BERWYN,
Pa., May 3, 2022 /PRNewswire/ -- AMETEK, Inc.
(NYSE: AME) today announced its financial results for the first
quarter ended March 31, 2022.
AMETEK's first quarter 2022 sales were $1.46 billion, a 20% increase compared to the
first quarter of 2021. Operating income increased 20% to
$353.2 million and operating margins
were 24.2% in the quarter with strong core margin expansion.
On a GAAP basis, first quarter earnings per diluted share were
$1.17. Adjusted earnings in the
quarter were $1.33 per diluted share,
up 24% from the first 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 had a strong start to the year. Our businesses navigated
a difficult operating environment, delivering results exceeding our
expectations," said David A. Zapico,
AMETEK Chairman and Chief Executive Officer. "Our focus on
providing customers with differentiated technology solutions drove
double digit organic sales growth while AMETEK's operational
flexibility allowed us to generate excellent margin expansion and
earnings growth. Additionally, end demand remains strong with
orders up 22% in the quarter resulting in a record $3.0 billion backlog."
Electronic Instruments Group (EIG)
EIG sales in the
first quarter were $987.8 million, up
25% from the first quarter of 2021. EIG's operating income in the
quarter increased 18% to $244.8
million and operating income margins were 24.8%.
"EIG delivered fantastic results in the quarter," noted Mr.
Zapico. "Strong organic sales growth and contributions from recent
acquisitions drove an impressive 25% increase in sales while
AMETEK's operational excellence initiatives drove excellent core
margin expansion."
Electromechanical Group (EMG)
First quarter EMG sales
were $470.8 million, up 11% from the
same quarter in 2021. EMG's first quarter operating income was a
record $128.2 million, up 22% versus
the prior year, while operating income margins were a record
27.2%.
"EMG's first quarter results were outstanding with broad based
sales growth and exceptional operating performance resulting in
robust margin expansion," added Mr. Zapico.
2022 Outlook
"AMETEK's performance in the first
quarter reflects the strength of the AMETEK Growth Model. We remain
well positioned to manage successfully in an uncertain environment
including supply chain constraints, increased inflation, and the
impacts of COVID-19 lockdowns in China. Despite these headwinds we continue to
deliver strong and sustainable performance for all stakeholders,"
continued 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 $5.34
to $5.44, an increase of 10% to 12%
over the comparable basis for 2021. This is an increase from our
previous guidance range of $5.30 to
$5.42 per diluted share," he
added.
"We expect overall sales in the second quarter to be up low to
mid-single digits versus the prior year. Adjusted earnings per
diluted share are anticipated to be in the range of $1.27 to $1.30, up
10% to 13% compared to the second quarter of 2021," concluded Mr.
Zapico.
Conference Call
AMETEK will webcast its first quarter
2022 investor conference call on Tuesday,
May 3, 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
March 31,
|
|
2022
|
|
2021
|
Net
sales
|
$
1,458,525
|
|
$ 1,215,742
|
|
|
|
|
Cost of
sales
|
948,833
|
|
789,392
|
Selling, general and
administrative
|
156,452
|
|
133,005
|
Total operating
expenses
|
1,105,285
|
|
922,397
|
|
|
|
|
Operating
income
|
353,240
|
|
293,345
|
|
|
|
|
Interest
expense
|
(19,570)
|
|
(18,947)
|
Other income (expense),
net
|
2,552
|
|
(1,942)
|
|
|
|
|
Income before income
taxes
|
336,222
|
|
272,456
|
|
|
|
|
Provision for income
taxes
|
63,775
|
|
53,223
|
|
|
|
|
Net
income
|
$
272,447
|
|
$
219,233
|
|
|
|
|
Diluted earnings per
share
|
$
1.17
|
|
$
0.94
|
Basic earnings per
share
|
$
1.18
|
|
$
0.95
|
|
|
|
|
Weighted average common
shares outstanding:
|
|
|
|
Diluted shares
|
233,065
|
|
232,296
|
Basic shares
|
231,481
|
|
230,435
|
|
|
|
|
Dividends per
share
|
$
0.22
|
|
$
0.20
|
AMETEK,
Inc.
Information by
Business Segment
(In
thousands)
(Unaudited)
|
|
|
|
Three Months
Ended
March
31,
|
|
2022
|
|
2021
|
Net
sales:
|
|
|
|
Electronic Instruments
|
$
987,759
|
|
$
790,924
|
Electromechanical
|
470,766
|
|
424,818
|
Consolidated net
sales
|
$
1,458,525
|
|
$ 1,215,742
|
|
|
|
|
Operating
income:
|
|
|
|
Segment operating
income:
|
|
|
|
Electronic Instruments
|
$
244,774
|
|
$
206,897
|
Electromechanical
|
128,209
|
|
105,033
|
Total segment operating
income
|
372,983
|
|
311,930
|
Corporate administrative expenses
|
(19,743)
|
|
(18,585)
|
Consolidated operating
income
|
$
353,240
|
|
$
293,345
|
AMETEK,
Inc.
Condensed
Consolidated Balance Sheet
(In
thousands)
|
|
March
31,
|
|
December
31,
|
|
2022
|
|
2021
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
340,304
|
|
$
346,772
|
Receivables, net
|
854,457
|
|
829,213
|
Inventories, net
|
866,472
|
|
769,175
|
Other current
assets
|
211,582
|
|
183,605
|
Total current assets
|
2,272,815
|
|
2,128,765
|
|
|
|
|
Property, plant and
equipment, net
|
611,010
|
|
617,138
|
Right of use asset,
net
|
169,279
|
|
169,924
|
Goodwill
|
5,218,920
|
|
5,238,726
|
Other intangibles,
investments and other assets
|
3,700,005
|
|
3,743,634
|
Total assets
|
$ 11,972,029
|
|
$
11,898,187
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term borrowings and
current portion of long-term debt, net
|
$
331,426
|
|
$
315,093
|
Accounts payable and
accruals
|
1,259,309
|
|
1,248,221
|
Total current liabilities
|
1,590,735
|
|
1,563,314
|
|
|
|
|
Long-term debt,
net
|
2,204,592
|
|
2,229,148
|
Deferred income taxes
and other long-term liabilities
|
1,245,014
|
|
1,233,841
|
Stockholders'
equity
|
6,931,688
|
|
6,871,884
|
Total liabilities and stockholders' equity
|
$ 11,972,029
|
|
$
11,898,187
|
AMETEK,
Inc.
Reconciliations of
GAAP to Non-GAAP Financial Measures
(Unaudited)
|
|
Diluted Earnings Per
Share
|
|
Three Months
Ended
|
|
March
31,
|
|
2022
|
|
2021
|
|
|
|
|
Diluted earnings per
share (GAAP)
|
$
1.17
|
|
$
0.94
|
Pretax amortization of acquisition-related intangible
assets
|
0.21
|
|
0.17
|
Income tax benefit on amortization of acquisition-related
intangible assets
|
(0.05)
|
|
(0.04)
|
Adjusted Diluted
earnings per share (Non-GAAP)
|
$
1.33
|
|
$
1.07
|
|
Forecasted Diluted
Earnings Per Share
|
|
Three Months
Ended
|
|
Year
Ended
|
|
June 30,
2022
|
|
December 31,
2022
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
|
|
|
|
|
|
|
Diluted earnings per
share (GAAP)
|
$
1.11
|
|
$
1.14
|
|
$
4.70
|
|
$
4.80
|
Pretax amortization of acquisition-related intangible
assets
|
0.21
|
|
0.21
|
|
0.85
|
|
0.85
|
Income tax benefit on amortization of acquisition-related
intangible assets
|
(0.05)
|
|
(0.05)
|
|
(0.21)
|
|
(0.21)
|
Adjusted Diluted
earnings per share (Non-GAAP)
|
$
1.27
|
|
$
1.30
|
|
$
5.34
|
|
$
5.44
|
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.
View original
content:https://www.prnewswire.com/news-releases/ametek-announces-first-quarter-results-301537729.html
SOURCE AMETEK, Inc.