AMETEK INC
For the period ended Mar 31, 2025. Filed May 1, 2025.
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.
Mar 31, 2025 · Filed May 1, 2025
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 2024-09-30; filed 2024-10-31.
0001037868-24-000053
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-01.
0001037868-25-000040
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 54 previous paragraphs and 36 current paragraphs.
8 unchanged; 20 reworded; 8 added; 26 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 0 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 (8)
Current report
Recent Trends
Current report
In recent months, the United States government announced additional tariffs and trade restrictions on goods imported into the U.S. from various nations. In response, some nations countered with or are considering reciprocal tariffs and other actions. The U.S. government is negotiating with several of these nations regarding the tariffs, however, the outcome of these negotiations is still uncertain. With this uncertainty, the likelihood of project delays and slowing demand has also increased, particularly within China. As the situation continues to evolve, we cannot be certain of the outcome, which could adversely impact demand for our products, costs, inflation, customers, suppliers, and the overall global economy. We continue to monitor and analyze the impacts of the tariffs and will implement appropriate actions as necessary to attempt to mitigate their effects.
Current report
Cost of sales for the first quarter of 2025 was $1,107.0 million or 63.9% of net sales, a decrease of $37.7 million or 3.3%, compared with $1,144.7 million or 65.9% of net sales for the first quarter of 2024. Cost of sales for the first quarter of 2024 included $29.2 million of Paragon integrations costs, of which $22.4 million is employee severance. Excluding the impact of the Paragon integration costs, the cost of sales for the first quarter of 2024 was 64.2%.
Current report
Selling, general and administrative expenses for the first quarter of 2025 were $170.2 million or 9.8% of net sales, a decrease of $4.1 million or 2.4%, compared with $174.3 million or 10.0% of net sales for the first quarter of 2024.
Current report
Consolidated operating income was $454.8 million or 26.3% of net sales for the first quarter of 2025, an increase of $37.6 million or 9.0%, compared with $417.2 million or 24.0% of net sales for the first quarter of 2024. In the first quarter of 2025, the dilutive impact of recent acquisitions negatively impacted operating margins by 30 basis points. In the first quarter of 2024, operating income and operating margins included $29.2 million of integration costs related to the Paragon acquisition, which negatively impacted operating margins by 170 basis points. Excluding the dilutive impact of acquisitions and the Paragon integration costs, operating margins increased 90 basis points compared to the first quarter of 2024 due to the continued benefits from the Company's Operational Excellence initiatives.
Current report
Net income for the first quarter of 2025 was $351.8 million, an increase of $40.9 million or 13.1%, compared with $310.9 million for the first quarter of 2024.
Current report
EMG’snet sales totaled a record $588.3 million for the first quarter of 2025, an increase of $8.9 million or 1.5%, compared with $579.4 million for the first quarter of 2024. The net sales increase was due to a 2% organic sales increase, partially offset by an unfavorable effect of foreign currency translation.
Current report
EMG’s operating income was $128.7 million for the first quarter of 2025, an increase of $38.0 million or 41.9%, compared with $90.7 million for the first quarter of 2024. EMG’s operating margins were 21.9% of net sales for the first quarter of 2025, compared with 15.7% for the first quarter of 2024. In the first quarter of 2024 EMG's operating income and operating margins included $29.2 million of integration costs related to the Paragon acquisition, which negatively impacted segment operating margins by 500 basis points. Excluding the Paragon integration costs, EMG's operating margins increased 120 basis points compared to the first quarter of 2024 due to the continued benefits from the Company's Operational Excellence initiatives.
Removed paragraphs (26)
Previous report
The following table sets forth net sales and income by reportable segment and on a consolidated basis:
Previous report
Cost of sales for the third quarter of 2024 was $1,092.8 million or 64.0% of net sales, an increase of $71.9 million or 7.0%, compared with $1,020.9 million or 62.9% of net sales for the third quarter of 2023. The cost of sales increase was primarily due to the net sales increase discussed above.
Previous report
Segment operating income for the third quarter of 2024 was $470.5 million, an increase of $7.8 million or 1.7%, compared with segment operating income of $462.7 million for the third quarter of 2023. Segment operating margins, as a percentage of net sales, decreased to 27.5% for the third quarter of 2024, compared with 28.5% for the third quarter of 2023. Segment operating margins were negatively impacted in the third quarter of 2024 by the dilutive impact of the 2023 acquisitions and the effect of foreign currency translation. In the third quarter of 2024, the dilutive impact of recent acquisitions negatively impacted segment operating margins by 100 basis points. Foreign currency exchange headwinds in the third quarter of 2024 negatively impacted margins by 50 basis points. Excluding the dilutive impact of recent acquisitions and the effect of foreign currency translation, segment operating margins increased 50 basis points compared to the third quarter of 2023.
Previous report
Selling, general and administrative expenses for the third quarter of 2024 were $170.0 million or 9.9% of net sales, an increase of $6.2 million or 3.8%, compared with $163.8 million or 10.1% of net sales for the third quarter of 2023. Selling expenses increased primarily due to the net sales increase discussed above. General and administrative expenses for the third quarter of 2024 were flat at $24.6 million, compared to the third quarter of 2023.
Previous report
Consolidated operating income was $445.9 million or 26.1% of net sales for the third quarter of 2024, an increase of $7.8 million or 1.8%, compared with $438.1 million or 27.0% of net sales for the third quarter of 2023. Operating margins were negatively impacted in the third quarter of 2024 by the dilutive impact of the 2023 acquisitions and the effect of foreign currency translation. In the third quarter of 2024, the dilutive impact of recent acquisitions negatively impacted operating margins by 90 basis points. Foreign currency exchange headwinds in the third quarter of 2024 negatively impacted margins by 40 basis points. Excluding the dilutive impact of these acquisitions and the effect of foreign currency translation, operating margins increased 40 basis points compared to the third quarter of 2023.
Previous report
Net income for the third quarter of 2024 was flat at $340.2 million, compared with $340.4 million for the third quarter of 2023.
Previous report
Diluted earnings per share for the third quarter of 2024 were flat at $1.47, compared with the third quarter of 2023.
Previous report
EMG’snet sales totaled $574.0 million for the third quarter of 2024, an increase of $87.3 million or 17.9%, compared with $486.7 million for the third quarter of 2023. The net sales increase was due to a 21% increase from the recent acquisitions, partially offset by a 3% organic sales decrease. The organic sales decrease for the third quarter of 2024 is due to customer inventory normalization in our automation and engineered solutions core businesses.
Previous report
EMG’s operating income was $131.5 million for the third quarter of 2024, an increase of $4.0 million or 3.1%, compared with $127.5 million for the third quarter of 2023. EMG’s operating margins were 22.9% of net sales for the third quarter of 2024, compared with 26.2% for the third quarter of 2023. EMG's operating income and operating margins were negatively impacted in the third quarter of 2024 by the dilutive impact of the 2023 acquisitions and the effect of foreign currency translation. The dilutive impact of recent acquisitions in the third quarter of 2024 negatively impacted EMG's operating margins by 270 basis points. Foreign currency exchange headwinds negatively impacted EMG's margins in the third quarter of 2024 by 50 basis points. Excluding the dilutive impact of the 2023 acquisitions and the effect of foreign currency translation, EMG's operating margins decreased 10 basis points compared to the third quarter of 2023.
Previous report
Results of operations for the first nine months of 2024 compared with the first nine months of 2023
Previous report
Net sales for the first nine months of 2024 were $5,179.6 million, an increase of $313.5 million or 6.4%, compared with net sales of $4,866.1 million for the first nine months of 2023. The increase in net sales for the first nine months of 2024 was due to an 8% increase from acquisitions, partially offset by a 2% organic sales decline.
Previous report
Total international sales for the first nine months of 2024 were $2,426.9 million or 46.9% of net sales, an increase of $120.9 million or 5.2%, compared with international sales of $2,306.0 million or 47.4% of net sales for the first nine months of 2023. The increase in international sales was primarily driven by contributions from the 2023 acquisitions.
Previous report
Orders for the first nine months of 2024 were $5,083.3 million, an increase of $66.2 million or 1.3%, compared with $5,017.1 million for the first nine months of 2023. The increase in orders for the first nine months of 2024 was due to a 5% increase from acquisitions, partially offset by a 4% organic order decline. The organic orders decrease for the first nine months of 2024 is due to customer inventory normalization in our automation and engineered solutions core businesses.
Previous report
Cost of sales for the first nine months of 2024 was $3,347.9 million or 64.6% of net sales, an increase of $251.3 million or 8.1%, compared with $3,096.6 million or 63.6% of net sales for the first nine months of 2023. The cost of sales increase was primarily due to the net sales increase discussed above.
Previous report
Selling, general and administrative expenses for the first nine months of 2024 were $521.1 million or 10.1% of net sales, an increase of $14.1 million or 2.8%, compared with $507.0 million or 10.4% of net sales for the first nine months of 2023. Selling expenses increased primarily due to the net sales increase discussed above. General and administrative expenses for the first nine months of 2024 were $76.5 million, compared with $73.8 million for the first nine months of 2023.
Previous report
Consolidated operating income was $1,310.6 million or 25.3% of net sales for the first nine months of 2024, an increase of $48.1 million or 3.8%, compared with $1,262.5 million or 25.9% of net sales for the first nine months of 2023.
Previous report
Interest expense for the first nine months of 2024 was $91.0 million, an increase of $33.3 million or 57.7%, compared with $57.7 million for the first nine months of 2023. The increase in the first nine months of 2024 is primarily driven by higher borrowings under the revolving credit facility, related to the 2023 acquisitions.
Previous report
Other expense, net was $2.4 million for the first nine months of 2024, compared with $15.3 million of other expense, net for the first nine months of 2023, a decrease of $12.9 million of other expense. The first nine months of 2024 includes $4.7 million of higher pension income, foreign exchange gains of $3.7 million, and lower acquisition-related due diligence expense, compared to the first nine months of 2023.
Previous report
The effective tax rate for the first nine months of 2024 was 18.8%, compared with 18.4% for the first nine months of 2023. The higher tax rate in the first nine months of 2024 primarily reflects higher year over year tax cost on foreign sourced income.
Previous report
Net income for the first nine months of 2024 was $988.9 million, an increase of $18.6 million or 1.9%, compared with $970.3 million for the first nine months of 2023.
Previous report
Segment Results
Previous report
EIG’s net sales totaled $3,445.0 million for the first nine months of 2024, an increase of $57.0 million or 1.7%, compared with $3,388.0 million for the first nine months of 2023. The net sales increase was due to a 2% increase from acquisitions.
Previous report
EIG’s operating income was $1,041.8 million for the first nine months of 2024, an increase of $89.8 million or 9.4%, compared with $952.0 million for the first nine months of 2023. EIG’s operating margins were 30.2% of net sales for the first nine months of 2024, compared with 28.1% for the first nine months of 2023. EIG operating margins increased in the first nine months of 2024 compared to the first nine months of 2023, due to the increase in net sales discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.
Previous report
EMG’snet sales totaled $1,734.6 million for the first nine months of 2024, an increase of $256.6 million or 17.4%, compared with $1,478.0 million for the first nine months of 2023. The net sales increase was due to a 22% increase from acquisitions, partially offset by a 4% organic sales decrease. The organic sales decrease for the first nine months of 2024 is due to customer inventory normalization in our automation and engineered solutions core businesses.
Previous report
EMG’s operating income was $345.3 million for the first nine months of 2024, a decrease of $39.0 million or 10.1%, compared with $384.3 million for the first nine months of 2023. EMG’s operating margins were 19.9% of net sales for the first nine months of 2024, compared with 26.0% for the first nine months of 2023. EMG's operating income and operating margins for the first nine months of 2024 included $29.2 million of integration costs related to the Paragon acquisition, which negatively impacted segment operating margins by 170 basis points. Segment operating margins were also negatively impacted in the first nine 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 110 basis points compared to the first nine months of 2023, due to the organic sales decrease discussed above.
Previous report
In the third quarter of 2024, the Company paid in full, at maturity, a $300 million in aggregate principal amount of 3.73% senior notes. The debt-to-capital ratio was 19.7% at September 30, 2024, compared with 27.5% at December 31, 2023.
Reworded paragraphs (20)
Previous wording
For the quarter ended September 30, 2024, the Company posted strong orders, sales, and operating income. Contributions from the acquisitions of Amplifier Research Corp. ("Amplifier Research") in October 2023, and Paragon Medical ("Paragon") in December 2023, as well as our Operational Excellence initiatives, all of which had a positive impact on the third 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 in the year-to-date period. For the first nine months of 2024, EMG experienced customer inventory normalization in our automation and engineered solutions core businesses. 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 the remainder of our 2024 results.
Current wording
For the quarter ended March 31, 2025, the Company posted strong orders, operating income, and operating margins. Contributions from the acquisitions of Virtek Vision International ("Virtek") in October 2024 and Kern Microtechnik ("Kern") in January 2025 as well as our Operational Excellence initiatives had a positive impact on the first quarter of 2025 results.
Previous wording
Results of operations for the third quarter of 2024 compared with the third quarter of 2023
Current wording
Results of operations for the first quarter of 2025 compared with the first quarter of 2024
Previous wording
Net sales for the third quarter of 2024 were $1,708.6 million, an increase of $85.8 million or 5.3%, compared with net sales of $1,622.8 million for the third quarter of 2023. The increase in net sales for the third quarter of 2024 was due to a 7% increase from acquisitions, partially offset by a 2% organic sales decline.
Current wording
Net sales for the first quarter of 2025 were $1,732.0 million, a decrease of $4.2 million or 0.2%, compared with net sales of $1,736.2 million for the first quarter of 2024. The decrease in net sales for the first quarter of 2025 was due to a 1% organic sales decline, partially offset by a 1% increase from acquisitions.
Previous wording
Total international sales for the third quarter of 2024 were $813.5 million or 47.6% of net sales, an increase of $81.8 million or 11.2%, compared with international sales of $731.7 million or 45.1% of net sales for the third quarter of 2023. The increase in international sales was primarily driven by strong demand in Europe and Asia as well as contributions from the 2023 acquisitions.
Current wording
Total international sales for the first quarter of 2025 were $804.4 million or 46.4% of net sales, a decrease of $19.0 million or 2.3%, compared with international sales of $823.4 million or 47.4% of net sales for the first quarter of 2024. The decrease in international sales was primarily driven by lower demand in Europe and Asia.
Previous wording
Orders for the third quarter of 2024 were $1,743.4 million, an increase of $192.8 million or 12.4%, compared with $1,550.6 million for the third quarter of 2023. The increase in orders for the third quarter of 2024 was due to a 7% increase from acquisitions, a 2% organic order increase, as well as a 4% favorable effect of foreign currency translation. The Company's backlog of unfilled orders at September 30, 2024 was $3,437.8 million, a decrease of $96.3 million or 2.7% compared with $3,534.1 million at December 31, 2023.
Current wording
Orders for the first quarter of 2025 were $1,797.8 million, an increase of $135.1 million or 8.1%, compared with $1,662.7 million for the first quarter of 2024. The increase in orders for the first quarter of 2025 was due to a 3% organic order increase, a 3% increase from acquisitions, as well as a 2% favorable effect of foreign currency translation. The Company's backlog of unfilled orders at March 31, 2025 was $3,469.1 million, an increase of $65.9 million or 1.9% compared with $3,403.2 million at December 31, 2024.
Previous wording
Segment operating income for the first nine months of 2024 was $1,387.1 million, an increase of $50.9 million or 3.8%, compared with segment operating income of $1,336.2 million for the first nine months of 2023. Segment operating margins, as a percentage of net sales, decreased to 26.8% for the first nine months of 2024, compared with 27.5% for the first nine months of 2023. Segment operating income and operating margins for the first nine months of 2024 included $29.2 million of integration costs related to the Paragon acquisition, which negatively impacted segment operating margins by 50 basis points. The dilutive impact of the 2023 acquisitions negatively impacted segment operating margins by 140 basis points in the first nine months of 2024. Excluding the dilutive impact of the 2023 acquisitions and the Paragon integration costs, segment operating margins increased 120 basis points compared to the first nine months of 2023, due to the continued benefits from the Company's Operational Excellence initiatives.
Current wording
Segment operating income for the first quarter of 2025 was $482.8 million, an increase of $39.2 million or 8.8%, compared with segment operating income of $443.6 million for the first quarter of 2024. Segment operating margins, as a percentage of net sales, increased to 27.9% for the first quarter of 2025, compared with 25.6% for the first quarter of 2024. In the first quarter of 2025, the dilutive impact of recent acquisitions negatively impacted segment operating margins by 30 basis points. In the first quarter of 2024, segment operating income and operating margins included $29.2 million of integration costs related to the Paragon acquisition, which negatively impacted segment operating margins by 160 basis points. Excluding the dilutive impact of recent acquisitions and the Paragon integration costs, segment operating margins increased 100 basis points compared to the first quarter of 2024 due to the continued benefits from the Company's Operational Excellence initiatives.
Previous wording
Interest expense for the third quarter of 2024 was $25.1 million, an increase of $6.7 million or 36.6%, compared with $18.4 million for the third quarter of 2023. The increase in the third quarter of 2024 is primarily driven by higher borrowings under the revolving credit facility, related to the 2023 acquisitions.
Current wording
Interest expense for the first quarter of 2025 was $19.0 million, a decrease of $16.3 million or 46.1%, compared with $35.3 million for the first quarter of 2024. Higher borrowings under the revolving credit facility related to the Paragon acquisition resulted in higher interest expense in the first quarter of 2024.
Previous wording
Other expense, net was $1.9 million for the third quarter of 2024, compared with $6.3 million of other expense, net for the third quarter of 2023. The decrease of $4.4 million of other expense in the third quarter of 2024 includes higher pension income of $1.6 million and lower acquisition-related due diligence expense compared to the third quarter of 2023.
Current wording
Other expense, net was $1.6 million for the first quarter of 2025, compared with $0.6 million of other expense, net for the first quarter of 2024.
Previous wording
The effective tax rate for the third quarter of 2024 was 18.8%, compared with 17.7% for the third quarter of 2023. The higher tax rate in the third quarter of 2024 primarily reflects higher year over year tax cost on foreign sourced income.
Current wording
The effective tax rate for the first quarter of 2025 was 19.0%, compared with 18.5% for the first quarter of 2024. The higher tax rate is primarily due to higher state income taxes and U.S. taxes on foreign earnings.
Previous wording
Diluted earnings per share for the first nine months of 2024 were $4.26, an increase of $0.07 or 1.7%, compared with $4.19 per diluted share for the first nine months of 2023.
Current wording
Diluted earnings per share for the first quarter of 2025 were $1.52, an increase of $0.18 or 13.4%, compared with $1.34 per diluted share for the first quarter of 2024.
Previous wording
EIG’s net sales totaled $1,134.6 million for the third quarter of 2024, a decrease of $1.5 million or 0.1%, compared with $1,136.1 million for the third quarter of 2023. The net sales decrease was due to a 2% organic sales decline, offset by a 2% increase from the 2023 acquisitions. The organic sales decrease for the third quarter of 2024 is due to temporary delays in project spending across parts of our EIG business.
Current wording
EIG’s net sales totaled $1,143.7 million for the first quarter of 2025, a decrease of $13.1 million or 1.1%, compared with $1,156.8 million for the first quarter of 2024. The net sales decrease was due to a 2% organic sales decline as well as a 1% unfavorable effect of foreign currency translation, partially offset by a 2% increase from recent acquisitions.
Previous wording
EIG’s operating income was $339.0 million for the third quarter of 2024, an increase of $3.8 million or 1.1%, compared with $335.2 million for the third quarter of 2023. EIG’s operating margins were 29.9% of net sales for the third quarter of 2024, compared with 29.5% for the third quarter of 2023. Foreign currency exchange headwinds negatively impacted EIG's operating margins in the third quarter of 2024 by 40 basis points. EIG's operating margins increased in the third quarter of 2024 compared to the third quarter of 2023 due to the continued benefits from the Company's Operational Excellence initiatives.
Current wording
EIG’s operating income was $354.1 million for the first quarter of 2025, an increase of $1.2 million or 0.3%, compared with $352.9 million for the first quarter of 2024. EIG’s operating margins were 31.0% of net sales for the first quarter of 2025, compared with 30.5% for the first quarter of 2024. The dilutive impact of recent acquisitions in the first quarter of 2025 negatively impacted EIG's operating margins by 60 basis points. Excluding the dilutive impact of recent acquisitions, EIG's operating margins increased 110 basis points in the first quarter of 2025 compared to the first quarter of 2024 due to the continued benefits from the Company's Operational Excellence initiatives.
Previous wording
Cash provided by operating activities totaled $1,278.8 million for the first nine months of 2024, an increase of $84.2 million or 7.0%, compared with $1,194.6 million for the first nine months of 2023. The increase in cash provided by operating activities for the first nine months of 2024 was primarily due to higher net income, net of higher noncash depreciation and amortization expense related to recent acquisitions, and improved working capital management.
Current wording
Cash provided by operating activities totaled $417.5 million for the first three months of 2025, an increase of $7.3 million or 1.8%, compared with $410.2 million for the first three months of 2024. The increase in cash provided by operating activities for the first three months of 2025 was primarily due to higher net income, partially offset by higher working capital investments.
Previous wording
Free cash flow (cash flow provided by operating activities less capital expenditures) was $1,203.5 million for the first nine months of 2024, compared with $1,118.1 million for the first nine months of 2023. EBITDA (earnings before interest, income taxes, depreciation and amortization) was $1,590.5 million for the first nine months of 2024, compared with $1,488.3 million for the first nine 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 $394.5 million for the first three months of 2025, compared with $382.6 million for the first three months of 2024. EBITDA (earnings before interest, income taxes, depreciation and amortization) was $558.5 million for the first three months of 2025, compared with $512.8 million for the first three months of 2024. 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 $69.5 million for the first nine months of 2024, compared with cash used by investing activities of $326.3 million for the first nine months of 2023. For the first nine months of 2023, the Company paid $246.7 million, net of cash acquired, to purchase United Electronic Industries and Bison Gear & Engineering Corp. For the first nine months of 2024, the Company received $4.2 million from the sale of a facility. Additions to property, plant and equipment totaled $75.4 million for the first nine months of 2024, compared with $76.5 million for the first nine months of 2023.
Current wording
Cash used by investing activities totaled $125.7 million for the first three months of 2025, compared with cash used by investing activities of $21.4 million for the first three months of 2024. For the first three months of 2025, the Company paid $103.2 million, net of cash acquired, to purchase Kern Microtechnik ("Kern"). For the first three months of 2024, the Company received $4.2 million from the sale of a facility. Additions to property, plant and equipment totaled $23.1 million for the first three months of 2025, compared with $27.7 million for the first three months of 2024.
Previous wording
Cash used by financing activities totaled $1,228.4 million for the first nine months of 2024, compared with cash used by financing activities of $364.8 million for the first nine months of 2023. At September 30, 2024, total debt, net was $2,336.5 million, compared with $3,313.3 million at December 31, 2023. For the first nine months of 2024, total borrowings decreased by $998.1 million compared with a $220.6 million decrease for the first nine months of 2023. At September 30, 2024, the Company had available borrowing capacity of $2,520.3 million under its revolving credit facility, including the $700 million accordion feature.
Current wording
Cash used by financing activities totaled $277.7 million for the first three months of 2025, compared with cash used by financing activities of $417.5 million for the first three months of 2024. At March 31, 2025, total debt, net was $1,931.0 million, compared with $2,079.7 million at December 31, 2024. For the first three months of 2025, total borrowings decreased by $185.1 million compared with a $363.1 million decrease for the first three months of 2024. At March 31, 2025, the Company had available borrowing capacity of $2,207.1 million under its revolving credit facility, excluding the $700 million accordion feature.
Previous wording
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 16.9% at September 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.
Current wording
The debt-to-capital ratio was 16.2% at March 31, 2025, compared with 17.7% at December 31, 2024. 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 13.3% at March 31, 2025, compared with 15.0% at December 31, 2024. 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 nine months of 2024 included cash dividends paid of $194.1 million, compared with $172.7 million for the first nine 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 $68.0 million of its common stock for the first nine months of 2024, compared with $6.6 million for the first nine months of 2023. Proceeds from stock option exercises were $39.7 million for the first nine months of 2024, compared with $40.1 million for the first nine months of 2023.
Current wording
Additional financing activities for the first three months of 2025 included cash dividends paid of $71.5 million, compared with $64.7 million for the first three months of 2024. Effective February 7, 2025, the Company’s Board of Directors approved an 11% increase in the quarterly cash dividend on the Company’s common stock to $0.31 per common share from $0.28 per common share. The Company repurchased $18.0 million of its common stock for the first three months of 2025, compared with $6.9 million for the first three months of 2024. Proceeds from stock option exercises were $4.7 million for the first three months of 2025, compared with $23.6 million for the first three months of 2024.
Previous wording
As a result of all of the Company’s cash flow activities for the first nine months of 2024, cash and cash equivalents at September 30, 2024 totaled $396.3 million, compared with $409.8 million at December 31, 2023. At September 30, 2024, the Company had $365.2 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 three months of 2025, cash and cash equivalents at March 31, 2025 totaled $399.0 million, compared with $374.0 million at December 31, 2024. At March 31, 2025, the Company had $345.9 million in cash outside the United States, compared with $361.5 million at December 31, 2024. 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.
Previous wording
Information contained in this discussion, other than historical information, is considered “forward-looking statements” and is subject to various factors and uncertainties that may cause actual results to differ significantly from expectations. These factors and uncertainties include risks related to the Company’s ability to consummate and successfully integrate future acquisitions; risks associated with international sales and operations, including supply chain disruptions; the Company’s ability to successfully develop new products, open new facilities or transfer product lines; the price and availability of raw materials; compliance with government regulations, including environmental regulations; changes in the competitive environment or the effects of competition in the Company’s markets; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries the Company serves. A detailed discussion of these and other factors that may affect the Company’s future results is contained in AMETEK’s filings with the U.S. Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q, and 8-K. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements, unless required by the securities laws to do so.
Current wording
Information contained in this discussion, other than historical information, is considered “forward-looking statements” and is subject to various factors and uncertainties that may cause actual results to differ significantly from expectations. These factors and uncertainties include risks related to the Company’s ability to consummate and successfully integrate future acquisitions; risks associated with international sales and operations, including supply chain disruptions; tariffs, trade disputes and currency conditions; the Company’s ability to successfully develop new products, open new facilities or transfer product lines; the price and availability of raw materials; compliance with government regulations, including environmental regulations; changes in the competitive environment or the effects of competition in the Company’s markets; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries the Company serves. A detailed discussion of these and other factors that may affect the Company’s future results is contained in AMETEK’s filings with the U.S. Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q, and 8-K. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements, unless required by the securities laws to do so.