Berwyn, Pennsylvania-based manufacturer AMETEK (NYSE: AME) reported first-quarter sales of $1.46 billion, a 20% increase compared to the same quarter of 2021.
Operating income in 1Q 2022 also increased 20% to $353.2 million, and operating margins were 24.2%.
Electromechanical Group 1Q sales were $470.8 million, up 11% from the same quarter in 2021. Electronic Instruments Group sale were $987.8 million, up 25% from the first quarter of 2021.
On a GAAP basis, 1Q earnings per diluted share were $1.17. Adjusted earnings in the quarter were $1.33 per diluted share, up 24% from the first quarter of 2021.
“AMETEK had a strong start to the year. Our businesses navigated a difficult operating environment, delivering results exceeding our expectations,” said David A. Zapico, AMETEK chairman and CEO. “Our focus on providing customers with differentiated technology solutions drove double digit organic sales growth while AMETEK’s operational flexibility allowed us to generate excellent margin expansion and earnings growth. Additionally, end demand remains strong with orders up 22% in the quarter resulting in a record $3.0 billion backlog.”