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Dec 31, 2020
AMETEK Q4 2020 Earnings Report
AMETEK reported an excellent fourth quarter, delivering record operating results and substantial margin expansion.
Key Takeaways
AMETEK's Q4 2020 sales were $1.20 billion, an 8% decline compared to Q4 2019. Operating income was $298.1 million, up slightly versus last year, with record operating margins of 24.9%. GAAP EPS was $0.95, and adjusted EPS was $1.08. The company reported record levels of cash flow, with operating cash flow up 13% and free cash flow up 16%.
Q4 sales were $1.20 billion, an 8% decrease year-over-year.
Operating income increased slightly to $298.1 million with a record operating margin of 24.9%.
Adjusted EPS was $1.08 per diluted share, equal to Q4 2019.
Operating cash flow increased 13% to $386 million, and free cash flow increased 16% to $349 million.
Revenue by Segment
Forward Guidance
For 2021, AMETEK expects overall sales to be up mid-single digits on a percentage basis compared to 2020. Adjusted earnings per diluted share are expected to be in the range of $4.18 to $4.30, an increase of 6% to 9% over the comparable basis for 2020. For the first quarter of 2021, overall sales are expected to be down low to mid-single digits compared to the same period last year. Adjusted earnings in the quarter are anticipated to be in the range of $0.97 to $1.02 per share.
Positive Outlook
- Overall sales are expected to be up mid-single digits in 2021 compared to 2020.
- Adjusted earnings per diluted share are expected to be in the range of $4.18 to $4.30 in 2021.
- The adjusted EPS represents an increase of 6% to 9% over the comparable basis for 2020.
- Diverse end markets provide a positive outlook.
- Record backlog and solid order momentum provide a positive outlook.
Challenges Ahead
- Uncertainty remains in the market.
- Overall sales for Q1 2021 are expected to be down low to mid-single digits compared to the same period last year.
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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