AMETEK, Inc. reported a solid performance for the third quarter and the first nine months of 2024, with net sales reaching $1,708.6 million for the three months ended September 30, 2024, a 5.3% increase from $1,622.8 million in the same period of 2023. For the nine months, net sales totaled $5,179.6 million, up 6.4% from $4,866.1 million year-over-year. The growth was driven by strong international sales, which accounted for 47.6% of total net sales in Q3 2024, reflecting an 11.2% increase compared to the previous year.
Operating income for Q3 2024 was $445.9 million, slightly up from $438.1 million in Q3 2023, while for the nine months, operating income increased to $1,310.6 million from $1,262.5 million. However, the operating margin for the first nine months decreased to 25.3% from 25.9% in 2023, impacted by integration costs related to the acquisition of Paragon Medical, which amounted to $29.2 million.
Net income for Q3 2024 was $340.2 million, nearly unchanged from $340.4 million in Q3 2023. For the nine-month period, net income rose to $988.9 million from $970.3 million, with diluted earnings per share increasing to $4.26 from $4.19. The company declared a quarterly dividend of $0.28 per share, up from $0.25 in the prior year.
Total operating expenses for Q3 2024 were $1,262.7 million, compared to $1,184.7 million in Q3 2023. The cost of sales increased to $1,092.8 million, representing 64.0% of net sales, up from 62.9% in the previous year. Interest expense also rose significantly, reaching $25.1 million, a 36.6% increase from $18.4 million in Q3 2023.
AMETEK's balance sheet showed total assets of $14,767.6 million as of September 30, 2024, down from $15,023.5 million at the end of 2023. Total liabilities decreased to $5,217.4 million from $6,293.3 million, while total stockholders' equity increased to $9,550.2 million from $8,730.2 million.
Strategically, AMETEK completed the acquisition of Paragon Medical in December 2023 and finalized the acquisition of United Electronic Industries in August 2023. In October 2024, the company acquired Virtek Vision International, which is expected to generate annual sales of approximately $40 million. The company continues to manage its debt effectively, with a debt-to-capital ratio of 19.7% as of September 30, 2024, down from 27.5% at the end of 2023.
About AMETEK INC/
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.