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No Real Surprises in Ametek’s Results, but Strong Execution Prompts Us to Tweak Fair Value Upwards

Joshua Aguilar Equity Analyst

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.

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Company Profile

Business Description

Ametek is a diversified industrial conglomerate with about $4.5 billion in sales. The firm operates through two segments: electronic instruments, or EIG, and electromechanical, or EMG. EIG designs and manufactures differentiated and advanced instruments for the process, aerospace, power, and industrial end markets. EMG is a focused, niche supplier of highly engineered automation solutions, thermal management systems, specialty metals, and electrical interconnects, among other products. About half of the firm’s sales are made in the United States. The firm’s asset-light strategy in place for nearly two decades emphasizes growth through acquisitions, new product development through research and development, driving operational efficiencies, and global and market expansion.

1100 Cassatt Road
Berwyn, PA, 19312-1177
T +1 610 647-2121
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 16,500