AMETEK, Inc. (NYSE:AME) Q1 2024 Earnings Conference Call May 2, 2024 8:30 AM ET Company Participants Kevin Coleman - Vice President, Investor Relations and Treasurer Dave Zapico - Chairman of the Board and Chief Executive Officer Dalip Puri - Executive Vice President and Chief Financial Officer Conference Call Participants Deane Dray - RBC Capital Markets Jeffrey Sprague - Vertical Research Partners Peter Costa - Mizuho Scott Graham - Seaport Research Partners Andrew Obin - Bank of America Christopher Glynn ...

AMETEK, Inc. (AME) has reported first-quarter 2024 adjusted earnings of $1.64 per share, beating the Zacks Consensus Estimate by 3.1%. The bottom line rose 10% on a year-over-year basis.Net sales of $1.74 billion increased 9% from the year-ago quarter. However, the figure missed the Zacks Consensus Estimate of $1.78 billion.Top-line growth was primarily driven by the solid performance of the Electromechanical Group (EMG) segment. Also, strength in the Electronic Instruments Group (EIG) segment contributed w ...

Core Insights - Ametek reported revenue of $1.74 billion for the quarter ended March 2024, reflecting an 8.7% increase year-over-year, but fell short of the Zacks Consensus Estimate by 2.23% [1] - The company's EPS was $1.64, up from $1.49 in the same quarter last year, exceeding the consensus estimate of $1.59 by 3.14% [1] Financial Performance Metrics - Net Sales for Electronic Instruments were $1.16 billion, slightly below the average estimate of $1.19 billion, representing a year-over-year increase of 3.5% [2] - Net Sales for Electromechanical reached $579.40 million, compared to the estimated $589.77 million, showing a significant year-over-year increase of 20.7% [2] - Operating Income for Electronic Instruments was $352.94 million, surpassing the average estimate of $318.10 million [2] - Operating Income for Electromechanical was $90.69 million, which was below the average estimate of $138.42 million [2] - Corporate administrative expenses reported an operating income of -$26.42 million, slightly better than the average estimate of -$26.55 million [2] Stock Performance - Ametek's shares have returned -3.9% over the past month, compared to a -4.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance against the broader market in the near term [3]

Financial Performance - AMETEK's Q1 2024 sales reached a record $1.74 billion, representing a 9% increase compared to Q1 2023[1] - Adjusted earnings per diluted share for Q1 2024 were $1.64, up 10% from Q1 2023, while GAAP earnings per diluted share were $1.34[1][2] - The Electronic Instruments Group (EIG) reported sales of $1.16 billion, a 4% increase year-over-year, with operating income margins at a record 30.5%[3] - The Electromechanical Group (EMG) achieved record sales of $579.4 million, up 21% from the previous year, with core operating margins at 24.1%[4] - The company reported a net income of $310.9 million for Q1 2024, compared to $305.7 million in Q1 2023[12] - Adjusted Operating income (Non-GAAP) increased to $446,447 for the three months ended March 31, 2024, compared to $405,541 in the prior year, representing a growth of about 10.1%[16] - Adjusted Diluted earnings per share (Non-GAAP) rose to $1.64, up from $1.49 year-over-year, indicating an increase of approximately 10.1%[16] - The company expects diluted earnings per share (GAAP) for the three months ending June 30, 2024, to be between $1.42 and $1.44[17] - The projected earnings per share for the year ending December 31, 2024, is expected to be between $5.82 and $5.94[17] Cash Flow and Assets - Operating cash flow for Q1 2024 was $410 million, with a free cash flow conversion rate of 123%[2] - AMETEK's total assets as of March 31, 2024, were approximately $14.86 billion, a decrease from $15.02 billion at the end of 2023[14] - Free cash flow (Non-GAAP) for the period was $382,575, compared to $366,530 in the previous year, marking an increase of about 4.4%[16] - Free cash flow conversion (Non-GAAP) improved to 123%, up from 120% year-over-year[16] Future Outlook - AMETEK expects overall sales for 2024 to increase by low double digits compared to 2023, with adjusted earnings per diluted share projected to be between $6.74 and $6.86, reflecting a 6% to 8% increase[5] - For Q2 2024, AMETEK anticipates sales growth in the mid to high single digits, with adjusted earnings expected to be between $1.63 and $1.65 per share, up 4% to 5% year-over-year[6] Strategic Focus - AMETEK's strategic focus includes operational excellence, new product development, global market expansion, and strategic acquisitions to drive double-digit earnings growth[8] Segment Performance - EMG Segment operating income (GAAP) for the three months ended March 31, 2024, was $90,691, down from $120,504 in the same period last year, reflecting a decrease of approximately 24.7%[16] - EMG Segment operating margin (GAAP) decreased to 15.7% from 25.1% in the prior year, a decline of 9.4 percentage points[16] - Adjusted Core Operating income margin (Non-GAAP) was 27.2%, an increase from 25.4% year-over-year, reflecting a growth of 1.8 percentage points[16] Non-GAAP Financial Measures - The company emphasizes the importance of non-GAAP financial measures to provide investors with a clearer understanding of long-term profitability trends and operational decision-making[18]

Ametek (AME) came out with quarterly earnings of $1.64 per share, beating the Zacks Consensus Estimate of $1.59 per share. This compares to earnings of $1.49 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.14%. A quarter ago, it was expected that this maker of electronic instruments and electromechanical devices would post earnings of $1.62 per share when it actually produced earnings of $1.68, delivering a surprise of 3.70% ...

AMETEK, Inc. (AME) is scheduled to report first-quarter 2024 results on May 2.For the first quarter, AMETEK expects sales growth in the low-double digits from the year-ago quarter’s reported figure. The Zacks Consensus Estimate for sales is pegged at $1.78 billion, suggesting an increase of 11.2% from the year-ago quarter’s reported figure.AMETEK expects adjusted earnings of $1.56-$1.60 per share, indicating growth of 5-7% from the year-ago quarter’s reported number. The Zacks Consensus Estimate for earning ...

- Earnings to be released before market opens on Thursday, May 2, 2024 - BERWYN, Pa., April 15, 2024 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) will issue its first quarter 2024 earnings release before the market opens on Thursday, May 2, 2024. AMETEK will webcast its first quarter 2024 investor conference call on Thursday, May 2, 2024, beginning at 8:30 AM ET. The live audio webcast can be accessed by clicking on the Events & Presentations link in the "Investors" section of www.ametek.com. A replay of the ca ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Ametek (AME) , which belongs to the Zacks Electronics - Testing Equipment industry.This maker of electronic instruments and electromechanical devices has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 3.75%.For the most recent quarter, Ametek was expecte ...

A month has gone by since the last earnings report for Ametek (AME) . Shares have added about 8.2% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Ametek due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. AMETEK Beats Q4 Earnings EstimatesAMETEK reported fourth-quart ...

Investors interested in stocks from the Electronics - Testing Equipment sector have probably already heard of Fortive (FTV) and Ametek (AME) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, w ...