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Published: 2022-08-02 00:00:00 ET
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Exhibit 99.1


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AMETEK Announces Record Second Quarter Results and Raises 2022 Guidance

Berwyn, Pa., Aug. 2, 2022 – AMETEK, Inc. (NYSE: AME) today 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.”
Electronic Instruments Group (EIG)
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.”
Electromechanical Group (EMG)
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.

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“EMG had another strong quarter with excellent sales growth and outstanding operating performance resulting in continued strong margin expansion,” commented Mr. Zapico.
2022 Outlook
“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.

Conference Call
AMETEK will webcast its second quarter 2022 investor conference call on Tuesday, August 2, 2022, 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 is a leading global manufacturer of electronic instruments and electromechanical devices with 2021 sales of $5.5 billion. The AMETEK Growth Model integrates the Four Growth Strategies - Operational Excellence, New Product Development, 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. The common stock of AMETEK is a component of the S&P 500.

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 COVID-19 and its potential impact on AMETEK’s operations, supply chain, and demand across key end markets; 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;
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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 Form 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
June 30,
Six Months Ended
June 30,
2022202120222021
Net sales$1,514,552 $1,386,346 $2,973,077 $2,602,088 
Cost of sales988,175 912,712 1,937,008 1,702,104 
Selling, general and administrative161,535 157,023 317,987 290,028 
     Total operating expenses 1,149,710 1,069,735 2,254,995 1,992,132 
Operating income 364,842 316,611 718,082 609,956 
Interest expense(20,350)(20,442)(39,920)(39,389)
Other income (expense), net1,973 (4,414)4,525 (6,356)
Income before income taxes346,465 291,755 682,687 564,211 
Provision for income taxes64,092 60,076 127,867 113,299 
Net income$282,373 $231,679 $554,820 $450,912 
Diluted earnings per share$1.22 $1.00 $2.39 $1.94 
Basic earnings per share$1.23 $1.00 $2.40 $1.96 
Weighted average common shares outstanding:
     Diluted shares231,247232,841232,156232,569
     Basic shares230,100230,828230,790230,632
Dividends per share$0.22 $0.20 $0.44 $0.40 

AMETEK, Inc.
Information by Business Segment
(In thousands)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Net sales:
Electronic Instruments$1,028,248 $933,934 $2,016,007 $1,724,858 
Electromechanical486,304 452,412 957,070 877,230 
Consolidated net sales$1,514,552 $1,386,346 $2,973,077 $2,602,088 
Operating income:
Segment operating income:
Electronic Instruments$265,115 $226,637 $509,889 $433,534 
Electromechanical124,371 112,434 252,580 217,467 
Total segment operating income389,486 339,071 762,469 651,001 
Corporate administrative expenses(24,644)(22,460)(44,387)(41,045)
Consolidated operating income$364,842 $316,611 $718,082 $609,956 

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AMETEK, Inc.
Condensed Consolidated Balance Sheet
(In thousands)
June 30,December 31,
20222021
(Unaudited)
ASSETS
Current assets:
     Cash and cash equivalents$348,653 $346,772 
     Receivables, net885,080 829,213 
     Inventories, net966,609 769,175 
     Other current assets211,272 183,605 
          Total current assets2,411,614 2,128,765 
Property, plant and equipment, net597,153 617,138 
Right of use asset, net168,829 169,924 
Goodwill5,173,411 5,238,726 
Other intangibles, investments and other assets3,633,964 3,743,634 
          Total assets$11,984,971 $11,898,187 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
     Short-term borrowings and current portion of long-term debt, net$354,791 $315,093 
     Accounts payable and accruals1,278,238 1,248,221 
          Total current liabilities1,633,029 1,563,314 
Long-term debt, net2,147,362 2,229,148 
Deferred income taxes and other long-term liabilities1,254,489 1,233,841 
Stockholders' equity6,950,091 6,871,884 
          Total liabilities and stockholders' equity$11,984,971 $11,898,187 
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AMETEK, Inc.
Reconciliations of GAAP to Non-GAAP Financial Measures
(Unaudited)
Diluted Earnings Per Share
Three Months Ended
June 30,
20222021
Diluted earnings per share (GAAP)$1.22 $1.00 
Pretax amortization of acquisition-related intangible assets0.21 0.20 
Income tax benefit on amortization of acquisition-related intangible assets(0.05)(0.05)
Adjusted Diluted earnings per share (Non-GAAP)$1.38 $1.15 


Forecasted Diluted Earnings Per Share
Three Months EndedYear Ended
September 30, 2022December 31, 2022
LowHighLowHigh
Diluted earnings per share (GAAP)$1.20 $1.22 $4.82 $4.90 
Pretax amortization of acquisition-related intangible assets0.21 0.21 0.84 0.84 
Income tax benefit on amortization of acquisition-related intangible assets(0.05)(0.05)(0.20)(0.20)
Adjusted Diluted earnings per share (Non-GAAP)$1.36 $1.38 $5.46 $5.54 


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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