AMETEK Q4 2023 Earnings Report
Key Takeaways
AMETEK announced record fourth-quarter sales of $1.73 billion, a 6.5% increase year-over-year. Operating income rose by 12% to $445.0 million, with operating margins at 25.7%. Adjusted earnings per diluted share reached a record $1.68, up 11% from the previous year. The company's performance was bolstered by organic sales growth, recent acquisitions, and strong cash flow growth.
Record fourth quarter sales of $1.73 billion, up 6.5% year-over-year.
Operating income increased 12% to a record $445.0 million.
Operating margins improved to 25.7%, up 120 basis points from Q4 2022.
Adjusted earnings per diluted share reached a record $1.68, an 11% increase year-over-year.
AMETEK
AMETEK
AMETEK Revenue by Segment
Forward Guidance
For 2024, AMETEK expects overall sales to be up low double digits on a percentage basis compared to 2023. Adjusted earnings per diluted share are expected to be in the range of $6.70 to $6.85, an increase of 5% to 7% over the comparable basis for 2023. For the first quarter of 2024, overall sales are expected to be up low double 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 $1.56 to $1.60 per share, up 5% to 7% compared to the first quarter of 2023.
Positive Outlook
- Overall sales expected to be up low double digits in 2024.
- Adjusted earnings per diluted share expected to be in the range of $6.70 to $6.85 for 2024.
- First-quarter 2024 sales are expected to increase by low double digits.
- Adjusted earnings for Q1 2024 are projected to be between $1.56 and $1.60 per share.
- Company is well-positioned to invest in organic growth initiatives and strategic acquisitions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income