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AMETEK Inc

AME: XNYS (USA)
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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation
$167.29MfzXjssnmhngl

No Real Surprises in Ametek's Second-Quarter Results; We Maintain Our Fair Value Estimate

We see no reason to change our $136 fair value estimate for narrow-moat Ametek following second-quarter results. Revenue of $1.51 billion was below our expectation of $1.57 billion, while adjusted earnings per share of $1.38 came in marginally below our expectation of $1.41. The variance in EPS was due to about 40 basis points less in expected segment operating margins relative to our prior expectations. Nonetheless, segment operating margins still rose nearly 130 basis points year on year to 25.7%, while adjusted EPS still rose 20% year on year. We were directionally correct relative to FactSet consensus on all counts.

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