AMETEK Q3 2024 Earnings Report
Key Takeaways
AMETEK's third quarter 2024 sales were $1.71 billion, a 5% increase over the third quarter of 2023. On a GAAP basis, third quarter earnings per diluted share were $1.47. Adjusted earnings in the quarter were $1.66 per diluted share, up 1% from the third quarter of 2023.
Third quarter sales were $1.71 billion, a 5% increase over the third quarter of 2023.
Operating income increased 2% to $445.9 million and operating margins were 26.1%.
Operating cash flow in the quarter was $487.2 million, up 3% versus the prior year, with free cash flow to net income conversion of 135%.
Adjusted earnings in the quarter were $1.66 per diluted share, up 1% from the third quarter of 2023.
AMETEK
AMETEK
AMETEK Revenue by Segment
Forward Guidance
For 2024, AMETEK continues to expect overall sales to be up between 5% and 7% compared to 2023. Adjusted diluted earnings per share are now expected to be in the range of $6.77 to $6.82, up 6% to 7% versus the prior year. For the fourth quarter of 2024, overall sales are expected to be up mid-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 $1.81 to $1.86, up 8% to 11% compared to the fourth quarter of 2023.
Positive Outlook
- Overall sales expected to be up between 5% and 7% compared to 2023.
- Adjusted diluted earnings per share are now expected to be in the range of $6.77 to $6.82, up 6% to 7% versus the prior year.
- Overall sales are expected to be up mid-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 $1.81 to $1.86.
- Adjusted earnings are up 8% to 11% compared to the fourth quarter of 2023
Revenue & Expenses
Visualization of income flow from segment revenue to net income