Description

AMETEK: Can $2.2 Billion In Orders Offset Tougher Back Half Comparisons?

AMETEK reported first quarter 2026 results exhibiting strong top-line and earnings performance, highlighted by double-digit sales growth, record orders, margin expansion, and robust cash flow generation. Quarterly sales reached $1.93 billion, an 11% increase year-over-year, with organic growth contributing 5%. Orders surged 23% to a record $2.2 billion, driving a backlog of nearly $3.9 billion. Operating income increased 14% to $517 million, with operating margins at 26.8% and a core operating margin expansion of 160 basis points to 27.9%. EBITDA reached a quarterly record of $620 million (up 11%), with margins at 32.1%. The company converted free cash flow at 107% of net income in the quarter. Diluted earnings per share were $1.97, 13% higher than the prior year and above guidance. Segment-wise, the Electronic Instruments Group (EIG) delivered 11% sales growth ($1.26 billion), with organic orders up 25%, driven by defense, power, and semiconductor markets.