Exhibit 99.1
AMETEK ProvidesCOVID-19 Business Update and
Announces First Quarter 2020 Earnings Call and Webcast Date
BERWYN, PA, April 16, 2020 – AMETEK, Inc. (NYSE: AME) provides an update on business and operations in light of the ongoingCOVID-19 pandemic.
“TheCOVID-19 global pandemic has created unprecedented challenges,” said David A. Zapico, AMETEK Chairman and Chief Executive Officer. “During these highly uncertain times, we are prioritizing the safety and well-being of our employees while also ensuring our essential businesses continue to provide critical solutions to assist in the fight againstCOVID-19.”
AMETEK’s solutions are being used by top research laboratories to assist in the development of vaccines and anti-bodies, by hospitals to improve patient care and the safety of health care providers, by medical equipment providers in coronavirus diagnostic testing equipment, and by manufacturers of ventilators. AMETEK is providing continual support to its customers in these and many other essential industries while adhering to safety guidelines from local governments and health organizations.
“Despite strength from select end markets, broader demand weakened in the quarter as the spread of the virus led to supply and demand disruptions. While overall sales in the first quarter will be down approximately 6.5%, we expect adjusted diluted earnings per share to be within our original guidance range on higher margins. The expected adjusted earnings for the quarter exclude an approximate $140 millionpre-tax gain from the sale of Reading Alloys and an approximate $45 millionpre-tax restructuring charge to realign our cost structure,” said Mr. Zapico.
“We are pleased with the operating performance our businesses delivered in the first quarter, however, given the ongoing uncertainty presented by this pandemic, we are withdrawing our full-year 2020 financial guidance,” Mr. Zapico continued. “We will provide an update on business conditions when we announce our first quarter results.”
AMETEK’s balance sheet provides significant financial flexibility to operate in the current economic environment. At the end of the first quarter, AMETEK had approximately $1.8 billion in liquidity, with $1.25 billion in cash, including proceeds from the recent divestiture of Reading Alloys. AMETEK’s net debt to EBITDA at quarter end was approximately 1.4x. AMETEK maintains an investment-grade credit rating and has no material debt maturities until 2023.
“The strength of the AMETEK Growth Model, our proven operating acumen, and highly talented and committed employees will guide us through this extraordinary economic environment. Our balance sheet remains strong and we are positioned to continue supporting our customers across a diverse set of end markets,” concluded Mr. Zapico.
