BERWYN,
Pa., Aug. 2, 2022 /PRNewswire/ -- AMETEK,
Inc. (NYSE: AME) today announced its financial results for the
second quarter ended June 30,
2022.
AMETEK's second quarter 2022 sales were a record $1.51 billion, a 9% increase over the second
quarter of 2021, with organic sales growth of 12%. Operating income
increased 15% to a record $364.8
million and operating margins were 24.1%, up 130 basis
points from second quarter 2021 margins.
On a GAAP basis, second quarter earnings per diluted share were
$1.22. Adjusted earnings in the
quarter were a record $1.38 per
diluted share, up 20% from the second quarter of 2021. Adjusted
earnings adds back non-cash, after-tax, acquisition-related
intangible amortization of $0.16 per
diluted share. A reconciliation of reported GAAP results to
adjusted results is included in the financial tables accompanying
this release and on the AMETEK website.
"AMETEK delivered excellent results in the second quarter with
record sales, operating income and adjusted earnings per share,"
commented David A. Zapico, AMETEK
Chairman and Chief Executive Officer. "Our results were ahead of
expectations driven by strong organic sales growth and continued
impressive operating performance. Additionally, end demand remains
strong and broad-based with excellent organic orders growth in the
quarter. Given this performance, we are raising our earnings
guidance for the full year."
Electronic Instruments Group
(EIG)
EIG sales in the second quarter were $1.03 billion, up 10% from the second quarter of
2021. EIG's operating income in the quarter increased 17% to
$265.1 million and operating income
margins were 25.8%, an increase of 150 basis points versus the
second quarter of 2021.
"EIG delivered outstanding operating results in the second
quarter," noted Mr. Zapico. "Sales growth was broad-based and
stronger than expected while EIG's operational excellence
initiatives drove robust margin expansion in the
quarter."
Electromechanical Group
(EMG)
Second quarter EMG sales were a record $486.3 million, up 7% from the same quarter in
2021. EMG's second quarter operating income was $124.4 million, up 11% versus the prior year,
while operating income margins were 25.6% in the quarter, up 70
basis points versus the prior year.
"EMG had another strong quarter with excellent sales growth and
outstanding operating performance resulting in continued strong
margin expansion," commented Mr. Zapico.
2022 Outlook
"Our businesses again delivered exceptional results in an
increasingly challenging environment. This continued success
reflects the hard work and commitment of all AMETEK colleagues, the
quality of our niche, differentiated businesses, and the proven
strength of the AMETEK Growth model. Our flexible operating
structure allows us to quickly react to changing economic
conditions, while our balance sheet and strong cash flows position
us well to continue to deploy capital on value enhancing, strategic
acquisitions," noted Mr. Zapico.
"For 2022, we expect overall sales to be up high single digits
compared to 2021. Adjusted diluted earnings per share are now
expected to be in the range of $5.46
to $5.54, an increase of 13% to 14%
over the comparable basis for 2021. This is an increase from our
previous guidance range of $5.34 to
$5.44 per diluted share," he
added.
"We expect overall sales in the third quarter to be up
mid-single digits versus the prior year. Third quarter adjusted
earnings per diluted share are anticipated to be in the range of
$1.36 to $1.38, up 8% to 10% compared to the third quarter
of 2021," concluded Mr. Zapico.
Conference Call
AMETEK will webcast its second quarter 2022 investor conference
call on Tuesday, August 2, 2022,
beginning at 8:30 AM ET. The live
audio webcast will be available and later archived in the Investors
section of www.ametek.com.
About AMETEK
AMETEK is a leading global manufacturer of electronic
instruments and electromechanical devices with 2021 sales of
$5.5 billion. The AMETEK Growth Model
integrates the Four Growth Strategies - Operational Excellence, New
Product Development, Global and Market Expansion, and Strategic
Acquisitions - with a disciplined focus on cash generation and
capital deployment. AMETEK's objective is double-digit percentage
growth in earnings per share over the business cycle and a superior
return on total capital. The common stock of AMETEK is a component
of the S&P 500.
Forward-looking
Information
Statements in this news release relating to future events, such
as AMETEK's expected business and financial performance are
"forward-looking statements." Forward-looking statements are
subject to various factors and uncertainties that may cause actual
results to differ significantly from expectations. These factors
and uncertainties include risks related to COVID-19 and its
potential impact on AMETEK's operations, supply chain, and demand
across key end markets; AMETEK's ability to consummate and
successfully integrate future acquisitions; risks with
international sales and operations, including supply chain
disruptions; AMETEK's ability to successfully develop new products,
open new facilities or transfer product lines; the price and
availability of raw materials; compliance with government
regulations, including environmental regulations; changes in the
competitive environment or the effects of competition in our
markets; the ability to maintain adequate liquidity and financing
sources; and general economic conditions affecting the industries
we serve. A detailed discussion of these and other factors that may
affect our future results is contained in AMETEK's filings with the
U.S. Securities and Exchange Commission, including its most recent
reports on Form 10-K, 10-Q and 8-K. AMETEK disclaims any intention
or obligation to update or revise any forward-looking
statements.
Contact:
Kevin
Coleman
Vice President, Investor Relations and Treasurer
kevin.coleman@ametek.com
Phone: 610.889.5247
AMETEK,
Inc.
|
Consolidated
Statement of Income
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net
sales
|
$
1,514,552
|
|
$ 1,386,346
|
|
$
2,973,077
|
|
$ 2,602,088
|
|
|
|
|
|
|
|
|
Cost of
sales
|
988,175
|
|
912,712
|
|
1,937,008
|
|
1,702,104
|
Selling, general and
administrative
|
161,535
|
|
157,023
|
|
317,987
|
|
290,028
|
Total operating
expenses
|
1,149,710
|
|
1,069,735
|
|
2,254,995
|
|
1,992,132
|
|
|
|
|
|
|
|
|
Operating
income
|
364,842
|
|
316,611
|
|
718,082
|
|
609,956
|
|
|
|
|
|
|
|
|
Interest
expense
|
(20,350)
|
|
(20,442)
|
|
(39,920)
|
|
(39,389)
|
Other income (expense),
net
|
1,973
|
|
(4,414)
|
|
4,525
|
|
(6,356)
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
346,465
|
|
291,755
|
|
682,687
|
|
564,211
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
64,092
|
|
60,076
|
|
127,867
|
|
113,299
|
|
|
|
|
|
|
|
|
Net
income
|
$
282,373
|
|
$
231,679
|
|
$
554,820
|
|
$
450,912
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
1.22
|
|
$
1.00
|
|
$
2.39
|
|
$
1.94
|
Basic earnings per
share
|
$
1.23
|
|
$
1.00
|
|
$
2.40
|
|
$
1.96
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding:
|
|
|
|
|
|
|
|
Diluted shares
|
231,247
|
|
232,841
|
|
232,156
|
|
232,569
|
Basic shares
|
230,100
|
|
230,828
|
|
230,790
|
|
230,632
|
|
|
|
|
|
|
|
|
Dividends per
share
|
$
0.22
|
|
$
0.20
|
|
$
0.44
|
|
$
0.40
|
AMETEK,
Inc.
|
Information by
Business Segment
|
(In
thousands)
|
(Unaudited)
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net
sales:
|
|
|
|
|
|
|
|
Electronic
Instruments
|
$
1,028,248
|
|
$
933,934
|
|
$
2,016,007
|
|
$ 1,724,858
|
Electromechanical
|
486,304
|
|
452,412
|
|
957,070
|
|
877,230
|
Consolidated net
sales
|
$
1,514,552
|
|
$ 1,386,346
|
|
$
2,973,077
|
|
$ 2,602,088
|
|
|
|
|
|
|
|
|
Operating
income:
|
|
|
|
|
|
|
|
Segment operating
income:
|
|
|
|
|
|
|
|
Electronic
Instruments
|
$
265,115
|
|
$
226,637
|
|
$
509,889
|
|
$
433,534
|
Electromechanical
|
124,371
|
|
112,434
|
|
252,580
|
|
217,467
|
Total segment
operating income
|
389,486
|
|
339,071
|
|
762,469
|
|
651,001
|
Corporate
administrative expenses
|
(24,644)
|
|
(22,460)
|
|
(44,387)
|
|
(41,045)
|
Consolidated operating
income
|
$
364,842
|
|
$
316,611
|
|
$
718,082
|
|
$
609,956
|
AMETEK,
Inc.
|
Condensed
Consolidated Balance Sheet
|
(In
thousands)
|
|
|
June
30,
|
|
December
31,
|
|
2022
|
|
2021
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
348,653
|
|
$
346,772
|
Receivables, net
|
885,080
|
|
829,213
|
Inventories, net
|
966,609
|
|
769,175
|
Other current
assets
|
211,272
|
|
183,605
|
Total current assets
|
2,411,614
|
|
2,128,765
|
|
|
|
|
Property, plant and
equipment, net
|
597,153
|
|
617,138
|
Right of use asset,
net
|
168,829
|
|
169,924
|
Goodwill
|
5,173,411
|
|
5,238,726
|
Other intangibles,
investments and other assets
|
3,633,964
|
|
3,743,634
|
Total assets
|
$
11,984,971
|
|
$
11,898,187
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term borrowings and
current portion of long-term debt, net
|
$
354,791
|
|
$
315,093
|
Accounts payable and
accruals
|
1,278,238
|
|
1,248,221
|
Total current liabilities
|
1,633,029
|
|
1,563,314
|
|
|
|
|
Long-term debt,
net
|
2,147,362
|
|
2,229,148
|
Deferred income taxes
and other long-term liabilities
|
1,254,489
|
|
1,233,841
|
Stockholders'
equity
|
6,950,091
|
|
6,871,884
|
Total liabilities and stockholders' equity
|
$
11,984,971
|
|
$
11,898,187
|
AMETEK,
Inc.
|
Reconciliations of GAAP to Non-GAAP Financial
Measures
|
(Unaudited)
|
|
|
|
|
|
Diluted Earnings Per
Share
|
|
Three Months
Ended
|
|
June
30,
|
|
2022
|
|
2021
|
|
|
|
|
Diluted earnings per
share (GAAP)
|
$
1.22
|
|
$
1.00
|
Pretax amortization of
acquisition-related intangible assets
|
0.21
|
|
0.20
|
Income tax benefit on
amortization of acquisition-related intangible assets
|
(0.05)
|
|
(0.05)
|
Adjusted Diluted
earnings per share (Non-GAAP)
|
$
1.38
|
|
$
1.15
|
|
Forecasted Diluted
Earnings Per Share
|
|
Three Months
Ended
|
|
Year
Ended
|
|
September 30,
2022
|
|
December 31,
2022
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
|
|
|
|
|
|
|
Diluted earnings per
share (GAAP)
|
$
1.20
|
|
$
1.22
|
|
$
4.82
|
|
$
4.90
|
Pretax amortization of
acquisition-related intangible
assets
|
0.21
|
|
0.21
|
|
0.84
|
|
0.84
|
Income tax benefit on
amortization of acquisition-
related intangible assets
|
(0.05)
|
|
(0.05)
|
|
(0.20)
|
|
(0.20)
|
Adjusted Diluted
earnings per share (Non-GAAP)
|
$
1.36
|
|
$
1.38
|
|
$
5.46
|
|
$
5.54
|
Use of Non-GAAP Financial
Information
The Company supplements its consolidated financial statements
presented on a U.S. generally accepted accounting principles
("GAAP") basis with certain non-GAAP financial information to
provide investors with greater insight, increased transparency and
allow for a more comprehensive understanding of the information
used by management in its financial and operational
decision-making. Reconciliation of non-GAAP measures to their most
directly comparable GAAP measures are included in the accompanying
financial tables. These non-GAAP financial measures should be
considered in addition to, and not as a replacement for, or
superior to, the comparable GAAP measure, and may not be comparable
to similarly titled measures reported by other companies.
The Company believes that these measures provide useful
information to investors by reflecting additional ways of viewing
AMETEK's operations that, when reconciled to the comparable GAAP
measure, helps our investors to better understand the long-term
profitability trends of our business, and facilitates easier
comparisons of our profitability to prior and future periods and to
our peers.
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content:https://www.prnewswire.com/news-releases/ametek-announces-record-second-quarter-results-and-raises-2022-guidance-301597316.html
SOURCE AMETEK, Inc.