Analyst Note
| Joshua Aguilar |Nothing in narrow-moat rated Ametek’s latest third-quarter results materially alters our long-term view of the firm, though Ametek did slightly outperform our third-quarter expectations. Management did bump up its full-year guide on both the top and bottom lines. For the full year, we were originally above the midpoint of FactSet consensus, when we expected sales of $5.45 billion, segment operating margins of 24.8%, adjusted EPS of $4.68, and free cash flow of $1.34 billion. We now expect sales of $5.51 billion, segment operating margins of 25.0%, adjusted EPS of $4.78, and free cash flow of $1.37 billion. After modest adjustments, we raise our fair value estimate to $121 per share from $120 per share, previously.