Analyst Note| Joshua Aguilar |
Though they were slightly above our expectations, nothing in narrow-moat-rated Ametek’s fourth-quarter results materially alters our long-term view of the firm. The company produced revenue just slightly below $1.2 billion, or about 2% above expectations, while it produced $1.08 of adjusted EPS, or just under 4% above our expectations. That said, operating margins were lineball accurate with our expectations, both on a segment operating non-GAAP and GAAP operating margin basis, reaching 26.3% and 24.9%, respectively. We note the favorable variance was due to a lower tax rate than our forecast.