AMETEK, Inc. reported a record financial performance for the fiscal year ending December 31, 2024, with net sales reaching $6,941.2 million, a 5.2% increase from $6,597.0 million in 2023. The company's net income also rose to $1,376.1 million, up 4.8% from $1,313.2 million the previous year. Diluted earnings per share increased by 4.5% to $5.93, compared to $5.67 in 2023. The growth was attributed to contributions from recent acquisitions and the implementation of Operational Excellence initiatives, which have enhanced operational efficiencies and profitability.
In terms of strategic developments, AMETEK completed the acquisition of Virtek Vision International for $117.5 million in October 2024, enhancing its capabilities in advanced laser-based projection and inspection systems. The company has been active in pursuing acquisitions, having completed 14 since 2020, which collectively contributed approximately $1.4 billion in annualized sales. The company’s focus on acquisitions has shifted its business mix towards more differentiated products, aligning with strong secular growth themes.
Operationally, AMETEK's international sales accounted for 47.4% of total net sales in 2024, reflecting a strong demand in Europe and Asia. The company reported a backlog of unfilled orders totaling $3,403.2 million at year-end, a decrease of 3.7% from the previous year. The company employed approximately 21,500 people as of December 31, 2024, with a significant portion of its workforce engaged in research, development, and engineering, which totaled $371.9 million in spending for the year.
The filing also highlighted the company's commitment to sustainability and human capital management, emphasizing the importance of attracting and retaining talent to drive innovation and growth. AMETEK's management is focused on delivering consistent and profitable growth, with a goal of achieving high single-digit annual sales growth and double-digit earnings per share growth over the business cycle. The company plans to continue investing in new product development and operational excellence initiatives to support its long-term growth strategy.
Looking ahead, AMETEK remains optimistic about its growth prospects, supported by a strong backlog and ongoing investments in its operational capabilities. The company has also announced an increase in its quarterly cash dividend by 12% to $0.28 per share, reflecting its commitment to returning value to shareholders while maintaining a strong financial position.
About AMETEK INC/
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