0001037868FALSE00010378682025-02-042025-02-04

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________
FORM 8-K
__________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 4, 2025
__________________
AMETEK, Inc.
(Exact name of registrant as specified in its charter)
__________________
Delaware1-1298114-1682544
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1100 Cassatt Road
Berwyn,
Pennsylvania
19312
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (610) 647-2121
Not Applicable
(Former name or former address, if changed since last report)
__________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par Value (voting)AMENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 


Item 2.02 Results of Operations and Financial Condition.
On February 4, 2025, AMETEK, Inc. (the “Company”) issued a press release announcing its financial results for the three months and year ended December 31, 2024. A copy of the release is furnished as Exhibit 99.1 and incorporated by reference herein. This Current Report on Form 8-K and the press release attached hereto are being furnished pursuant to Item 2.02 of Form 8-K.
The information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 8.01 Other Events.
On February 4, 2025, the Company issued a press release announcing it has acquired Kern Microtechnik. A copy of the release is furnished as Exhibit 99.2 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AMETEK, Inc.
February 4, 2025By:/s/ THOMAS M. MONTGOMERY
Name: Thomas M. Montgomery
Title: Senior Vice President – Comptroller

Exhibit 99.1


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AMETEK Announces Record Fourth Quarter and Full Year Results

Berwyn, Pa., February 4, 2025 – AMETEK, Inc. (NYSE: AME) today announced its financial results for the fourth quarter ended December 31, 2024.

AMETEK’s fourth quarter 2024 sales were a record $1.76 billion, a 2% increase over the fourth quarter of 2023. Operating income increased 5% to a record $469.0 million and operating margins were 26.6% in the quarter, up 90 basis points from the prior year. Operating cash flow in the quarter was a record $550.0 million, free cash flow was a record $498.3 million, and free cash flow to net income conversion was 129%.

On a GAAP basis, fourth quarter earnings per diluted share were a record $1.67. Adjusted earnings in the quarter were a record $1.87 per diluted share, up 11% from the fourth quarter of 2023. Adjusted earnings adds back non-cash, after-tax, acquisition-related intangible amortization of $0.20 per diluted share.

“AMETEK delivered strong results in the fourth quarter, with outstanding operating performance driving robust core margin expansion, record earnings and strong cash flow growth,” stated David A. Zapico, AMETEK Chairman and Chief Executive Officer. “Our operational flexibility and disciplined execution allowed us to successfully navigate a continued uncertain macro-economic environment and position AMETEK for continued long-term success.”

For the full year, AMETEK’s sales were $6.94 billion, an increase of 5% over 2023. On a GAAP basis, full year 2024 operating income was $1.78 billion, or 25.6% of sales, and earnings were $5.93 per diluted share. Full year operating cash flow was $1,829 million, up 5%, versus 2023.

Full year adjusted operating income was $1.81 billion, up 6% versus the prior year, and adjusted operating income margins were 26.1%. Full year adjusted earnings were $6.83 per share, an increase of 7% over 2023’s comparable adjusted earnings of $6.38 per share. AMETEK established annual records for sales, operating income, EBITDA, operating cash flow, free cash flow and both GAAP and adjusted earnings per share.

A reconciliation of reported GAAP results to adjusted results is included in the financial tables accompanying this release and on the AMETEK website.


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Electronic Instruments Group (EIG)
EIG sales in the fourth quarter were $1.21 billion, down 2% from the fourth quarter of 2023. EIG’s operating income in the quarter increased 8% to a record $386.6 million with operating income margins a record 31.8%, up 280 basis points versus the prior year.

“EIG’s fourth-quarter operating performance was outstanding as our businesses delivered strong profit growth and robust margin expansion,” commented Mr. Zapico. “This level of operating performance reflects the strength of our Growth Model and the quality of our highly differentiated EIG businesses.”

Electromechanical Group (EMG)
EMG sales in the fourth quarter were $546.7 million, up 11% from the fourth quarter of 2023. EMG’s fourth quarter operating income was $111.2 million and operating income margins were 20.3% in the quarter.


“Overall EMG sales were up nicely in the quarter driven by the contributions from the acquisition of Paragon Medical and continued strong growth across our Aerospace and Defense businesses,” stated Mr. Zapico. “While this revenue growth was partially offset by the impact of the normalization of inventory levels across our OEM customer base, we were encouraged by our second consecutive quarter of strong organic order growth.”

2025 Outlook

“AMETEK delivered solid results in the fourth quarter and for the full year, demonstrating the strength and flexibility of the AMETEK Growth Model and the outstanding contributions from all AMETEK colleagues. We are well positioned as we enter 2025 with leading positions across a diverse set of attractive markets and significant balance sheet capacity to deploy on strategic acquisitions,” noted Mr. Zapico.

“For 2025, we expect overall sales to be up low single digits on a percentage basis compared to 2024. Adjusted earnings per diluted share are expected to be in the range of $7.02 to $7.18, an increase of 3% to 5% over the comparable basis for 2024,” he added.

"For the first quarter of 2025, overall sales are expected to be roughly flat compared to the same period last year. Adjusted earnings in the quarter are anticipated to be in the range of $1.67 to $1.69 per share, up 2% to 3% compared to the first quarter of 2024," concluded Mr. Zapico.




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Conference Call
AMETEK will webcast its fourth quarter 2024 investor conference call on Tuesday, February 4, 2025, beginning at 8:30 AM ET. The live audio webcast will be available and later archived in the Investors section of www.ametek.com.

About AMETEK
AMETEK (NYSE: AME) is a leading global provider of industrial technology solutions serving a diverse set of attractive niche markets with annual sales of approximately $7.0 billion. The AMETEK Growth Model integrates the Four Growth Strategies - Operational Excellence, Technology Innovation, Global and Market Expansion, and Strategic Acquisitions - with a disciplined focus on cash generation and capital deployment. AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. Founded in 1930, AMETEK has been listed on the NYSE for over 90 years and is a component of the S&P 500. For more information, visit www.ametek.com.

Forward-looking Information
Statements in this news release relating to future events, such as AMETEK’s expected business and financial performance are "forward-looking statements." Forward-looking statements are subject to various factors and uncertainties that may cause actual results to differ significantly from expectations. These factors and uncertainties include risks related to AMETEK’s ability to consummate and successfully integrate future acquisitions; risks with international sales and operations, including supply chain disruptions; AMETEK’s ability to successfully develop new products, open new facilities or transfer product lines; the price and availability of raw materials; compliance with government regulations, including environmental regulations; changes in the competitive environment or the effects of competition in our markets; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries we serve. A detailed discussion of these and other factors that may affect our future results is contained in AMETEK’s filings with the U.S. Securities and Exchange Commission, including its most recent reports on Forms 10-K, 10-Q and 8-K. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements.


Contact:
Kevin Coleman
Vice President, Investor Relations and Treasurer
kevin.coleman@ametek.com
Phone: 610.889.5247

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AMETEK, Inc.
Consolidated Statement of Income
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended December 31,Year Ended December 31,
2024202320242023
Net sales$1,761,602 $1,730,885 $6,941,180 $6,596,950 
Cost of sales1,116,853 1,115,850 4,464,713 4,212,485 
Selling, general and administrative175,768 170,043 696,905 677,006 
     Total operating expenses 1,292,621 1,285,893 5,161,618 4,889,491 
Operating income 468,981 444,992 1,779,562 1,707,459 
Interest expense(22,000)(24,117)(112,962)(81,795)
Other (expense) income, net(2,626)(3,939)(5,061)(19,252)
Income before income taxes444,355 416,936 1,661,539 1,606,412 
Provision for income taxes57,098 74,072 285,415 293,224 
Net income$387,257 $342,864 $1,376,124 $1,313,188 
Diluted earnings per share$1.67 $1.48 $5.93 $5.67 
Basic earnings per share$1.68 $1.49 $5.95 $5.70 
Weighted average common shares outstanding:
     Diluted shares232,107231,794232,168231,509
     Basic shares231,149230,782231,256230,519
Dividends per share$0.28 $0.25 $1.12 $1.00 

AMETEK, Inc.
Information by Business Segment
(In thousands)
(Unaudited)
Three Months Ended December 31,Year Ended December 31,
2024202320242023
Net sales:
Electronic Instruments$1,214,935 $1,236,227 $4,659,915 $4,624,250 
Electromechanical546,667 494,658 2,281,265 1,972,700 
Consolidated net sales$1,761,602 $1,730,885 $6,941,180 $6,596,950 
Operating income:
Segment operating income:
Electronic Instruments$386,649 $358,992 $1,428,409 $1,310,962 
Electromechanical111,189 112,316 456,501 496,569 
Total segment operating income497,838 471,308 1,884,910 1,807,531 
Corporate administrative expenses(28,857)(26,316)(105,348)(100,072)
Consolidated operating income$468,981 $444,992 $1,779,562 $1,707,459 
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AMETEK, Inc.
Condensed Consolidated Balance Sheet
(In thousands)
December 31,December 31,
20242023
(Unaudited)
ASSETS
Current assets:
     Cash and cash equivalents$373,999 $409,804 
     Receivables, net948,830 1,012,932 
     Inventories, net1,021,713 1,132,471 
     Other current assets258,490 269,461 
          Total current assets2,603,032 2,824,668 
Property, plant and equipment, net818,611 891,293 
Right of use asset, net235,666 229,723 
Goodwill6,555,877 6,447,629 
Other intangibles, investments and other assets4,417,983 4,630,220 
          Total assets$14,631,169 $15,023,533 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
     Short-term borrowings and current portion of long-term debt, net$654,346 $1,417,915 
     Accounts payable and accruals1,444,241 1,464,658 
          Total current liabilities2,098,587 2,882,573 
Long-term debt, net1,425,375 1,895,432 
Deferred income taxes and other long-term liabilities1,451,903 1,515,337 
Stockholders' equity9,655,304 8,730,191 
          Total liabilities and stockholders' equity$14,631,169 $15,023,533 

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AMETEK, Inc.
Reconciliations of GAAP to Non-GAAP Financial Measures
(In thousands)
(Unaudited)

Three Months Ended
December 31, 2024
Cash provided by operating activities (GAAP)$550,017 
Deduct: Capital expenditures(51,725)
Free cash flow (Non-GAAP)$498,292 
Free Cash Flow Conversion (Free cash flow divided by net income) (Non-GAAP)129 %


Year Ended December 31,
20242023
Operating income (GAAP)$1,779,562 $1,707,459 
Paragon integration costs29,231 — 
Adjusted Operating income (Non-GAAP)$1,808,793 $1,707,459 
Operating income margin (GAAP)25.6 %25.9 %
Paragon integration costs0.5 %— %
Adjusted Operating income margin (Non-GAAP)26.1 %25.9 %


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AMETEK, Inc.
Reconciliations of GAAP to Non-GAAP Financial Measures
(Unaudited)
Diluted Earnings Per Share
Three Months EndedYear Ended
December 31,December 31,
2024202320242023
Diluted earnings per share (GAAP)$1.67 $1.48 $5.93 $5.67 
Pretax amortization of acquisition-related intangible assets0.27 0.26 1.07 0.93 
Income tax benefit on amortization of acquisition-related intangible assets(0.07)(0.06)(0.26)(0.22)
Paragon integration costs— — 0.13 — 
Income tax benefit on Paragon integration costs— — (0.03)— 
Rounding— — (0.01)— 
Adjusted Diluted earnings per share (Non-GAAP)$1.87 $1.68 $6.83 $6.38 


Forecasted Diluted Earnings Per Share
Three Months EndedYear Ended
March 31, 2025December 31, 2025
LowHighLowHigh
Diluted earnings per share (GAAP)$1.46 $1.48 $6.19 $6.35 
Pretax amortization of acquisition-related intangible assets0.28 0.28 1.10 1.10 
Income tax benefit on amortization of acquisition-related intangible assets(0.07)(0.07)(0.27)(0.27)
Adjusted Diluted earnings per share (Non-GAAP)$1.67 $1.69 $7.02 $7.18 


Use of Non-GAAP Financial Information
The Company supplements its consolidated financial statements presented on a U.S. generally accepted accounting principles (“GAAP”) basis with certain non-GAAP financial information to provide investors with greater insight, increased transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial tables. These non-GAAP financial measures should be considered in addition to, and not as a replacement for, or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies.
The Company believes that these measures provide useful information to investors by reflecting additional ways of viewing AMETEK’s operations that, when reconciled to the comparable GAAP measure, helps our investors to better understand the long-term profitability trends of our business, and facilitates easier comparisons of our profitability to prior and future periods and to our peers.
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Exhibit 99.2

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AMETEK Acquires Kern Microtechnik


Berwyn, Pa., February 4, 2025 - AMETEK, Inc. (NYSE: AME) today announced the acquisition of Kern Microtechnik, a leading manufacturer of high-precision machining and optical inspection solutions.

Kern specializes in the design and manufacture of ultra-precision manufacturing solutions capable of achieving sub-micron level accuracy. Kern’s advanced product portfolio includes high-precision machining solutions and optical tool inspection systems. Their highly engineered solutions support a wide range of applications that demand exceptional precision, including within the medical, semiconductor, research, and space markets.

"We are excited to welcome the Kern Microtechnik family to AMETEK," said David A. Zapico, AMETEK Chairman and Chief Executive Officer. “Kern is an outstanding strategic fit with our Ultra Precision Technologies division, providing attractive technology, market and geographic expansion synergies. We look forward to leveraging our respective design and engineering capabilities to further advance our precision manufacturing capabilities.”

Kern is headquartered near Munich, Germany and has annual sales of approximately €50 million. Kern will join AMETEK as part of its Electronic Instruments Group (EIG) - a leader in advanced analytical, monitoring, testing, calibrating and display instrumentation.


Corporate Profile
AMETEK (NYSE: AME) is a leading global provider of industrial technology solutions serving a diverse set of attractive niche markets with annual sales of approximately $7.0 billion. The AMETEK Growth Model integrates the Four Growth Strategies - Operational Excellence, Technology Innovation, Global and Market Expansion, and Strategic Acquisitions - with a disciplined focus on cash generation and capital deployment. AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. Founded in 1930, AMETEK has been listed on the NYSE for over 90 years and is a component of the S&P 500. For more information, visit www.ametek.com.

Contact:
Kevin Coleman
Vice President, Investor Relations and Treasurer
kevin.coleman@ametek.com
Phone: 610-889-5247
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v3.25.0.1
Cover
Feb. 04, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 04, 2025
Entity Registrant Name AMETEK, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 1-12981
Entity Tax Identification Number 14-1682544
Entity Address, Address Line One 1100 Cassatt Road
Entity Address, City or Town Berwyn,
Entity Address, State or Province PA
Entity Address, Postal Zip Code 19312
City Area Code 610
Local Phone Number 647-2121
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 Par Value (voting)
Trading Symbol AME
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001037868
Amendment Flag false
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