AMETEK Announces First Quarter Results and Raises 2021 Guidance
BERWYN, PA, May 4, 2021 – AMETEK, Inc. (NYSE: AME) today announced its financial results for the first quarter ended March 31, 2021.
AMETEK’s first quarter 2021 sales were $1.22 billion, a 1% increase over the first quarter of 2020, with organic sales growth of 1%. Operating income increased 6% to $293.3 million, and operating margins were up 110 basis points to 24.1%, both versus the prior year’s adjusted results.
On a GAAP basis, first quarter earnings per diluted share were $0.94. Adjusted earnings were $1.07 per diluted share, up 5% versus the prior year’s adjusted results. Adjusted earnings adds back non-cash, after-tax, acquisition-related intangible amortization of $0.13 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 performed exceptionally well in the first quarter,” commented David A. Zapico, AMETEK Chairman and Chief Executive Officer. “We were pleased with the return to organic sales growth earlier than anticipated, while order momentum remains very strong with a record level of orders and 9% organic orders growth in the quarter. Additionally, our businesses delivered outstanding operating performance with robust margin expansion.”
“We continue to generate strong cash flow with operating cash flow up 5% in the quarter and free cash flow conversion of 122% of net income. This excellent cash flow generation is being used to support an active acquisition environment. Thus far in 2021, we have deployed $1.85 billion on five strategic acquisitions. We remain well positioned with a pipeline of attractive acquisition opportunities and strong balance sheet capacity to support our continued growth,” noted Mr. Zapico.
Electronic Instruments Group (EIG)
First quarter EIG sales were $790.9 million, up 2% compared to the first quarter of 2020. EIG’s operating income in the quarter was up 7% to $206.9 million, and operating margins were up 110 basis points to 26.2%, versus the prior year’s adjusted results.
“EIG delivered strong results in the first quarter with solid sales growth and outstanding operating performance,” noted Mr. Zapico. “Sales were stronger than expected in the quarter as we continue to see improvements across our key end markets, in particular across our Process businesses.”
The following information was filed by Ametek Inc (AME) on Tuesday, May 4, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.