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Jun 30, 2024
AMETEK Q2 2024 Earnings Report
AMETEK's second quarter performance was strong, marked by core margin expansion, record operating income and EBITDA, and earnings growth exceeding expectations.
Key Takeaways
AMETEK reported a 5% increase in sales to $1.73 billion. Operating income increased 7% to a record $447.5 million. GAAP earnings per diluted share were $1.45, and adjusted earnings were $1.66 per diluted share, up 6% from the previous year.
Sales increased by 5% compared to the second quarter of 2023.
Operating income reached a record $447.5 million, a 7% increase.
Operating margins improved by 40 basis points to 25.8%.
Adjusted earnings per diluted share increased by 6% to $1.66.
Revenue by Segment
Forward Guidance
AMETEK adjusts its sales and earnings guidance for 2024 due to the impact of inventory normalization and customer caution.
Positive Outlook
- Overall sales are expected to be up between 5% and 7% compared to 2023.
- Adjusted earnings per diluted share are expected to be in the range of $6.70 to $6.80, up 5% to 7% over the comparable basis for 2023.
- Company remains confident in its ability to successfully manage through near-term demand headwinds.
- Company will deliver strong operating performance and cash flows.
- AMETEK is well positioned for strong growth and profitability.
Challenges Ahead
- Impact of inventory normalization within OEM customer base will continue through the balance of 2024.
- Customers are turning more cautious leading to some short-term delays in project spending.
- For the third quarter of 2024, overall sales are expected to be up mid-single digits on a percentage basis compared to the same period last year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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