BERWYN, PA — AMETEK, Inc. (NYSE: AME) reported robust financial results for the third quarter ending September 30, 2024, demonstrating resilience and strategic growth despite macroeconomic uncertainties. The company achieved a 5% increase in sales, totaling $1.71 billion, compared to the same period last year. Operating income rose by 2% to $445.9 million, with operating margins at a solid 26.1%. The quarter also saw a 3% rise in operating cash flow to $487.2 million, highlighting strong cash conversion.
Earnings per diluted share on a GAAP basis were $1.47, while adjusted earnings per share were up 1% to $1.66, accounting for acquisition-related intangible amortization. This adjustment underscores AMETEK’s strong operational efficiency.
David A. Zapico, Chairman and CEO of AMETEK, expressed satisfaction with the quarterly performance, stating, “AMETEK delivered excellent results in the third quarter with double digit orders growth, outstanding operating performance, excellent cash flow conversion, and earnings ahead of expectations.” He emphasized the company’s focus on positioning its businesses for long-term growth across diverse markets.
The Electronic Instruments Group (EIG) reported steady sales of $1.13 billion, with a minor 1% increase in operating income to $339.0 million and improved margins of 29.9%. The Electromechanical Group (EMG) experienced significant growth, with sales climbing 18% to $574.0 million and operating income rising 3% to $131.5 million.
Highlighting AMETEK’s strategic direction, Zapico noted, “We have an outstanding portfolio of highly differentiated businesses and remain confident in our strategy and long-term growth prospects.” The company projects overall sales growth of 5% to 7% for 2024, with adjusted diluted earnings per share expected to be between $6.77 and $6.82.
In addition to its financial results, AMETEK announced the acquisition of Virtek Vision International, a leader in advanced laser-based projection and inspection systems. Virtek, based in Waterloo, Canada, will integrate with AMETEK’s Electronic Instruments Group, enhancing its capabilities in 3D laser projection and inspection. Zapico commented on the acquisition, saying, “Virtek is an outstanding acquisition and an excellent strategic fit with our Creaform business. Their strong technology capabilities nicely complement Creaform’s enabling a broader suite of automated 3D scanning and inspection capabilities supported by advance software and algorithms.”
Virtek’s expertise in AI-driven machine vision solutions is expected to bolster AMETEK’s offerings in aerospace, defense, and industrial applications, supporting the company’s long-term strategic goals.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.