AMETEK INC
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 1, 2024
AME$228.67+2.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-02.
0001037868-24-000030
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-01.
0001037868-24-000048
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 34 previous paragraphs and 53 current paragraphs.
10 unchanged; 23 reworded; 19 added; 1 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (19)
Current report
Segment operating income for the second quarter of 2024 was $473.0 million, an increase of $29.7 million or 6.7%, compared with segment operating income of $443.3 million for the second quarter of 2023. Segment operating margins, as a percentage of net sales, increased to 27.3% for the second quarter of 2024, compared with 26.9% for the second quarter of 2023. Segment operating margins were negatively impacted in the second quarter of 2024 by the dilutive impact of the 2023 acquisitions. Excluding the dilutive impact of recent acquisitions, segment operating margins increased 190 basis points compared to the second quarter of 2023, due to the continued benefits from the Company's Operational Excellence initiatives.
Current report
Interest expense for the second quarter of 2024 was $30.6 million, an increase of $11.9 million or 63.4%, compared with $18.7 million for the second quarter of 2023. The increase in the second quarter of 2024 is primarily driven by higher borrowings under the revolving credit facility, related to the 2023 acquisitions.
Current report
Net income for the second quarter of 2024 was $337.7 million, an increase of $13.5 million or 4.1%, compared with $324.2 million for the second quarter of 2023.
Current report
EMG’s operating income was $123.1 million for the second quarter of 2024, a decrease of $13.1 million or 9.6%, compared with $136.2 million for the second quarter of 2023. EMG’s operating margins were 21.2% of net sales for the second quarter of 2024, compared with 26.6% for the second quarter of 2023. EMG's operating income and operating margins were negatively impacted in the second quarter of 2024 by the dilutive impact of the 2023 acquisitions. Excluding the dilutive impact of the 2023 acquisitions, segment operating margins decreased 160 basis points compared to the second quarter of 2023, due to the organic sales decrease discussed above.
Current report
Net sales for the first six months of 2024 were $3,471.0 million, an increase of $227.8 million or 7.0%, compared with net sales of $3,243.2 million for the first six months of 2023. The increase in net sales for the first six months of 2024 was due to an 8% increase from acquisitions, partially offset by a 1% organic sales decline.
Current report
Total international sales for the first six months of 2024 were $1,613.4 million or 46.5% of net sales, an increase of $39.1 million or 2.5%, compared with international sales of $1,574.3 million or 48.5% of net sales for the first six months of 2023.
Current report
Orders for the first six months of 2024 were $3,339.9 million, a decrease of $126.5 million or 3.6%, compared with $3,466.4 million for the first six months of 2023. The decrease in orders for the first six months of 2024 was due to a 7% organic order decline as well as a 1% unfavorable effect of foreign currency translation, partially offset by a 5% increase from acquisitions. The organic orders decrease for the first six months of 2024 is due to customer inventory normalization in our automation and engineered solutions core businesses.
Current report
Cost of sales for the first six months of 2024 was $2,255.1 million or 65.0% of net sales, an increase of $179.4 million or 8.6%, compared with $2,075.7 million or 64.0% of net sales for the first six months of 2023. The cost of sales increase was primarily due to the net sales increase discussed above.
Current report
Selling, general and administrative expenses for the first six months of 2024 were $351.2 million or 10.1% of net sales, an increase of $8.0 million or 2.3%, compared with $343.2 million or 10.6% of net sales for the first six months of 2023. Selling expenses increased primarily due to the net sales increase discussed above. General and administrative expenses for the first six months of 2024 were $51.9 million, compared with $49.2 million for the first six months of 2023.
Current report
Consolidated operating income was $864.7 million or 24.9% of net sales for the first six months of 2024, an increase of $40.4 million or 4.9%, compared with $824.3 million or 25.4% of net sales for the first six months of 2023.
Current report
Interest expense for the first six months of 2024 was $65.8 million, an increase of $26.5 million or 67.6%, compared with $39.3 million for the first six months of 2023. The increase in the first six months of 2024 is primarily driven by higher borrowings under the revolving credit facility, related to the 2023 acquisitions.
Current report
Other expense, net was $0.5 million for the first six months of 2024, compared with $9.1 million of other expense, net for the first six months of 2023, an increase of $8.5 million of other income. The first six months of 2024 includes $3.1 million of higher pension income, compared to the first six months of 2023.
Current report
The effective tax rate for the first six months of 2024 was 18.8%, compared with 18.8% for the first six months of 2023.
Current report
Net income for the first six months of 2024 was $648.6 million, an increase of $18.7 million or 3.0%, compared with $630.0 million for the first six months of 2023.
Current report
Diluted earnings per share for the first six months of 2024 were $2.79, an increase of $0.07 or 2.6%, compared with $2.72 per diluted share for the first six months of 2023.
Current report
Segment Results
Current report
EIG’s net sales totaled $2,310.4 million for the first six months of 2024, an increase of $58.5 million or 2.6%, compared with $2,251.9 million for the first six months of 2023. The net sales increase was due to a 2% increase from acquisitions.
Current report
EIG’s operating income was $702.8 million for the first six months of 2024, an increase of $86.0 million or 13.9%, compared with $616.8 million for the first six months of 2023. EIG’s operating margins were 30.4% of net sales for the first six months of 2024, compared with 27.4% for the first six months of 2023. EIG operating margins increased in the first six months of 2024 compared to the first six months of 2023, due to the increase in net sales discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.
Current report
EMG’snet sales totaled $1,160.6 million for the first six months of 2024, an increase of $169.3 million or 17.1%, compared with $991.3 million for the first six months of 2023. The net sales increase was due to a 22% increase from acquisitions, partially offset by a 5% organic sales decrease. The organic sales decrease for the first six months of 2024 is due to customer inventory normalization in our automation and engineered solutions core businesses.
Removed paragraphs (1)
Previous report
Net income for the first quarter of 2024 was $310.9 million, an increase of $5.2 million or 1.7%, compared with $305.7 million for the first quarter of 2023.
Reworded paragraphs (23)
Previous wording
For the quarter ended March 31, 2024, the Company posted record sales. Contributions from the acquisitions of Bison Gear & Engineering Corp. ("Bison") in March 2023, United Electronic Industries ("UEI") in August 2023, Amplifier Research Corp. ("Amplifier Research") in October 2023, and Paragon Medical ("Paragon") in December 2023, as well as our Operational Excellence initiatives, had a positive impact on the first quarter of 2024 results. In the first quarter of 2024 , the Company recorded pre-tax integration costs related to the Paragon acquisition totaling $29.2 million, of which $22.4 million is employee severance. The integration costs reduced net income by $22.2 million ($0.10 per diluted share). The full year impact of the 2023 acquisitions, including the continued integration of Paragon, and focus on and implementation of our Operational Excellence initiatives are expected to have a positive impact on our 2024 results.
Current wording
For the quarter ended June 30, 2024, the Company posted record operating income. Contributions from the acquisitions of United Electronic Industries ("UEI") in August 2023, Amplifier Research Corp. ("Amplifier Research") in October 2023, and Paragon Medical ("Paragon") in December 2023, as well as our Operational Excellence initiatives, had a positive impact on the second quarter of 2024 results. In the first quarter of 2024, the Company recorded pre-tax integration costs related to the Paragon acquisition totaling $29.2 million, of which $22.4 million was employee severance. The integration costs reduced net income by $22.2 million. For the first six months of 2024, EMG experienced customer inventory normalization in our automation and engineered solutions core businesses, which we expect will continue through the remainder of 2024. The full year impact of the 2023 acquisitions, including the continued integration of Paragon, and focus on and implementation of our Operational Excellence initiatives are expected to have a positive impact on our 2024 results.
Previous wording
Results of operations for the first quarter of 2024 compared with the first quarter of 2023
Current wording
Results of operations for the second quarter of 2024 compared with the second quarter of 2023
Previous wording
Net sales for the first quarter of 2024 were $1,736.2 million, an increase of $139.1 million or 8.7%, compared with net sales of $1,597.1 million for the first quarter of 2023. The increase in net sales for the first quarter of 2024 was due to a 9% increase from acquisitions.
Current wording
Net sales for the second quarter of 2024 were $1,734.8 million, an increase of $88.7 million or 5.4%, compared with net sales of $1,646.1 million for the second quarter of 2023. The increase in net sales for the second quarter of 2024 was due to an 8% increase from acquisitions, partially offset by a 2% organic sales decline.
Previous wording
Total international sales for the first quarter of 2024 were $823.4 million or 47.4% of net sales, an increase of $35.3 million or 4.5%, compared with international sales of $788.1 million or 49.3% of net sales for the first quarter of 2023. The increase in international sales was primarily driven by contributions from recent acquisitions.
Current wording
Total international sales for the second quarter of 2024 were $790.0 million or 45.5% of net sales, an increase of $3.7 million or 0.5%, compared with international sales of $786.2 million or 47.8% of net sales for the second quarter of 2023.
Previous wording
Orders for the first quarter of 2024 were $1,662.7 million, a decrease of $149.4 million or 8.2%, compared with $1,812.1 million for the first quarter of 2023. The decrease in orders for the first quarter of 2024 was due to a 10% decline in organic orders and a 2% unfavorable effect of foreign currency translation, partially offset by a 3% increase from acquisitions. The Company's backlog of unfilled orders at March 31, 2024 was $3,460.7 million, a decrease of $73.4 million or 2.1% compared with $3,534.1 million at December 31, 2023.
Current wording
Orders for the second quarter of 2024 were $1,677.2 million, an increase of $22.8 million or 1.4%, compared with $1,654.4 million for the second quarter of 2023. The increase in orders for the second quarter of 2024 was due to a 6% increase from acquisitions, partially offset by 4% organic order decline as well as a 1% unfavorable effect of foreign currency translation. The Company's backlog of unfilled orders at June 30, 2024 was $3,403.0 million, a decrease of $131.1 million or 3.7% compared with $3,534.1 million at December 31, 2023.
Previous wording
Cost of sales for the first quarter of 2024 was $1,144.7 million or 65.9% of net sales, an increase of $122.2 million or 11.9%, compared with $1,022.5 million or 64.0% of net sales for the first quarter of 2023. Cost of sales for the first quarter of 2024 included $29.2 million of Paragon integration costs discussed above. Excluding the impact of the Paragon integration costs, the cost of sales for the first quarter of 2024 was 64.2% of net sales.
Current wording
Cost of sales for the second quarter of 2024 was $1,110.4 million or 64.0% of net sales, an increase of $57.2 million or 5.4%, compared with $1,053.2 million or 64.0% of net sales for the second quarter of 2023. The cost of sales increase was primarily due to the net sales increase discussed above.
Previous wording
Selling, general and administrative expenses for the first quarter of 2024 were $174.3 million or 10.0% of net sales, an increase of $5.2 million or 3.1%, compared with $169.1 million or 10.6% of net sales for the first quarter of 2023. General and administrative expenses for the first quarter of 2024 were $26.4 million, compared with $24.7 million for the first quarter of 2023.
Current wording
Selling, general and administrative expenses for the second quarter of 2024 were $176.9 million or 10.2% of net sales, an increase of $2.8 million or 1.6%, compared with $174.1 million or 10.6% of net sales for the second quarter of 2023. General and administrative expenses for the second quarter of 2024 were $25.4 million, compared with $24.5 million for the second quarter of 2023.
Previous wording
Consolidated operating income was $417.2 million or 24.0% of net sales for the first quarter of 2024, an increase of $11.7 million or 2.9%, compared with $405.5 million or 25.4% of net sales for the first quarter of 2023. Operating income and operating margins for the first quarter of 2024 included $29.2 million of integration costs related to the Paragon acquisition, which negatively impacted operating margins by 170 basis points. Operating margins were also negatively impacted in the first quarter of 2024 by the dilutive impact of the 2023 acquisitions. Excluding the dilutive impact of recent acquisitions and the Paragon integration costs, operating margins increased 180 basis points compared to the first quarter of 2023.
Current wording
Consolidated operating income was a record $447.5 million or 25.8% of net sales for the second quarter of 2024, an increase of $28.7 million or 6.9%, compared with $418.8 million or 25.4% of net sales for the second quarter of 2023. Operating income for the second quarter of 2024 increased primarily to due the sales increase discussed above. Operating margins were negatively impacted in the second quarter of 2024 by the dilutive impact of the 2023 acquisitions. Excluding the dilutive impact of these acquisitions, operating margins increased 180 basis points compared to the second quarter of 2023.
Previous wording
Other expense, net was $0.6 million for the first quarter of 2024, compared with $5.4 million of other expense, net for the first quarter of 2023. The decrease of $4.7 million in the first quarter of 2024 is primarily driven by higher pension income of $1.5 million, as well as higher interest income of $1.2 million.
Current wording
Other income, net was $0.1 million for the second quarter of 2024, compared with $3.7 million of other expense, net for the second quarter of 2023. The increase of $3.8 million of other income in the second quarter of 2024 includes higher pension income of $1.5 million, compared to the second quarter of 2023.
Previous wording
The effective tax rate for the first quarter of 2024 was 18.5%, compared with 19.5% for the first quarter of 2023. The lower effective tax rate in the first quarter of 2024 is primarily due to lower foreign and state taxes compared to the first quarter of 2023.
Current wording
The effective tax rate for the second quarter of 2024 was 19.0%, compared with 18.2% for the second quarter of 2023. The higher effective tax rate in the second quarter of 2024 is primarily due to higher U.S. taxes on foreign sourced earnings compared to the second quarter of 2023.
Previous wording
Diluted earnings per share for the first quarter of 2024 were $1.34, an increase of $0.02 or 1.5%, compared with $1.32 per diluted share for the first quarter of 2023.
Current wording
Diluted earnings per share for the second quarter of 2024 were $1.45, an increase of $0.05 or 3.6%, compared with $1.40 per diluted share for the second quarter of 2023.
Previous wording
EIG’s net sales totaled $1,156.8 million for the first quarter of 2024, an increase of $39.6 million or 3.5%, compared with $1,117.2 million for the first quarter of 2023. The net sales increase was due to a 1% increase in organic sales and a 3% increase from the recent acquisitions.
Current wording
EIG’s net sales totaled $1,153.6 million for the second quarter of 2024, an increase of $19.0 million or 1.7%, compared with $1,134.6 million for the second quarter of 2023. The net sales increase was due to a 2% increase from the recent acquisitions.
Previous wording
EIG’s operating income was $352.9 million for the first quarter of 2024, an increase of $43.2 million or 13.9%, compared with $309.7 million for the first quarter of 2023. EIG’s operating margins were a record 30.5% of net sales for the first quarter of 2024, compared with 27.7% for the first quarter of 2023. EIG's operating margins increased in the first quarter of 2024 compared to the first quarter of 2023 due to the sales increase discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.
Current wording
EIG’s operating income was $349.9 million for the second quarter of 2024, an increase of $42.8 million or 13.9%, compared with $307.1 million for the second quarter of 2023. EIG’s operating margins were 30.3% of net sales for the second quarter of 2024, compared with 27.1% for the second quarter of 2023. EIG's operating margins increased in the second quarter of 2024 compared to the second quarter of 2023 due to the sales increase discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.
Previous wording
EMG’snet sales totaled $579.4 million for the first quarter of 2024, an increase of $99.5 million or 20.7%, compared with $479.9 million for the first quarter of 2023. The net sales increase was due to a 25% increase from the recent acquisitions, partially offset by a 4% organic sales decrease. The organic sales decrease for the first quarter of 2024 is due to customer inventory normalization in our automation and engineered solutions core businesses
Current wording
EMG’snet sales totaled a record $581.2 million for the second quarter of 2024, an increase of $69.7 million or 13.6%, compared with $511.5 million for the second quarter of 2023. The net sales increase was due to a 20% increase from the recent acquisitions, partially offset by a 6% organic sales decrease. The organic sales decrease for the second quarter of 2024 is due to customer inventory normalization in our automation and engineered solutions core businesses.
Previous wording
Segment operating income for the first quarter of 2024 was $443.6 million, an increase of $13.3 million or 3.1%, compared with segment operating income of $430.3 million for the first quarter of 2023. Segment operating margins, as a percentage of net sales, decreased to 25.6% for the first quarter of 2024, compared with 26.9% for the first quarter of 2023. Segment operating income and operating margins for the first quarter of 2024 included $29.2 million of integration costs related to the Paragon acquisition, which negatively impacted segment operating margins by 160 basis points. Segment operating margins were also negatively impacted in the first quarter of 2024 by the dilutive impact of the 2023 acquisitions. Excluding the dilutive impact of recent acquisitions and the Paragon integration costs, segment operating margins increased 200 basis points compared to the first quarter of 2023, due to the continued benefits from the Company's Operational Excellence initiatives.
Current wording
Segment operating income for the first six months of 2024 was $916.6 million, an increase of $43.1 million or 4.9%, compared with segment operating income of $873.5 million for the first six months of 2023. Segment operating margins, as a percentage of net sales, decreased to 26.4% for the first six months of 2024, compared with 26.9% for the first six months of 2023. Segment operating income and operating margins for the first six months of 2024 included $29.2 million of integration costs related to the Paragon acquisition, which negatively impacted segment operating margins by 80 basis points. Segment operating margins were also negatively impacted in the first six months of 2024 by the dilutive impact of the 2023 acquisitions. Excluding the dilutive impact of the 2023 acquisitions and the Paragon integration costs, segment operating margins increased 190 basis points compared to the first six months of 2023, due to the continued benefits from the Company's Operational Excellence initiatives.
Previous wording
EMG’s operating income was $90.7 million for the first quarter of 2024, a decrease of $29.8 million or 24.7%, compared with $120.5 million for the first quarter of 2023. EMG’s operating margins were 15.7% of net sales for the first quarter of 2024, compared with 25.1% for the first quarter of 2023. EMG's operating income and operating margins for the first quarter of 2024 included $29.2 million of integration costs related to the Paragon acquisition, which negatively impacted segment operating margins by 500 basis points. Segment operating margins were also negatively impacted in the first quarter of 2024 by the dilutive impact of the 2023 acquisitions. Excluding the dilutive impact of recent acquisitions and the Paragon integration costs, segment operating margins decreased 100 basis points compared to the first quarter of 2023, due to the organic sales decrease discussed above.
Current wording
EMG’s operating income was $213.8 million for the first six months of 2024, a decrease of $42.9 million or 16.7%, compared with $256.7 million for the first six months of 2023. EMG’s operating margins were 18.4% of net sales for the first six months of 2024, compared with 25.9% for the first six months of 2023. EMG's operating income and operating margins for the first six months of 2024 included $29.2 million of integration costs related to the Paragon acquisition, which negatively impacted segment operating margins by 250 basis points. Segment operating margins were also negatively impacted in the first six months of 2024 by the dilutive impact of the 2023 acquisitions. Excluding the dilutive impact of the 2023 acquisitions and the Paragon integration costs, segment operating margins decreased 140 basis points compared to the first six months of 2023, due to the organic sales decrease discussed above.
Previous wording
Cash provided by operating activities totaled $410.2 million for the first three months of 2024, an increase of $23.7 million or 6.1%, compared with $386.5 million for the first three months of 2023. The increase in cash provided by operating activities for the first three months of 2024 was primarily due to higher net income, net of noncash depreciation and amortization expense related to recent acquisitions.
Current wording
Cash provided by operating activities totaled $791.7 million for the first six months of 2024, an increase of $69.9 million or 9.7%, compared with $721.8 million for the first six months of 2023. The increase in cash provided by operating activities for the first six months of 2024 was primarily due to higher net income, net of noncash depreciation and amortization expense related to recent acquisitions.
Previous wording
Free cash flow (cash flow provided by operating activities less capital expenditures) was $382.6 million for the first three months of 2024, compared with $366.5 million for the first three months of 2023. EBITDA (earnings before interest, income taxes, depreciation and amortization) was $512.8 million for the first three months of 2024, compared with $481.7 million for the first three months of 2023. Free cash flow and EBITDA are presented because the Company is aware that they are measures used by third parties in evaluating the Company.
Current wording
Free cash flow (cash flow provided by operating activities less capital expenditures) was $742.6 million for the first six months of 2024, compared with $673.9 million for the first six months of 2023. EBITDA (earnings before interest, income taxes, depreciation and amortization) was $1,057.5 million for the first six months of 2024, compared with $977.3 million for the first six months of 2023. Free cash flow and EBITDA are presented because the Company is aware that they are measures used by third parties in evaluating the Company.
Previous wording
Cash used by investing activities totaled $21.4 million for the first three months of 2024, compared with cash used by investing activities of $122.2 million for the first three months of 2023. For the first three months of 2023, the Company paid $99.3 million, net of cash acquired, to purchase Bison Gear & Engineering Corp. Additions to property, plant and equipment totaled $27.7 million for the first three months of 2024, compared with $20.0 million for the first three months of 2023.
Current wording
Cash used by investing activities totaled $43.5 million for the first six months of 2024, compared with cash used by investing activities of $150.0 million for the first six months of 2023. For the first six months of 2023, the Company paid $99.3 million, net of cash acquired, to purchase Bison Gear & Engineering Corp. Additions to property, plant and equipment totaled $49.1 million for the first six months of 2024, compared with $47.8 million for the first six months of 2023.
Previous wording
Cash used by financing activities totaled $417.5 million for the first three months of 2024, compared with cash used by financing activities of $215.0 million for the first three months of 2023. At March 31, 2024, total debt, net was $2,933.2 million, compared with $3,313.3 million at December 31, 2023. For the first three months of 2024, total borrowings decreased by $363.1 million compared with a $155.5 million decrease for the first three months of 2023. At March 31, 2024, the Company had available borrowing capacity of $2,187.5 million under its revolving credit facility, including the $700 million accordion feature.
Current wording
Cash used by financing activities totaled $751.7 million for the first six months of 2024, compared with cash used by financing activities of $317.1 million for the first six months of 2023. At June 30, 2024, total debt, net was $2,651.4 million, compared with $3,313.3 million at December 31, 2023. For the first six months of 2024, total borrowings decreased by $640.6 million compared with a $219.6 million decrease for the first six months of 2023. At June 30, 2024, the Company had available borrowing capacity of $2,483.2 million under its revolving credit facility, including the $700 million accordion feature.
Previous wording
The debt-to-capital ratio was 24.6% at March 31, 2024, compared with 27.5% at December 31, 2023. The net debt-to-capital ratio (total debt, net less cash and cash equivalents divided by the sum of net debt and stockholders’ equity) was 22.2% at March 31, 2024, compared with 25.0% at December 31, 2023. The net debt-to-capital ratio is presented because the Company is aware that this measure is used by third parties in evaluating the Company.
Current wording
The debt-to-capital ratio was 22.3% at June 30, 2024, compared with 27.5% at December 31, 2023. The net debt-to-capital ratio (total debt, net less cash and cash equivalents divided by the sum of net debt and stockholders’ equity) was 19.6% at June 30, 2024, compared with 25.0% at December 31, 2023. The net debt-to-capital ratio is presented because the Company is aware that this measure is used by third parties in evaluating the Company.
Previous wording
Additional financing activities for the first three months of 2024 included cash dividends paid of $64.7 million, compared with $57.5 million for the first three months of 2023. Effective February 9, 2024, the Company’s Board of Directors approved a 12% increase in the quarterly cash dividend on the Company’s common stock to $0.28 per common share from $0.25 per common share. The Company repurchased $6.9 million of its common stock for the first three months of 2024, compared with $6.5 million for the first three months of 2023. Proceeds from stock option exercises were $23.6 million for the first three months of 2024, compared with $10.4 million for the first three months of 2023.
Current wording
Additional financing activities for the first six months of 2024 included cash dividends paid of $129.4 million, compared with $115.1 million for the first six months of 2023. Effective February 9, 2024, the Company’s Board of Directors approved a 12% increase in the quarterly cash dividend on the Company’s common stock to $0.28 per common share from $0.25 per common share. The Company repurchased $7.6 million of its common stock for the first six months of 2024, compared with $6.5 million for the first six months of 2023. Proceeds from stock option exercises were $34.5 million for the first six months of 2024, compared with $29.1 million for the first six months of 2023.
Previous wording
As a result of all of the Company’s cash flow activities for the first three months of 2024, cash and cash equivalents at March 31, 2024 totaled $373.8 million, compared with $409.8 million at December 31, 2023. At March 31, 2024, the Company had $337.3 million in cash outside the United States, compared with $375.9 million at December 31, 2023. The Company utilizes this cash to fund its international operations, as well as to acquire international businesses. The Company is in compliance with all covenants, including financial covenants, for all of its debt agreements. The Company believes it has sufficient cash-generating capabilities from domestic and unrestricted foreign sources, available credit facilities and access to long-term capital funds to enable it to meet its operating needs and contractual obligations in the foreseeable future.
Current wording
As a result of all of the Company’s cash flow activities for the first six months of 2024, cash and cash equivalents at June 30, 2024 totaled $396.6 million, compared with $409.8 million at December 31, 2023. At June 30, 2024, the Company had $366.9 million in cash outside the United States, compared with $375.9 million at December 31, 2023. The Company utilizes this cash to fund its international operations, as well as to acquire international businesses. The Company is in compliance with all covenants, including financial covenants, for all of its debt agreements. The Company believes it has sufficient cash-generating capabilities from domestic and unrestricted foreign sources, available credit facilities and access to long-term capital funds to enable it to meet its operating needs and contractual obligations in the foreseeable future.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Results of operations for the first six months of 2024 compared with the first six months of 2023