AMETEK (AME) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 and full-year results for sales, operating income, EBITDA, EPS, and cash flow, despite a challenging macroeconomic environment.

• Q4 sales reached $1.76B, up 2% year-over-year; organic sales declined 3% but acquisitions contributed 5 points.

• Full-year 2024 sales were $6.94B, up 5%; record operating cash flow of $1.83B, up 5%.

• Adjusted EPS for Q4 was $1.87, up 11% year-over-year; full-year adjusted EPS was $6.83, up 7%.

• Announced acquisition of Kern Microteknik for €105M and repurchased $155M in shares in Q4.

Financial highlights

• Q4 operating income was $469M, up 5% year-over-year; operating margin 26.6%, up 90 bps.

• Q4 EBITDA was $561M, up 7% year-over-year; EBITDA margin 31.9%.

• Q4 free cash flow was $498.3M, up 4% year-over-year; free cash flow to net income conversion 129%.

• Q4 diluted EPS was $1.87, up 11% year-over-year and above guidance.

• Dividends per share increased to $0.28 in Q4 and $1.12 for the year.

Outlook and guidance

• 2025 overall and organic sales expected to increase low single digits versus 2024.

• 2025 diluted EPS guidance: $7.02–$7.18, up 3–5% year-over-year.

• Q1 2025 sales expected to be flat; adjusted EPS $1.67–$1.69, up 2–3%.

• Free cash flow conversion expected at ~115% for 2025.

• Capital expenditures projected at $155M (2% of sales); depreciation and amortization at $400M.