On Tuesday, AMETEK, Berwyn, Pennsylvania, reported sales for the second quarter of $1.4 billion, which was a 37% increase over the second quarter of 2020. AMETEK, which is a global manufacturer of electronic instruments and electromechanical devices, had net income of $1 per share. Earnings, adjusted for amortization costs, came to $1.15 per share.
Operating income increased 39% to a record $316.6 million while operating margins were 23%, up 40 basis points over the prior-year period.
“AMETEK delivered outstanding results in the second quarter with record sales, operating income and adjusted earnings,” said AMETEK Chairman and Chief Executive Officer David A. Mapiko. “Sales growth and operating performance were exceptionally strong while earnings exceeded our expectations. Order growth remains robust and broad-based resulting in a record $2.5 billion in backlog. Additionally, our businesses generated outstanding levels of cash flow with free cash flow conversion a strong 114% of net income.”
Second quarter Electronic Instruments Group [EIG]sales were a record $934 million, up 44% compared to last year’s second quarter. EIG’s operating income in the quarter was up 42% to $226.6 million, and operating margins were 24.3%. AMETEK said its full-year earnings would be in the range of $4.62 to $4.68 per share.