BERWYN, Pa. - AMETEK, Inc. (NYSE: AME) has reported a slight revenue shortfall for the second quarter of 2024, with earnings per share (EPS) slightly exceeding analyst expectations.
Despite the earnings beat, AMETEK's stock experienced a modest decline of 1% following the earnings release.
The company announced a second-quarter EPS of $1.66, which was $0.02 higher than the analyst estimate of $1.64. However, revenue for the quarter was $1.73 billion, falling short of the consensus estimate of $1.78 billion.
The company's second-quarter sales showed a 5% increase from the same quarter last year, with operating income rising 7% to a record $447.5 million. The operating margins also improved to 25.8%, a 40 basis point increase from the second quarter of 2023. The Electronic Instruments Group (EIG) sales were up 2% from the previous year, while the Electromechanical Group (EMG) recorded a 14% increase in sales.
David A. Zapico, AMETEK Chairman and CEO, highlighted the company's strong operating performance, noting record operating income and EBITDA, as well as earnings growth surpassing expectations. Zapico attributed these results to the strength and flexibility of AMETEK's operating model and the team's ability to manage through a slower growth environment.
Looking ahead, AMETEK has adjusted its full-year 2024 guidance, forecasting overall sales to rise between 5% and 7% compared to 2023. The adjusted EPS is expected to be in the range of $6.70 to $6.80, which reflects a 5% to 7% increase over the previous year. For the third quarter of 2024, the company anticipates sales to be up mid-single digits on a percentage basis compared to the same period last year, with adjusted EPS projected to be $1.60 to $1.62, representing a 1% to 2% decrease from the third quarter of 2023.
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