BERWYN, PA — AMETEK, Inc. (NYSE: AME) recently announced its financial results for the second quarter ended June 30, 2022.
AMETEK’s second quarter 2022 sales were a record $1.51 billion, a 9% increase over the second quarter of 2021, with organic sales growth of 12%. Operating income increased 15% to a record $364.8 million and operating margins were 24.1%, up 130 basis points from second quarter 2021 margins.
On a GAAP basis, second quarter earnings per diluted share were $1.22. Adjusted earnings in the quarter were a record $1.38 per diluted share, up 20% from the second quarter of 2021. Adjusted earnings adds back non-cash, after-tax, acquisition-related intangible amortization of $0.16 per diluted share. A reconciliation of reported GAAP results to adjusted results is included in the financial tables accompanying this release and on the AMETEK website.
“AMETEK delivered excellent results in the second quarter with record sales, operating income and adjusted earnings per share,” commented David A. Zapico, AMETEK Chairman and Chief Executive Officer. “Our results were ahead of expectations driven by strong organic sales growth and continued impressive operating performance. Additionally, end demand remains strong and broad-based with excellent organic orders growth in the quarter. Given this performance, we are raising our earnings guidance for the full year.”
EIG sales in the second quarter were $1.03 billion, up 10% from the second quarter of 2021. EIG’s operating income in the quarter increased 17% to $265.1 million and operating income margins were 25.8%, an increase of 150 basis points versus the second quarter of 2021.
“EIG delivered outstanding operating results in the second quarter,” noted Mr. Zapico. “Sales growth was broad-based and stronger than expected while EIG’s operational excellence initiatives drove robust margin expansion in the quarter.”
Second quarter EMG sales were a record $486.3 million, up 7% from the same quarter in 2021. EMG’s second quarter operating income was $124.4 million, up 11% versus the prior year, while operating income margins were 25.6% in the quarter, up 70 basis points versus the prior year.
“EMG had another strong quarter with excellent sales growth and outstanding operating performance resulting in continued strong margin expansion,” commented Mr. Zapico.
“Our businesses again delivered exceptional results in an increasingly challenging environment. This continued success reflects the hard work and commitment of all AMETEK colleagues, the quality of our niche, differentiated businesses, and the proven strength of the AMETEK Growth model. Our flexible operating structure allows us to quickly react to changing economic conditions, while our balance sheet and strong cash flows position us well to continue to deploy capital on value enhancing, strategic acquisitions,” noted Mr. Zapico.
“For 2022, we expect overall sales to be up high single digits compared to 2021. Adjusted diluted earnings per share are now expected to be in the range of $5.46 to $5.54, an increase of 13% to 14% over the comparable basis for 2021. This is an increase from our previous guidance range of $5.34 to $5.44 per diluted share,” he added.
“We expect overall sales in the third quarter to be up mid-single digits versus the prior year. Third quarter adjusted earnings per diluted share are anticipated to be in the range of $1.36 to $1.38, up 8% to 10% compared to the third quarter of 2021,” concluded Mr. Zapico.
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