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Mar 31, 2024
AMETEK Q1 2024 Earnings Report
AMETEK announced record first quarter results and raised 2024 guidance.
Key Takeaways
AMETEK reported record first quarter sales of $1.74 billion, a 9% increase year-over-year. Adjusted earnings per diluted share were $1.64, up 10% from the first quarter of 2023. The company raised its 2024 adjusted earnings per diluted share guidance to a range of $6.74 to $6.86.
Record first quarter sales of $1.74 billion, a 9% increase over the first quarter of 2023.
GAAP earnings per diluted share were $1.34.
Adjusted earnings per diluted share were $1.64, up 10% from the first quarter of 2023.
Adjusted operating income was a record $446.4 million, up 10% versus last year’s first quarter.
Revenue by Segment
Forward Guidance
AMETEK expects overall sales to be up low double digits on a percentage basis compared to 2023. Adjusted earnings per diluted share are now expected to be in the range of $6.74 to $6.86. For the second quarter of 2024, overall sales are expected to be up mid to high single digits on a percentage basis compared to the same period last year. Adjusted earnings in the quarter are anticipated to be in the range of $1.63 to $1.65 per share.
Positive Outlook
- Overall sales expected to be up low double digits compared to 2023.
- Adjusted earnings per diluted share expected in the range of $6.74 to $6.86.
- Sales for Q2 2024 expected to be up mid to high single digits compared to the same period last year.
- Adjusted earnings for Q2 2024 anticipated to be in the range of $1.63 to $1.65 per share.
- Leading positions within attractive market segments.
Challenges Ahead
- Normalization of inventory levels across a portion of customer base.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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