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AMETEKⓇ AMETEK Announces First Quarter Results and Raises 2021 Guidance May 4 , 2021 BERWYN , Pa . , May 4 , 2021 / PRNewswire / -- AMETEK , Inc. ( NYSE : AME ) today announced its financial results for the first quarter ended March 31 , 2021 . AMETEK's first quarter 2021 sales were $ 1.22 billion , a 1 % increase over the first quarter of 2020 , with organic sales growth of 1 % . Operating income increased 6 % to $ 293.3 million , and operating margins were up 110 basis points to 24.1 % , both versus the prior year's adjusted results . On a GAAP basis , first quarter earnings per diluted share were $ 0.94 . Adjusted earnings were $ 1.07 per diluted share , up 5 % versus the prior year's adjusted results . Adjusted earnings adds back non - cash , after - tax , acquisition - related intangible amortization of $ 0.13 per diluted share . A reconciliation of reported GAAP results to adjusted results is included in the financial tables accompanying this release and on the AMETEK website . " AMETEK performed exceptionally well in the first quarter , " commented David A. Zapico , AMETEK Chairman and Chief Executive Officer . " We were pleased with the return to organic sales growth earlier than anticipated , while order momentum remains very strong with a record level of orders and 9 % organic orders growth in the quarter . Additionally , our businesses delivered outstanding operating performance with robust margin expansion . " " We continue to generate strong cash flow with operating cash flow up 5 % in the quarter and free cash flow conversion of 122 % of net income . This excellent cash flow generation is being used to support an active acquisition environment . Thus far in 2021 , we have deployed $ 1.85 billion on five strategic acquisitions . We remain well positioned with a pipeline of attractive acquisition opportunities and strong balance sheet capacity to support our continued growth , " noted Mr. Zapico . Electronic Instruments Group ( EIG ) First quarter EIG sales were $ 790.9 million , up 2 % compared to the first quarter of 2020. EIG's operating income in the quarter was up 7 % to $ 206.9 million , and operating margins were up 110 basis points to 26.2 % , versus the prior year's adjusted results . " EIG delivered strong results in the first quarter with solid sales growth and outstanding operating performance , " noted Mr. Zapico . " Sales were stronger than expected in the quarter as we continue to see improvements across our key end markets , in particular across our Process businesses . " Electromechanical Group ( EMG ) EMG sales in the first quarter were $ 424.8 million , down 1 % compared to last year's first quarter . Operating income for EMG was up 8 % to a record $ 105.0 million , and operating margins were up 190 basis points to a record 24.7 % , versus the prior year's adjusted results . " EMG also had an excellent first quarter with solid organic sales growth offset by the divestiture of Reading Alloys , " commented Mr. Zapico . " EMG's automation businesses are benefitting from solid demand for their precision motion control solutions , while EMG's operational initiatives delivered record operating profit and operating margins in the quarter . " 2021 Outlook " The strength of the AMETEK Growth Model was reflected in our results this quarter and in our revised outlook for the balance of the year . Our differentiated businesses , diverse and balanced end market exposures , exceptional operating capability , robust cash flow generation and proven ability to deploy capital on value enhancing acquisitions , has positioned AMETEK extremely well for strong growth in 2021 and beyond , " continued Mr. Zapico . " Given our first quarter results and recent acquisition activity we are increasing our guidance for the year . For 2021 , we now expect overall sales to be up high teens on a percentage basis compared to the prior year , with organic sales up high single digits . Adjusted earnings per diluted share are expected to be in the range of $ 4.48 to $ 4.56 , an increase of 13 % to 15 % over the comparable basis for 2020. This is an increase from our previous adjusted earnings guidance range of $ 4.18 to $ 4.30 per diluted share , " he added . " Overall sales in the second quarter are expected to be up in the low 30 % range versus the second quarter of 2020. We anticipate adjusted earnings per diluted share will be in the range of $ 1.08 to $ 1.10 , up 29 % to 31 % versus last year's second quarter . Our full year and second quarter guidance includes all five recently completed acquisitions , " concluded Mr. Zapico . Conference Call AMETEK will webcast its first quarter 2021 investor conference call on Tuesday , May 4 , 2021 , beginning at 8:30 AM ET . The live audio webcast will be available and later archived in the Investors section of www.ametek.com . About AMETEK AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with annual sales in 2020 of more than $ 4.5 billion . The AMETEK Growth Model integrates the Four Growth Strategies - Operational Excellence , New Product Development , Global and Market Expansion , and Strategic Acquisitions - with a disciplined focus on cash generation and capital deployment . AMETEK's objective is double - digit percentage growth in earnings per share over the business cycle and a superior return on total capital . The common stock of AMETEK is a component of the S & P 500 . Forward - looking Information Statements in this news release relating to future events , such as AMETEK's expected business and financial performance are " forward - looking statements . " Forward - looking statements are subject to various factors and uncertainties that may cause actual results to differ significantly from expectations . These factors and uncertainties include risks related to COVID - 19 and its potential impact on AMETEK's operations , supply chain , and demand across key end markets ; AMETEK's ability to consummate and successfully integrate future acquisitions ; risks with international sales and operations , including supply chain disruptions ; AMETEK'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