From Nasdaq: 2024-05-02 11:48:00

AMETEK, Inc. (AME) reported first-quarter 2024 adjusted earnings of $1.64 per share, surpassing the Zacks Consensus Estimate by 3.1% and marking a 10% increase from last year. Despite net sales of $1.74 billion, which rose 9%, missing estimates, the company’s growth strategies and performance in key segments are driving its financial success. AMETEK expects continued growth in the near and long term.

In the first quarter, AMETEK saw solid performance in its Electromechanical Group (EMG) and Electronic Instruments Group (EIG) segments, with sales growth in each segment. Operational expenses rose 10.7% year over year to $1.32 billion, with an operating margin of 24%. Despite some contraction in margins due to integration costs, the company remains positioned for strong growth.

Balance sheet highlights show cash and cash equivalents at $373.8 million and long-term debt at $1.877 billion as of March 31, 2024. Looking ahead, AMETEK expects sales growth in the mid to high-single digits for the second quarter and low-double digits for the full year 2024. Adjusted earnings are forecasted to grow in the 4-8% range, reflecting the company’s positive outlook.

Currently ranked as a Zacks Rank #2 (Buy), AMETEK, Inc. is a top performer in the technology sector. Other notable stocks to watch include Arista Networks (ANET), Alphabet (GOOGL), and Badger Meter (BMI), all carrying a Zacks Rank #1 (Strong Buy). With solid year-to-date gains and strong earnings growth forecasts, these stocks offer potential for significant returns in the future. Be sure to keep an eye on these top-performing companies.



Read more at Nasdaq: AMETEK (AME) Q1 Earnings Surpass Estimates, Sales Rise Y/Y