Loading...
•
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.
AMETEK
AMETEK
AMETEK Revenue by Segment
Revenue by Segment
Electronic Instruments Revenue
CapyFin.comElectromechanical Revenue
CapyFin.com 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