AMETEK Q1 2023 Earnings Report
Key Takeaways
AMETEK's first quarter 2023 sales were $1.60 billion, a 10% increase over the first quarter of 2022, with organic sales growth of 9%. Adjusted earnings in the quarter were $1.49 per diluted share, up 12% from the first quarter of 2022. Given this outstanding performance, the company is raising its sales and earnings guidance for the full year.
First quarter sales were $1.60 billion, a 10% increase over the first quarter of 2022.
Operating income increased 15% to a record $405.5 million.
Operating margins were a record 25.4%, up 120 basis points from first quarter 2022 margins.
Adjusted earnings were $1.49 per diluted share, up 12% from the first quarter of 2022.
AMETEK
AMETEK
AMETEK Revenue by Segment
Forward Guidance
For 2023, the company now expects overall sales to be up mid to high single digits compared to 2022. Adjusted diluted earnings per share are now expected to be in the range of $5.96 to $6.10, an increase of 5% to 7% over the comparable basis for 2022.
Positive Outlook
- Overall sales are expected to be up mid to high single digits compared to 2022.
- Adjusted diluted earnings per share are now expected to be in the range of $5.96 to $6.10.
- Second quarter sales are expected to be up mid to high single digits on a percentage basis versus the prior year.
- Second quarter adjusted earnings per diluted share are anticipated to be in the range of $1.49 to $1.51.
- Expects an increase of 5% to 7% in adjusted diluted earnings per share over the comparable basis for 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income