(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
AMETEK, Inc. | |||||||||||
October 31, 2023 | By: | /s/ THOMAS M. MONTGOMERY | |||||||||
Name: Thomas M. Montgomery | |||||||||||
Title: Senior Vice President – Comptroller |
Page | 1 |
Page | 2 |
Page | 3 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net sales | $ | 1,622,837 | $ | 1,551,786 | $ | 4,866,065 | $ | 4,524,863 | |||||||||||||||
Cost of sales | 1,020,920 | 1,004,596 | 3,096,635 | 2,941,604 | |||||||||||||||||||
Selling, general and administrative | 163,782 | 162,670 | 506,963 | 480,657 | |||||||||||||||||||
Total operating expenses | 1,184,702 | 1,167,266 | 3,603,598 | 3,422,261 | |||||||||||||||||||
Operating income | 438,135 | 384,520 | 1,262,467 | 1,102,602 | |||||||||||||||||||
Interest expense | (18,386) | (20,245) | (57,678) | (60,165) | |||||||||||||||||||
Other (expense) income, net | (6,256) | 3,227 | (15,313) | 7,752 | |||||||||||||||||||
Income before income taxes | 413,493 | 367,502 | 1,189,476 | 1,050,189 | |||||||||||||||||||
Provision for income taxes | 73,123 | 69,861 | 219,152 | 197,728 | |||||||||||||||||||
Net income | $ | 340,370 | $ | 297,641 | $ | 970,324 | $ | 852,461 | |||||||||||||||
Diluted earnings per share | $ | 1.47 | $ | 1.29 | $ | 4.19 | $ | 3.68 | |||||||||||||||
Basic earnings per share | $ | 1.48 | $ | 1.30 | $ | 4.21 | $ | 3.70 | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Diluted shares | 231,751 | 230,714 | 231,414 | 231,675 | |||||||||||||||||||
Basic shares | 230,691 | 229,500 | 230,431 | 230,360 | |||||||||||||||||||
Dividends per share | $ | 0.25 | $ | 0.22 | $ | 0.75 | $ | 0.66 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Electronic Instruments | $ | 1,136,130 | $ | 1,054,124 | $ | 3,388,023 | $ | 3,070,131 | |||||||||||||||
Electromechanical | 486,707 | 497,662 | 1,478,042 | 1,454,732 | |||||||||||||||||||
Consolidated net sales | $ | 1,622,837 | $ | 1,551,786 | $ | 4,866,065 | $ | 4,524,863 | |||||||||||||||
Operating income: | |||||||||||||||||||||||
Segment operating income: | |||||||||||||||||||||||
Electronic Instruments | $ | 335,171 | $ | 272,714 | $ | 951,970 | $ | 782,603 | |||||||||||||||
Electromechanical | 127,534 | 136,467 | 384,253 | 389,047 | |||||||||||||||||||
Total segment operating income | 462,705 | 409,181 | 1,336,223 | 1,171,650 | |||||||||||||||||||
Corporate administrative expenses | (24,570) | (24,661) | (73,756) | (69,048) | |||||||||||||||||||
Consolidated operating income | $ | 438,135 | $ | 384,520 | $ | 1,262,467 | $ | 1,102,602 |
Page | 4 |
September 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 841,901 | $ | 345,386 | |||||||
Receivables, net | 936,803 | 919,335 | |||||||||
Inventories, net | 1,087,584 | 1,044,284 | |||||||||
Other current assets | 252,407 | 219,053 | |||||||||
Total current assets | 3,118,695 | 2,528,058 | |||||||||
Property, plant and equipment, net | 631,692 | 635,641 | |||||||||
Right of use asset, net | 165,450 | 170,295 | |||||||||
Goodwill | 5,479,025 | 5,372,562 | |||||||||
Other intangibles, investments and other assets | 3,698,514 | 3,724,564 | |||||||||
Total assets | $ | 13,093,376 | $ | 12,431,120 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings and current portion of long-term debt, net | $ | 304,480 | $ | 226,079 | |||||||
Accounts payable and accruals | 1,369,240 | 1,338,123 | |||||||||
Total current liabilities | 1,673,720 | 1,564,202 | |||||||||
Long-term debt, net | 1,856,129 | 2,158,928 | |||||||||
Deferred income taxes and other long-term liabilities | 1,221,018 | 1,231,478 | |||||||||
Stockholders' equity | 8,342,509 | 7,476,512 | |||||||||
Total liabilities and stockholders' equity | $ | 13,093,376 | $ | 12,431,120 |
Page | 5 |
AMETEK, Inc. | ||||||||||||||||||||
Reconciliations of GAAP to Non-GAAP Financial Measures | ||||||||||||||||||||
(Unaudited) |
Diluted Earnings Per Share | |||||||||||
Three Months Ended | |||||||||||
September 30, | |||||||||||
2023 | 2022 | ||||||||||
Diluted earnings per share (GAAP) | $ | 1.47 | $ | 1.29 | |||||||
Pretax amortization of acquisition-related intangible assets | 0.22 | 0.21 | |||||||||
Income tax benefit on amortization of acquisition-related intangible assets | (0.05) | (0.05) | |||||||||
Adjusted Diluted earnings per share (Non-GAAP) | $ | 1.64 | $ | 1.45 |
Forecasted Diluted Earnings Per Share | |||||||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, 2023 | December 31, 2023 | ||||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||||
Diluted earnings per share (GAAP) | $ | 1.44 | $ | 1.46 | $ | 5.63 | $ | 5.65 | |||||||||||||||
Pretax amortization of acquisition-related intangible assets | 0.22 | 0.22 | 0.89 | 0.89 | |||||||||||||||||||
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) | $ | 1.61 | $ | 1.63 | $ | 6.31 | $ | 6.33 |
Page | 6 |
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