AMETEK said net sales for Q2 2024 rose $1,734.8 million to $88.7 million, or 5.4%, and consolidated operating income rose $447.5 million to $28.7 million, or 6.9%. The company cited a 8% increase from acquisitions, partially offset by a 2% organic sales decline, as factors behind the net sales change.

10-QQuarterly reportFiled Aug 1, 2024Period of report Jun 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

AMETEK said net sales for Q2 2024 rose $1,734.8 million to $88.7 million, or 5.4%, and consolidated operating income rose $447.5 million to $28.7 million, or 6.9%. The company cited a 8% increase from acquisitions, partially offset by a 2% organic sales decline, as factors behind the net sales change.
The company said EIG operating income for Q2 rose $349.9 million (13.9%), with operating margin of 30.3%. EMG operating income fell $123.1 million (9.6%), with operating margin of 21.2%. The company cited customer inventory normalization in its automation and engineered solutions core businesses as the reason for the 6% organic sales decline at EMG.
AMETEK said interest expense for Q2 rose $11.9 million (63.4%) to $30.6 million, driven mainly by higher borrowings under its revolving credit facility related to the 2023 acquisitions. Net income for the same quarter was $337.7 million, and diluted earnings per share were $1.45.
The company said cash provided by operating activities for the first six months of 2024 was $791.7 million, and free cash flow was $742.6 million. Total debt, net as of June 30, 2024 was $2,651.4 million, down from $3,313.3 million as of December 31, 2023.

Key figures

Quarter ended June 30, 2024

Revenue: $1.7B
Operating income: $448M
Net income: $338M
EPS: $1.45

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q2 Net Sales and Operating Income

AMETEK said net sales for Q2 2024 rose $1,734.8 million to $88.7 million, or 5.4%, and consolidated operating income rose $447.5 million to $28.7 million, or 6.9%. The company cited a 8% increase from acquisitions, partially offset by a 2% organic sales decline, as factors behind the net sales change.

Source · Based on the MD&A text of the filing

Q2 Segment Operating Income Differences

The company said EIG operating income for Q2 rose $349.9 million (13.9%), with operating margin of 30.3%. EMG operating income fell $123.1 million (9.6%), with operating margin of 21.2%. The company cited customer inventory normalization in its automation and engineered solutions core businesses as the reason for the 6% organic sales decline at EMG.

Source · Based on the MD&A text of the filing

Q2 Interest Expense and Net Income

AMETEK said interest expense for Q2 rose $11.9 million (63.4%) to $30.6 million, driven mainly by higher borrowings under its revolving credit facility related to the 2023 acquisitions. Net income for the same quarter was $337.7 million, and diluted earnings per share were $1.45.

Source · Based on the MD&A text of the filing

First Six Months Cash Flow and Debt

The company said cash provided by operating activities for the first six months of 2024 was $791.7 million, and free cash flow was $742.6 million. Total debt, net as of June 30, 2024 was $2,651.4 million, down from $3,313.3 million as of December 31, 2023.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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