BERWYN, PA — AMETEK, Inc. (NYSE: AME), a global leader in electronic instruments and electromechanical devices, announced record financial results for the fourth quarter and full year of 2024, showcasing strong operational performance, margin expansion, and cash flow growth.
AMETEK’s Q4 2024 sales reached an all-time high of $1.76 billion, a 2% increase over the prior year, while operating income grew 5% to a record $469 million. Operating margins also rose to 26.6%, up 90 basis points year-over-year. Earnings per diluted share climbed to $1.67 on a GAAP basis, with adjusted EPS rising 11% to $1.87. Free cash flow for the quarter reached a record $498.3 million, representing 129% conversion of net income.
“AMETEK delivered strong results in the fourth quarter, with outstanding operating performance driving robust margin expansion, record earnings, and strong cash flow growth,” said David A. Zapico, AMETEK Chairman and CEO. “Our operational flexibility and disciplined execution allowed us to successfully navigate a continued uncertain macro-economic environment and position AMETEK for continued long-term success.”
Full-Year 2024 Performance
For the year, AMETEK achieved record sales of $6.94 billion, a 5% increase from 2023. Adjusted full-year earnings per share grew 7% to $6.83, while adjusted operating margins reached 26.1%, reflecting exceptional profit-generation capabilities. The company also set annual records in operating income, EBITDA, and cash flow metrics, underscoring its operational strength and adherence to its growth model.
Segment Performance
- Electronic Instruments Group (EIG): Fourth-quarter sales totaled $1.21 billion, reflecting a 2% decline compared to Q4 2023. Despite this, EIG delivered record operating income of $386.6 million, with margins hitting 31.8%. “This performance reflects the strength of our Growth Model and the quality of our highly differentiated EIG businesses,” noted Zapico.
- Electromechanical Group (EMG): Sales grew 11% in Q4 2024 to $546.7 million, driven by contributions from the Paragon Medical acquisition and strong Aerospace and Defense growth. Operating income for the segment reached $111.2 million, with margins at 20.3%.
2025 Outlook
Looking ahead, AMETEK expects full-year 2025 sales to grow in the low single digits, with adjusted earnings per share projected between $7.02 and $7.18, representing a 3% to 5% increase over 2024. For Q1 2025, sales are anticipated to remain flat year-over-year, with adjusted EPS projected at $1.67 to $1.69.
“AMETEK is entering 2025 with leading positions across a diverse set of attractive markets and significant balance sheet capacity to deploy on strategic acquisitions,” said Zapico. “We are well-positioned to continue generating value for our shareholders through disciplined growth and operational excellence.”
Forward-Looking Statement
AMETEK’s strong 2024 financial performance and optimistic 2025 guidance solidify its reputation as a leader in the industrial sector. With a proven growth model and robust cash flow generation, the company is strategically positioned to capitalize on market opportunities and sustain long-term success.
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