ame-20220630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

FORM 10-Q

_________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-12981

_________________________

AMETEK, Inc.

(Exact name of registrant as specified in its charter)

_________________________

Delaware

(State or other jurisdiction of

incorporation or organization)

1100 Cassatt Road

Berwyn, Pennsylvania

(Address of principal executive offices)

14-1682544

(I.R.S. Employer

Identification No.)

19312-1177

(Zip Code)

Registrant’s telephone number, including area code: (610) 647-2121

_________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐ (Do not check if a smaller reporting company)	Smaller reporting company	☐

		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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

_________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange
on which registered

Common Stock

AME

New York Stock Exchange

The number of shares of the registrant’s common stock outstanding as of the latest practicable date was: Common Stock, $0.01 Par Value, outstanding at July 29, 2022 was 229,578,316 shares.

AMETEK, Inc.

Form 10-Q

Table of Contents


			Page

PART I. FINANCIAL INFORMATION

Item 1.Financial Statements

Consolidated Statement of Income for the three and six months ended June 30, 2022 and 2021			3
Condensed Consolidated Statement of Comprehensive Income for the three and six months ended June 30, 2022 and 2021			4
Consolidated Balance Sheet at June 30, 2022 and December 31, 2021			5
Consolidated Statement of Stockholders’ Equity for the three and six months ended June 30 , 2022 and 2021			6
Condensed Consolidated Statement of Cash Flows for the six months ended June 30 , 2022 and 2021			7
Notes to Consolidated Financial Statements			8

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations			19
Item 4.Controls and Procedures			23

PART II. OTHER INFORMATION


Item 2.Unregistered Sales of Equity Securities and Use of Proceeds			24
Item 6.Exhibits			25

SIGNATURES			26

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

AMETEK, Inc.

Consolidated Statement of Income

(In thousands, except per share amounts)

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net sales	$	1,514,552	$	1,386,346	$	2,973,077	$	2,602,088
Cost of sales	988,175		912,712		1,937,008		1,702,104
Selling, general and administrative	161,535		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), net	1,973		(4,414)		4,525		(6,356)
Income before income taxes	346,465		291,755		682,687		564,211
Provision for income taxes	64,092		60,076		127,867		113,299
Net income	$	282,373	$	231,679	$	554,820	$	450,912
Basic earnings per share	$	1.23	$	1.00	$	2.40	$	1.96
Diluted earnings per share	$	1.22	$	1.00	$	2.39	$	1.94
Weighted average common shares outstanding:
Basic shares	230,100		230,828		230,790		230,632
Diluted shares	231,247		232,841		232,156		232,569
Dividends declared and paid per share	$	0.22	$	0.20	$	0.44	$	0.40

See accompanying notes.

Table of Contents

AMETEK, Inc.

Condensed Consolidated Statement of Comprehensive Income

(In thousands)

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Total comprehensive income	$	222,033	$	237,673	$	479,334	$	448,499

See accompanying notes.

Table of Contents

AMETEK, Inc.

Consolidated Balance Sheet

(In thousands)


	June 30, 2022		December 31, 2021
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	348,653	$	346,772
Receivables, net	885,080		829,213
Inventories, net	966,609		769,175
Other current assets	211,272		183,605
Total current assets	2,411,614		2,128,765
Property, plant and equipment, net	597,153		617,138
Right of use assets, net	168,829		169,924
Goodwill	5,173,411		5,238,726
Other intangibles, net	3,234,443		3,368,629
Investments and other assets	399,521		375,005
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	540,667		470,252
Customer advanced payments	327,537		298,728
Income taxes payable	35,216		35,904
Accrued liabilities and other	374,818		443,337
Total current liabilities	1,633,029		1,563,314
Long-term debt, net	2,147,362		2,229,148
Deferred income taxes	711,541		719,675
Other long-term liabilities	542,948		514,166
Total liabilities	5,034,880		5,026,303
Stockholders’ equity:
Common stock	2,695		2,689
Capital in excess of par value	1,040,951		1,012,526
Retained earnings	8,353,735

SEC Form 10-Q filed by AMETEK Inc.