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AMETEK
🇺🇸 NYSE:AME
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Jun 30, 2021

AMETEK Q2 2021 Earnings Report

AMETEK delivered record second quarter results and raised 2021 guidance.

Key Takeaways

AMETEK announced record second quarter results with sales of $1.39 billion, a 37% increase over the second quarter of 2020. Operating income increased 39% to a record $316.6 million, and adjusted earnings were a record $1.15 per diluted share, up 37% versus the prior year’s adjusted results.

Record sales, operating income and adjusted earnings were achieved.

Sales growth and operating performance were exceptionally strong, and earnings exceeded expectations.

Order growth remains robust and broad-based resulting in a record $2.5 billion in backlog.

Businesses generated outstanding levels of cash flow with free cash flow conversion a strong 114% of net income.

Total Revenue
$1.39B
Previous year: $1.01B
+37.0%
EPS
$1.15
Previous year: $0.84
+36.9%
Gross Profit
$474M
Previous year: $343M
+38.2%
Cash and Equivalents
$391M
Previous year: $1.13B
-65.5%
Free Cash Flow
$264M
Previous year: $305M
-13.5%
Total Assets
$11.8B
Previous year: $10.3B
+14.0%

AMETEK

AMETEK

AMETEK Revenue by Segment

Forward Guidance

Following second quarter results, AMETEK is increasing guidance for the year. For 2021, overall sales are now expected to be up approximately 20% with organic sales up approximately 10%. Adjusted earnings per diluted share are expected to be in the range of $4.62 to $4.68, up 17% to 18% over 2020 and an increase from previous guidance range of $4.48 to $4.56 per diluted share. We expect overall sales in the third quarter to be up in the mid-20% range compared to the third quarter of 2020. Adjusted earnings per diluted share are anticipated to be in the range of $1.16 to $1.18, up 15% to 17% over the same period in 2020.

Positive Outlook

  • Overall sales expected to be up approximately 20%.
  • Organic sales up approximately 10%.
  • Adjusted earnings per diluted share are expected to be in the range of $4.62 to $4.68.
  • Adjusted earnings per diluted share are expected to be up 17% to 18% over 2020.
  • Overall sales in the third quarter to be up in the mid-20% range compared to the third quarter of 2020.

Challenges Ahead

  • Adjusted earnings per diluted share are anticipated to be in the range of $1.16 to $1.18 for Q3.
  • Adjusted earnings per diluted share are anticipated to be up 15% to 17% over the same period in 2020 for Q3.
  • Risks related to COVID-19 and its potential impact on AMETEK’s operations, supply chain, and demand across key end markets
  • AMETEK’s ability to consummate and successfully integrate future acquisitions
  • Risks with international sales and operations, including supply chain disruptions

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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