AMETEK Inc/ Q1 FY2024 results: revenue $1.7 billion, up 8.7% on the year

AMETEK Inc/ (AME) reported revenue of $1.7 billion for Q1 FY2024, the quarter ended 31 March 2024, up 8.7% on the same quarter a year earlier. Net income was $311 million, up 1.7% on the year, and diluted earnings per share $1.34. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$1.7 billionup 8.7%

Net income$311 millionup 1.7%

Diluted EPS$1.34

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,736	1,731	n/a	n/a
Cost of revenue	1,145	1,116	n/a	n/a
Gross profit	591	615	n/a	n/a
Gross margin	34.1%	35.5%	n/a
Selling, general and administrative	174	170	n/a	n/a
Operating income	417	445	n/a	n/a
Operating margin	24.0%	25.7%	n/a
Interest expense	35.3	24.1	n/a	n/a
Pre-tax income	381	417	n/a	n/a
Income tax	70.4	74.1	n/a	n/a
Effective tax rate	18.5%	17.8%	n/a
Net income	311	343	n/a	n/a
Net margin	17.9%	19.8%	n/a
Diluted EPS	$1.34	$1.48	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	410	541	n/a	n/a
Capital expenditure	27.7	59.7	n/a	n/a
Free cash flow	383	481	n/a	n/a
Free cash flow margin	22.0%	27.8%	n/a
Depreciation and amortisation	98.0	91.9	n/a	n/a
Share-based compensation	8.9	10.4	n/a	n/a
Buybacks	6.9	1.2	n/a	n/a
Dividends paid	64.7	57.6	n/a	n/a
Dividend per share	$0.28	n/a	n/a	n/a
Diluted shares, weighted	232m	232m	n/a	n/a
Shares outstanding at period end	231m	231m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	14,865	15,024	n/a	n/a
Cash and equivalents	374	410	n/a	n/a
Receivables	984	1,013	n/a	n/a
Inventory	1,127	1,132	n/a	n/a
Goodwill	6,439	6,448	n/a	n/a
Long-term debt	1,878	3,313	n/a	n/a
Operating lease liabilities	174	182	n/a	n/a
Shareholders' equity	8,968	8,730	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,623	1,731	1,736	1,735	1,709	1,762	1,732	1,778	1,893	1,998	1,928	2,044
Cost of revenue	1,021	1,116	1,145	1,110	1,093	1,117	1,107	1,142	1,207	1,278	1,211	1,309
Gross profit	602	615	591	624	616	645	625	636	686	720	718	735
Gross margin	37%	36%	34%	36%	36%	37%	36%	36%	36%	36%	37%	36%
SG&A	164	170	174	177	170	176	170	174	198	215	203	207
Operating income	438	445	417	448	446	469	455	462	488	505	515	528
Operating margin	27%	26%	24%	26%	26%	27%	26%	26%	26%	25%	27%	26%
Interest expense	18.4	24.1	35.3	30.6	25.1	22.0	19.0	16.9	22.5	22.9	20.9	30.1
Pre-tax income	413	417	381	417	419	444	434	442	448	474	493	492
Tax rate	18%	18%	18%	19%	19%	13%	19%	19%	17%	16%	19%	17%
Net income	340	343	311	338	340	387	352	358	371	399	399	407
Net margin	21%	20%	18%	19%	20%	22%	20%	20%	20%	20%	21%	20%
Diluted EPS	$1.47	$1.48	$1.34	$1.45	$1.47	$1.67	$1.52	$1.55	$1.60	$1.73	$1.74	$1.77
Operating cash flow	473	541	410	381	487	550	418	359	441	584	452	484
Capital expenditure	28.7	59.7	27.7	21.4	26.3	51.7	23.1	29.3	20.9	57.0	25.5	32.0
Free cash flow	444	481	383	360	461	498	394	330	420	527	426	452
Buybacks	0.1	1.2	6.9	0.7	60.4	144	18.0	0.1	146	270	27.9	0.2
Dividends paid	57.6	57.6	64.7	64.7	64.7	64.7	71.5	71.5	71.4	71.0	77.8	77.9
Shares outstanding	231m	231m	231m	232m	231m	231m	231m	231m	230m	229m	229m	229m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 2 May 2024, accession 0001037868-24-000030: the filing on EDGAR. All of AMETEK Inc/'s filings: EDGAR company page.

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