AMETEK Inc. (NYSE:AME) announced strong Q4 results, driven by record sales and improved operating performance. David A. Zapico, the company’s CEO, commented on the results as a “record year with an outstanding fourth quarter.”
AMETEK is a leading manufacturer and provider of industrial products and solutions for a wide range of markets. The company has more than 170 leading brands in its portfolio.
The adjusted EPS reported was $1.52 per share, which topped the analysts’ forecast of $1.47. The EPS jumped by 11% as compared to the fourth quarter of 2021.
The company posted sales of $1.63 billion in Q4, which increased by 8% from the same quarter of the previous year. The operating income grew by 10% to $398 million, well supported by operating margins of 24.5%.
For the full year, sales were $6.15 billion, which increased by 11% over 2021. The favorable numbers were a result of the company’s focus on its four core pillars: operational excellence, global expansion, acquisitions, and product development.
The company entered 2023 with a huge backlog of $3.3 billion. The consensus estimate for Q1 2023 sales is $1.52 billion. The company expects its earnings to be in the range of $1.38-$1.42 per share in the first quarter of 2023.
Is AMETEK a Good Stock to Buy?
The stock has gained almost 15% in the last six months.
Overall, the analysts are bullish on AMETEK stock with a Moderate Buy rating, based on five Buy and two Hold recommendations. The average target price for the stock is $155.3, which is 7.4% higher than the current price.