AMETEK Announces Record Second Quarter Results and Raises 2022 Guidance
AMETEK's second quarter 2022 sales were a record
On a GAAP basis, second quarter earnings per diluted share were
"AMETEK delivered excellent results in the second quarter with record sales, operating income and adjusted earnings per share," commented
EIG sales in the second quarter were
"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."
Second quarter EMG sales were a record
"EMG had another strong quarter with excellent sales growth and outstanding operating performance resulting in continued strong margin expansion," commented
"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
"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
"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
AMETEK will webcast its second quarter 2022 investor conference call on
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with 2021 sales of
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
Contact:
Vice President, Investor Relations and Treasurer
kevin.coleman@ametek.com
Phone: 610.889.5247
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Consolidated Statement of Income |
|||||||
(In thousands, except per share amounts) |
|||||||
(Unaudited) |
|||||||
Three Months Ended |
Six Months Ended |
||||||
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 |
|
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Information by Business Segment |
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(In thousands) |
|||||||
(Unaudited) |
|||||||
Three Months Ended |
Six Months Ended |
||||||
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 |
|
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Condensed Consolidated Balance Sheet |
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(In thousands) |
|||
|
|
||
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 |
|
|
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 |
|
|||
Reconciliations of GAAP to Non-GAAP Financial Measures |
|||
(Unaudited) |
|||
Diluted Earnings Per Share |
|||
Three Months Ended |
|||
|
|||
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 |
||||||
|
|
||||||
Low |
High |
Low |
High |
||||
Diluted earnings per share (GAAP) |
$ 1.20 |
$ 1.22 |
$ 4.82 |
$ 4.90 |
|||
Pretax amortization of acquisition-related intangible |
0.21 |
0.21 |
0.84 |
0.84 |
|||
Income tax benefit on amortization of acquisition- |
(0.05) |
(0.05) |
(0.20) |
(0.20) |
|||
Adjusted Diluted earnings per share (Non-GAAP) |
$ 1.36 |
$ 1.38 |
$ 5.46 |
$ 5.54 |
The Company supplements its consolidated financial statements presented on a
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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