ame-20210930

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 September 30, 2021


☐			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 October 29, 2021 was 231,325,166 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 nine months ended September 30, 2021 and 2020			4
Condensed Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2021 and 2020			5
Consolidated Balance Sheet at September 30, 2021 and December 31, 2020			6
Consolidated Statement of Stockholders’ Equity for the three and nine months ended September 30, 2021 and 2020			7
Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2021 and 2020			8
Notes to Consolidated Financial Statements			9

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations			22
Item 4.Controls and Procedures			27

PART II. OTHER INFORMATION

Item 1A.Risk Factors			28
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds			28
Item 6.Exhibits			29

SIGNATURES			30

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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net sales	$	1,440,681	$	1,126,942	$	4,042,769	$	3,341,082
Cost of sales	949,402		732,705		2,651,506		2,226,547
Selling, general and administrative	153,716		123,496		443,744		384,764
Total operating expenses	1,103,118		856,201		3,095,250		2,611,311
Operating income	337,563		270,741		947,519		729,771
Interest expense	(20,476)		(21,187)		(59,865)		(66,597)
Other income (expense), net	2,581		(1,479)		(3,775)		142,428
Income before income taxes	319,668		248,075		883,879		805,602
Provision for income taxes	62,208		43,494		175,507		154,188
Net income	$	257,460	$	204,581	$	708,372	$	651,414
Basic earnings per share	$	1.11	$	0.89	$	3.07	$	2.84
Diluted earnings per share	$	1.10	$	0.88	$	3.04	$	2.82
Weighted average common shares outstanding:
Basic shares

SEC Form 10-Q filed by AMTEK, Inc.