - Quarterly Report
2020-10-29 18:31
Table of Contents _________________________ Emerging growth company ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 10-Q _________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-1298 ...
AMETEK(AME) - 2020 Q3 - Earnings Call Transcript
2020-10-29 17:38
Financial Data and Key Metrics Changes - Third quarter sales were $1.13 billion, down 12% compared to Q3 2019, with organic sales down 14% [9] - Operating income was $270 million, with operating margins at a record 24%, up 40 basis points year-over-year [9] - EBITDA was $332 million, with EBITDA margins at a record 29.5%, up 210 basis points from the previous year [10] - Earnings per diluted share were $1.01, down 5% compared to Q3 2019 [10] - Operating cash flow was $310 million, with free cash flow conversion at 146% of net income [10][24] Business Line Data and Key Metrics Changes - Electronic Instruments Group (EIG) sales were $748.4 million, down 8% year-over-year, with operating income of $203.7 million and operating margins at 27.2% [10][11] - Electromechanical Group (EMG) sales were $378.6 million, down 18% year-over-year, with operating income of $84.3 million and operating margins at 22.3% [11] - Process business saw mid-single digit sales decline, with sequential improvements expected [27] - Aerospace and Defense (A&D) business had mid-teens sales decline, with defense sales up low-double digits while commercial aerospace was down 35% [28] Market Data and Key Metrics Changes - Defense market remains strong, with solid demand and sales growth [12] - Medical and healthcare businesses experienced delays in elective procedures, impacting overall performance [12] - Commercial aerospace remains the most challenging market, with cautious recovery expectations [12] Company Strategy and Development Direction - Company is focused on operational excellence initiatives to manage demand weakness while maintaining investments in growth initiatives [13] - The asset-light operating model allows for flexibility in managing costs and investments [13] - Company is actively pursuing acquisitions, focusing on niche technology leaders with growth potential [19] Management's Comments on Operating Environment and Future Outlook - Management noted solid improvements in demand as customers return to work and travel restrictions ease [8] - The company expects continued sequential improvements in sales across most businesses, except for commercial aerospace [12] - Guidance for Q4 indicates sales expected to decline in the high-single digits, with diluted earnings per share projected between $1.00 and $1.04 [19] Other Important Information - Total cost savings in Q3 were $70 million, with expectations of $230 million for the full year [14] - The company generated $70 million in total cost savings, with $40 million in structural savings and $30 million in temporary cost reductions [14] - The company is investing in R&D, with a Vitality Index of 25% for new products introduced in the last three years [17] Q&A Session Summary Question: Can you provide a detailed walkthrough of the businesses? - Overall sales for process were down mid-single digits, with sequential improvements expected [27] Question: What was your price realization in Q3? - Price realization was about 0.5%, with total inflation and tariffs impacting margins [32] Question: Can you comment on the cadence of the month in the quarter? - September was the strongest month for orders and sales, with October showing good trends [35] Question: How did defense and medical perform in the quarter? - Defense showed strong growth, while healthcare was slightly down due to reduced elective procedures [41] Question: What is the outlook for the aerospace market? - Commercial aerospace is expected to remain flat, with defense demand remaining solid [28][39] Question: What are the expected temporary cost reductions for 2021? - Temporary cost savings will be evaluated during the budgeting process, with some costs expected to return slowly [48] Question: How is the M&A pipeline looking? - The company is seeing an uptick in acquisition discussions, particularly in medical and scientific markets [50] Question: What are the overall orders and book-to-bill ratio for Q3? - Overall orders were down 8%, with organic orders down 12% and a book-to-bill ratio of 1.01 [68]
AMETEK(AME) - 2020 Q2 - Earnings Call Transcript
2020-08-05 00:07
AMETEK Inc (NYSE:AME) Q2 2020 Earnings Conference Call August 4, 2020 8:30 AM ET Company Participants Kevin Coleman - Investor Relations Dave Zapico - Chief Executive Officer Bill Burke - Chief Financial Officer Conference Call Participants Matt Summerville - D.A. Davidson Allison Poliniak - Wells Fargo Josh Pokrzywinski - Morgan Stanley Nigel Coe - Wolfe Research Deane Dray - RBC Capital Markets Rob Wertheimer - Melius Research Christopher Glynn - Oppenheimer Scott Graham - Rosenblatt Securities Ivana Dele ...
AMETEK(AME) - 2020 Q2 - Quarterly Report
2020-08-04 18:17
Table of Contents _________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 10-Q _________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-12981 AMETEK, Inc. (Exact name of r ...
AMETEK(AME) - 2020 Q1 - Earnings Call Transcript
2020-05-05 19:27
Ametek, Inc. (NYSE:AME) Q1 2020 Earnings Conference Call May 5, 2020 8:30 AM ET Company Participants Kevin Coleman - VP, IR Dave Zapico - Chairman & CEO Bill Burke - EVP & CFO Conference Call Participants Joshua Pokrzywinski - Morgan Stanley Deane Dray - RBC Capital Markets Ivana Delevska - Gordon Haskett Scott Graham - Rosenblatt Securities Inc Nigel Coe - Wolfe Research Brett Linzey - Vertical Research Robert McCarthy - Stephens Inc. Richard Eastman - Robert W. Baird & Co Andrew Obin - Bank of America An ...
AMETEK(AME) - 2020 Q1 - Quarterly Report
2020-05-05 18:41
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |---------------------------------------------------------------------------------------|-----------------------------------------------------| | | | | For t ...
AMETEK(AME) - 2019 Q4 - Annual Report
2020-02-20 19:01
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-12981 AMETEK, Inc. (Exact name of registrant as specified in its charter) Delaware 14-1682544 (State or other jurisdi ...
AMETEK(AME) - 2019 Q4 - Earnings Call Transcript
2020-02-05 19:49
Ametek, Inc. (NYSE:AME) Q4 2019 Earnings Conference Call February 5, 2020 8:30 AM ET Company Participants Kevin Coleman - VP, IR David Zapico - Chairman & CEO William Burke - EVP & CFO Conference Call Participants Matt Summerville - D.A. Davidson & Co. Scott Graham - Rosenblatt Securities Inc. Deane Dray - RBC Capital Markets Joshua Pokrzywinski - Morgan Stanley Nigel Coe - Wolfe Research Christopher Glynn - Oppenheimer Allison Poliniak - Wells Fargo Securities Ivana Delevska - Gordon Haskett Robert McCarth ...