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Dec 31, 2023
AMETEK Q4 2023 Earnings Report
AMETEK reported record fourth quarter and full year results, driven by organic sales growth, acquisitions, and strong operating performance.
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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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