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AMETEK Inc AME Stock Quote

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Morningstar‘s Stock Analysis AME

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No Real Surprises in Ametek's Second-Quarter Results; We Maintain Our Fair Value Estimate

Joshua Aguilar Senior Analyst

Analyst Note

| Joshua Aguilar |

We see no reason to change our $136 fair value estimate for narrow-moat Ametek following second-quarter results. Revenue of $1.51 billion was below our expectation of $1.57 billion, while adjusted earnings per share of $1.38 came in marginally below our expectation of $1.41. The variance in EPS was due to about 40 basis points less in expected segment operating margins relative to our prior expectations. Nonetheless, segment operating margins still rose nearly 130 basis points year on year to 25.7%, while adjusted EPS still rose 20% year on year. We were directionally correct relative to FactSet consensus on all counts.

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Key Statistics AME

Company Profile AME

Business Description

Ametek is a diversified industrial conglomerate with over $6 billion in sales. The firm operates through an electronic instruments group and an electromechanical group. 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
Industry Specialty Industrial Machinery
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 18,500

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