AME - Earnings call transcript Q1 2022

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Operator

Welcome to the First Quarter 2022 AMETEK Earnings Conference Call. My name is John and I'll be your operator for today's call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] Now I will turn the call over to Kevin Coleman, Vice President of Investor Relations and Treasurer.

Kevin Coleman

John. you, Thank thank quarter and joining for us Good Earnings you Conference first XXXX Call. AMETEK's morning for With me Chief today Officer; are Dave Zapico, Chairman Burke, Vice and and Executive President Officer. and Financial Bill Chief Executive

up are that that of expectations. course A significantly various will after-tax, XXXX statements, XXXX Dave based call, turn the discussion During remarks between section on and call Reconciliations actual subject then Investors in and may with call will the prepared AMETEK can results risks of uncertainties it questions. our the this GAAP affect and to today's contained change on adjusted made or with and uncertainties today’s results of on and to found factors release from to Dave. statements. or cause Any make and Bill intangible begin intention or detailed AMETEK's future press meeting we any acquisition-related references filings over in forward-looking update measures revise SEC. We'll our amortization. forward-looking which for our may risk I'll basis, disclaims by differ on is website. to results open excluding the to be be the now obligation an adjusted any

David Zapico

earnings sales and you, and expansion excellent everyone. good in driving exceeded AMETEK strong core morning, quarter Kevin, margin with growth and the operating Thank delivered our outstanding first results robust expectations. performance, which

adapt macro adjust managing flexible a way our model very a This changing deliver conditions leading I'm AMETEK's proud the outstanding environment. and our set and economic markets, diverse businesses strong results. operating backlog. to are exceptional to We teams challenging across also and and growth of allows are continued demand of remains based demand. broad uncertain seeing orders quickly niche to record our

results geopolitical details Before in Ukraine. on I I ongoing the the events to comment for on quarter, more the provide wanted

events tragic the saddened deeply continuing We are Ukraine. to in by unfold

and mass hearts are thoughts food, medical those supplies are and several has affected. of with actively all crisis, this To AMETEK humanitarian to with Foundation those assist needs impacted. that shelter donations Our the charities providing the immediate to made

colleagues they help through businesses mobilized donations to Additionally, to can those have many employees the supporting way you crisis. to whatever charities in our and supporting in AMETEK who are need. all Thank

our turn let Now first results. to me quarter

was at was in orders First in foreign broad record points $X.XX Operating was in approximately billion, quarter growth X XXXX. XX.X% income $X.X the the of billion, in quarter over in Operating the end the first billion up up same $X.X X.XX in over in the quarter. $X added first quarter a XX%, period, while $X.XX demand. reflecting increase were was XX% margins XX% robust currency continued a Book-to-bill XXXX. first the and XX% were based to margin the of the $XXX This Backlog period first quarter, million, XXXX. each quarter diluted organic an year operating the were operating our and Overall first versus increase our quarter, led prior Organic in up up from the the acquisitions a testament quarter. XX% point of headwind of in quarter end were was XXXX quarter our orders basis This to sales X over expansion business. sales of up expansion operating of billion, XXXX across our Core $X.XX managing strength with XX.X%, an points impacts of margin the a to year. XX% the performance outstanding quarter from margins work core in share, impressive versus were was EBITDA prior above of is per up strong chain XX year, $X.XX. $XXX EBITDA teams supply margins earnings and and and the points basis the XXX over million, XX.X%. with capability quarter XX% the inflationary first prior group. guidance great up the up outstanding of range operating

provide level. details additional at Next, let the some me group operating

leadership expanded points XXX to XX.X% on facility gain very XX% a operating based EMG's the excluding First XX% Group. margins XX%, year's headwind. operating acquisitions our TMC quarter. exceptional the first sale while the division Sales Technologies Organic quarter. the quarter. up by Technologies Electronic quarter. year this an were a headwind. year's quarter last basis highly was in foreign organic were EMG's performance. with X gain, sales great an growth particularly Instruments up operating motion point versus Demand point first broad our was were On the $XXX.X and Ultra The strong margins quarter EIG's $X Group the year prior growth. automation across XX.X%. income quarter Electronic first reflecting within the points, also $XXX.X sales while includes was Organic Organic the prior to within up and XX% which a and EIG's applications. Precision million, basis driven the remains versus million. margins a Instruments niche XX% to demand first $XXX.X operating million points very the up year, were in XXX over a differentiated basis year Precitech core strong in versus was excellent prior prior the a from of million, was excellent quarter Creaform, had sales for basis quarter, million, period. income strong in Group EIG businesses X XX% and EMG margins the sales last our capabilities a growth currency leading operating XX% positions in AMETEK's recent XXX strong approximate Electromechanical EMGs a control Reichert first growth quarter $XXX.X just XX.X% up with contributed increased foreign were our record and currency up businesses

continue very to in performance a operational dynamic deliver environment. teams outstanding challenging and Our

approximately and In across Research, positioned growth is in growth of for support growth to successfully expect of we positions environment, Development Engineering $XXX In on macro long-term ensuring by niche ensuring million our driven initiatives. AMETEK's organic XXXX, deep industry and navigate and we leadership invest Groups. differentiation strong the AMETEK investments addition the by are sustainable our success we making including these initiatives, our to growth in technology. our focused markets current in expertise, are

teams their research next innovative, a developing technologies generation and wonderful applications. and Our customers support engineering job to do products

or full to in sales over For expect more we invest RDE. of now $XXX the X.X% year, than million

process, sustainable period technologies. in XX-year engine aircraft of reflects a new provides and index, best very Congratulations of years, Driving thermally the businesses One annually deliver AMETEK Award. Trailer from level Rotron meaningful exchanger. core such through AMETEK provided innovation This customers performance dioxide to team our strong aerospace, various driving AMETEK's of that products systems of the more AMETEK incumbent Rotron the over the value development Used X due award unit, by sales aerodynamically work for and contributing thermal of product applications. highly solutions introduced using who industrial an benefits a advanced, heat products and new innovation help improvements expanded efficient the sales development the the important our innovative business used AMETEK a the aligned strong commercial is we all for winner social award recognize businesses AMETEK past most and carbon design heat Innovation vitality tons to innovative the in critical new developed our a This which outstanding reduction technology three new product the responsibility way development great of the celebrate leading while sustainability team to quarter. Our defense, XX% of versus of approximately breakthrough through first the over the exchanger with of colleagues demonstrates providing provider Utilizing was to more The a efforts of create support future. benefits trailer technologies. in new will was elements product incremental the growth million opportunity. of recent advanced and use to management

strategy. six elements from the contributions year in on $X capital our billion acquisition the of XXXX approximately implement we deployment Now AMETEK in of businesses. switching record Those key of growth businesses as acquisition years expect had and further a to acquisitions are the deploying We model. coming nicely integrating they the

identifying acquisition teams busy attractive acquisition and our Our remain in opportunities. remained has pipeline strong, M&A

sheet expect remain to We over our strategy, capacity the quarters. strong and and acquisition support to balance have flows coming cash active ample

to first with and chain quarter logistics unreliable. issues. experienced the let Overall, the during and extended global environment in similar lead logistics fourth touch the are remained on outstanding quarter Now what given of price higher times broad supply channels margin to chain this supply the The a for tight we me was chain leading more spread with we and supply pricing, differentiation, higher issues materials inflation, and expansion. components. range inflation a but offset leading our strong able and than to were inflation product to These

our outlook year. Now to the for the remainder of

the the bullish related in short-term are China. COVID cautious and Ukraine remain challenges, to the we on future, uncertainty supply While the in we given war in the lockdowns chain

headwinds. our However, these and confident ability the we our in strength model the of operational manage capabilities, growth proven AMETEK given are ongoing to

cycle backlog markets record growth. us positions across our leadership long position well attractive for strong mid and Additionally, continued and

digits, year, high increased growth high headwinds. full to foreign single while prior up the sales to guidance to growth be overall organic to we given single are For versus expected be digits, mid continued our sales up slightly down expect currency

$X.XX per the $X.XX now an $X.XX Given are our This to from our in of our Diluted to for range year increasing first guidance. the year previous $X.XX, XX% of be guidance share. to range to compared earnings XXXX. is quarter up expected are earnings increase results, diluted per full to we XX% share

our COVID-XX China year, sales some into in confident the throughout lockdowns the increased shift are quarter half. the to from second outlook the second expected for While

earnings to year, range sales share, same expected single XX% summarize, orders to of to outstanding overall compared to for along first workforce. are year. solid strong world up with be sales diluted XX% our digits $X.XX AMETEK AMETEK quality per growth quarter, to $X.XX and quarter guidance results last second of year. the strength strong to To allowing the a in earnings, These expected high second resilience the of the For earnings low the us speak increase expansion with and the mid the our up prior a growth, be are of and the versus quarter delivered class period to model, margin to

niche difficult cycles. differentiated us to navigate positions and economic solutions applications these have allowed diverse leading market Our across technology through

Burke Bill will well throughout to we of of challenges I growth. now quarter, details who continue Bill? long-term cover these expect some XX, will your we'll it financial questions. continued we turn take to the be remain While the for positioned then will over glad

William Burke

Thank you, Dave.

growth, results I'll AMETEK highlighted to year quality As sales Dave orders the of noted, additional some strong financial for by and operating performance, outstanding excellent highlights and the earnings. a delivered high quarter. start provide

expenses year $X $XX.X and expenses were in quarter. million, higher to First administrative general up compensation the due from quarter prior million the

For X.X% administrative approximately and roughly The expected expenses quarter be rate first levels, tax line XXXX to are the XX.X% of general in XX%, in the XXXX. down effective of quarter and from was sales. in with XXXX

from estimated effective and rates the stated negatively past and tax XX% XX% quarter can the $XX our be rate differ anticipate we tax positively million. year XXXX, expenditures in between this in to were first dramatically, Capital quarterly we've or range. either actual full as For

XXXX, diluted year the full in of intangible million sales. expected after the depreciation or approximately approximately quarter was $XXX of expect be tax to and related $XXX acquisition million, expense In amortization amortization $X.XX capital million per or we X% are $XX and to Depreciation approximately be For $XXX million. expenditures amortization approximately including share.

working capital was flow $XXX sales. was and cash free Operating operating of million. million quarter $XXX flow cash XX.X% the For was

we capital are Our strong a in areas longer and customer and supply strategic against continued certain flow as results add to experiencing first demand lead across quarter cash chain. support the decision hedge inventory to working times reflect our

conversion and While lower expect full free resulted for cash conversion flow the strong a cash first investment free flows we income continue cash XXX% the quarter, net year. flow in to in to

of times equivalents first was offsetting of this The debt debt million. quarter is cash EBITDA and end gross $X.XX cash open approximately to During quarter, debt million. we the the from approximately first about and net the of ratio the XXXX million EBITDA $XXX X.X. debt at and was $XXX the for first to the quarter Total end in stock repurchased shares of ratio unchanged ended X.X market billion X.X

We continue on our to XX facilities to flexibility existing billion growth initiatives. have and of excellent March financial with approximately support $X.X and credit capacity cash

performance strategic we best delivering our for continuing quarter, in to excellent believe our in our and deployment Kevin? As AMETEK summary, well the it long-term acquisitions, remains priority challenging top growth provides returns ongoing businesses very to manage the strong environment. positioned remain challenges. shareholders drove a capital a In on growth reminder, in our with our as first capital. We're initiatives. invest earnings strategically We economic

Kevin Coleman

we Thank you, Bill. for questions? please John, the can open lines

Operator

Thank you. question our first Instructions] is Summerville from [Operator Davidson. Matt And from D.A.

Matt Summerville

where full and Dave, from were what realized how a much And year? a looked morning. for standpoint, good you maybe that QX Thanks, could price you I then follow in talk up. like about you expect have the price spread cost

David Zapico

AMETEK the last or And inflation, staying it Pricing in would nature guide. about speak continued down more line, technologies. our the basis and was And spread points. the inflation differentiated we be we and and positions niches, and range of quarter, first of we when X.X% our our range, a year the X% investments been than leadership we've to XX% portfolio expect results in little so… making so inflation. and was And XXXX, we X%, to the as the about product offset about the price be In over so so to in the spread X.X% in we're positive Matt. products the pricing for X% X% said XXX for to a the probably Sure, saw was inflation coming ahead our highly to to

Matt Summerville

second second where in cadence you're it quarter how Dave, contingency of out Obviously of typical a above it. way a can Got that bit? at that factoring much Thank guess at you're a little quarter so in kind few normal trying disruption, want would call you're given being And your then to and normal cents that, guidance guiding year, I'm maybe if least the dictate you QX. not you kind in year, I this understand to more you. parse

David Zapico

a it's fundamentally it's and China driven good lockdown Yes, observation, the by Matt scenario.

about we've growing of been for have profitable are and sales running we our X% know, out there China successful many of operation You years. a

we But and and lockdown facilities impacting is, business. are Shanghai We operating customer impacted situation and in tremendous be development making sales cleaner, not of significantly operating the several going in they're a China best to base, right our the will manufacturing now, and or have half capacity our improving about of reduced And and that's our that's processes, now either of the right capabilities, what area environment improving a a major quarter. lot continue. research in a assessment know our of in

X% million of or $XX that's So X% to million. our about or sales $XX

you going you'll AMETEK if the So of that QX. guide, is take balance of the up out see that in

situations operations. of to proximity it's and our of because in So major some lower because and activities of lockdown Shanghai the the really that, business China, fact our of

going sales second to the quarter get half we to to through the second QX. are the have of to be delayed. They're in just the Now lockdown delayed get going and year those from so

Matt Summerville

thank very David. much, Understood, you

David Zapico

Thanks, Matt.

Operator

And our Markets. from from Deane is Dray RBC question next Capital

Deane Dray

Thank you. Good morning, everyone.

David Zapico

Deane. morning, Good

Deane Dray

the on you China just regional Hey, I color. Thank key certainly end exposures? but anything got the Could take European understood, We lockdowns. update appreciate the and especially the updates? else us markets all you. through That's

David Zapico

I'll major Sure first. the you take Deane. markets through

of and Our in were growth, quarter, contribution strong from sales the process demand acquisitions Magnetrol Alphasense. XX% or organic businesses the up

the excellent quarter. in process growth mentioned So business strong. all based, and teens up market the key End are markets in Precision and strong, broad semiconductor, were the demand remained saw Growth Technologies prepared remarks very including for I really quarter. Ultra mid the organic sales in medical research

sustainability increased we're Additionally, improve being serving harmful initiatives our seeing demand instrumentation and solutions -- emissions for reduce process used with to efficiency. process our and

continue all process to So for high single to to XXXX, mid look of segment process for be biggest we organic sales our expect businesses at digits. our

business. aerospace our Next,

for Our quarter in in by first overall shipments by partially the offset was quarter XXs saw up being digits quarter, Government U.S. spending. the we range defense sales. caused commercial the business in in up delays mid aerospace, single aerospace organically strength low in the In

digits business digits mid up digits single our aerospace. and side low low that up commercial down to our be of business single year for high digits. of side double with was for defense So expect single up single was full the mid up and that And commercial defense digits we

Next, Overall power be the single across our both industrial so continuing to XXs, solutions And were across sales sales demand in overall acquisition with sales similar mid teens and balanced end up teens were power sales organic And power NSI-MI, contributions and automation on growth at organic quarter both mid markets. expect industrial. power the and automation industrial. strong solid and had good our segments. both also and for up so engineered a basis of growth quarter growth digits we We up sales businesses for industrial. our solutions, our mid the from mid finally, in businesses and percentage and across organic with engineering and

sales with year, be to single we solutions to For high automation for mid each to business the similar up digits expect across growth our engineered up business. full organic continue

U.S. entire so up across the Strong too. as So, I'll geography, and XX% teens broad China an Asia. on were strong talk mid performance business. there geographies, also. up you Europe, basis, the growth good quarter based asked across we all about question that in reported

our With there's the blemish of growth we there's we're across growth, orders, so not also. terms that in good ahead. look a you when strong about really So feeling globe, think

Deane Dray

understand related. that be the I were pushed one, revenues any missed this, And out just push the but first second really might to may out last quarter? just the China from have clarify, I of That's helpful. there quarter

David Zapico

of wasn't. quarter had we occurred happening. late really heads There the closure late a up very and The quarter, the in that was China in that

were -- able did quarter same really million plus our the time, to company, there to we in first at the orders there overall that demand ship they were range. and was the first in the But So meet not in be that quarter. requirements for continued $XX

in So plus chain, was operating we at on, supply $XX have if first else the XXX% quarter. going that of another out were and probably would we shipped everything million

Deane Dray

you. Thank helpful. really That's

David Zapico

you, Thank Deane.

Operator

And our Allison Wells from next question is from Fargo. Poliniak-Cusic

Allison Poliniak-Cusic

Good guys. Hi, morning.

David Zapico

morning, Good Allison.

Allison Poliniak-Cusic

end poking change that and sort that's demand, kind things customer behavior here? any still board on a pause sort that across causing is strong shifting of -- might be to specific leading it's of of it So bit market a a is there sort vertical, of just with bit that business or the of quite in little little you or

David Zapico

is board. the It strong across quite

I that high XX% double think business sales of digit were had orders digits. ones and didn't over double our units in the and digit the single

see. So good. the the no are There's are slowdown sales good, orders absolutely that we

at are all You know, look see and into I that's on no us their of you, as strong. told was at ago, really early I so XX% I an orders both organic that, orders and it slowdown giving customers quarters but demands, on continuing, couple and order very XX% XX, EMG and orders XX growth was basis, based broad an is and think, EIG

Allison Poliniak-Cusic

seeing of pipeline of for any then talked the M&A things today? this pricing this sort what holding back, you you. the on describe out still is Great. high you is filled kind you're pipeline point, about seeing, kind not Just of incremental what's atypical being things which that and quite color you're there the And point? at for Would at

David Zapico

at active. remain multiple looking deals. We're We Sure.

on come the a if multiples, stock company we that's always, market private public factor company with bit, being and company now, focused you multiples and obviously, public at And have As in company they're are public stingy a what's private but the happening and multiples one in point markets. multiples. -- public above reflecting multiples, it's look are returns. company The long-term right

the at a that multiples The are right. for were to a pushed -- of looking the difference and private some And the the and from to businesses private multiples. multiples the owners market. bit private premium the right that's on get causing higher public delay think fact some public there's between So holding and of I now businesses of transactions to

Allison Poliniak-Cusic

Perfect, thank you. on. I'll pass it

David Zapico

Thank you.

Operator

from next Our Melius from Wertheimer is question Rob Research.

Rob Wertheimer

was you you statement one. just I follow size. actually backlog characterize thank and see last I the going acquisition if interesting was wanted pipeline Howdy, you. just to on made would funnel to an

between XXXX your guys on was You had to see was before year, some But maybe kind imply picks And that's forecast, or have a public it a private that that of last the that record and up activity you is slower. normalize line? little then year of a on acquisition more the mean price situational? to statement was then things of if because comment

David Zapico

but No, public what forecast, that as that this it very, focused deals, see we're smaller we're in factor expect both you But we're and valuations. be very a year. I very have returns, have and not from a is is you'll now. know, a value good we right impacting we is it a so comment, pipeline, buying private on And active always hearing long-term to us and

Rob Wertheimer

consternation clear think a around amazing into you're seeing your There's of et of perfect. any really I digits in backlog then Europe, cetera, a is or that your be comment Europe? to some slide going lot orders on recession an assume just spending, And and been there's to have whether Okay, that XX% your comments double ways. stat I in specific uncertainty and not from

David Zapico

area of products used was applications actually some process strength quarter, our to Ukraine, customers deal fuel strength. with the that in energy energy products Europe what We our there's helping businesses. those are higher are Ukraine used crisis, in war notable costs. XX% some people the get of efficiency, help broad Yes, Clearly our are impact and in some the had up base the in in

right slowdown. now now, We seeing a we're you Europe. the right have, full in not press So we're read but clippings go like

Rob Wertheimer

Thank you.

Kevin Coleman

Okay.

Operator

from is Markets. Capital And Graham from Loop our question next Scott

Scott Graham

are how you? Kevin, Bill, Dave, morning, good Hey,

David Zapico

Scott. morning, Good

Scott Graham

is that you quarter, and I came the you we first you the fourth So with know In mentioned same. quarter. that to and price had it XXX In I narrow, the basis on one that year gap into have I you gap. this think I point the first questions, had didn't expecting in cost were that think start to quarter really fourth quarter, the two

that it enough it of get XXX the to you possible can keep the at pricing is So for rest year?

David Zapico

It is -- the is possible, our it that I but to mean, we've guidance to but intention bit. been to narrow thread, think excellent Scott. doing it, job. our I for will certainly be for And that's an narrow, is maintain guidance same try our a to

Scott Graham

thank Understood, you.

on you Next double. MRO? know, you OE up you unbundle commercial question is aerospace. And maybe was was that versus I could hoping said And low

David Zapico

the drove both what OE. low our jet. outperformed really aftermarket markets the digits was in commercial, and the the Those business the double Yes, growth

Scott Graham

Are Okay. extend on that certainly a take you these guys? build changes a your XXXX? obviously these hearing for kind mum And pockets any so are in a just comment, year? their bit? from their of -- that things hearing I'm What Because next could what -- from rates days, to padding -- last Certainly there? flight if is they're are sense you I guys costs big little they're lot the thinking

David Zapico

exposures, is continued our to is one sense it's in our growth market improve looking to good cycle for longer from a going commercial that we're in XXXX. My of perspective, and and continue

Scott Graham

continue about time. first if for last know me your XX%. years heard some vitality this year? this calls. in, Got one talk up -- more just I have I've about time was at correct I and and And a number really Honestly, it? wrong, on quite And more awesome that been Could I'm could and it's new sneak what number I hear products XX% you, that's creep you the these just three has that to if I

David Zapico

just I also an Yes new and introduced. they're COX. future. about in being continue creep business, of really we've already tons It's saving were range to That's AMETEK got of you million thing think exchangers and carbon we're it's the over can used entire trailer weight. and reduces our incredible X design. from were the a credible I've almost XX of for the designed design an footprint It's products about, were fantastic up It incredible And bullish heat mean, talked it years.

to more the meet about needs we're area So changing where times and we capability That's good important why we product in have that excited engineering investing very development. these factor. come. heavily our the sustainability And the a things of in customers have is I'm to

Scott Graham

Very Dave, good, thanks.

David Zapico

Thank you, Scott.

Operator

And Instructions] Andrew Obin is from our next America. question of [Operator from Bank

David Ridley-Lane

David Good sizable know a Ridley-Lane for exporter. AMETEK Obin. Andrew morning. I This is U.S. is on

on is dollar appreciation your the U.S. can us and that Given remind drag strategy? a margins hedging you of overall

David Zapico

Sure, the differentiated. exporter U.S. a and very products our point statement, sizable correct we also first are but is are a that's

So to so by price inflation as evidenced our spread far, U.S. dollar. we're able offset the higher

William Burke

structure. And our cost

David Zapico

we're because hedging we have strategy, naturally hedged. don't actually, our hedging is strategy point second and The

is spent of that the much we of a the of each locations board, about and time, it's a our We're across all pretty time. naturally hedged period time lot in So operate. tenure this long we

And where, less there the across and top offset. strong line, bottom but did was naturally implications, quarter currency whole our line this impact in impact expenses to and than it dollar, had an revenues some our example, enterprise, give earnings. you a a our So it you on penny was

at So past tenure, hedging natural we've and look it can well. it, you very go and works strategy through back got this the

the We exporter, but got pricing technology. are a we leverage through differentiated our U.S.

So strong not [ph] win insurmountable usually an is us. for dollar

David Ridley-Lane

businesses but out defense XXXX are you. story, incremental defense on the change up of sort I quick of a seeing you there Abaco. more any going your Are has follow international from Understood. budgets, sort up? of for XXXX, pipeline know, which And demand meaningfully? this Thank probably is

David Zapico

pipeline the markets. is international Yes, improving in

located UK also the in benefiting. that businesses have Abaco besides are We

defense business. So is defense is that market a thing the and the fact for our improving aerospace international good

Operator

next Giordano question is And from our from Cowen. Joe

Unidentified Analyst

on Michael for Joe. is This morning. Good

David Zapico

Michael. Hello,

Unidentified Analyst

continuing the new you it's theme, Hey, any that U.S. with provide color finalized? now been can budget defense regarding the defense

David Zapico

thing, defense we're you areas up was it the in mean, Yes, I the to when our whole investing. perspective budget is look good Yes. bit. that a flattish from U.S. probably at

but So, our we're the we I and that What talked has funding. resolution businesses no ample continuing us a for hit defense the being budget quarter a where and spending work first about from it's can the really, going bit one in with. on there's down were delays us

to what in is order of an patterns we half market now and year the substantially. expect seeing So the uptick we're second that improve

Unidentified Analyst

thank Great, you.

David Zapico

you. Thank

Operator

And further now I'll we time. remarks. to questions Coleman back have over this turn Kevin closing for no at it

Kevin Coleman

And may in the accessed today. you everyone our a ametek.com. for Have be the Thank of as reminder, Investor section great webcast call joining a day. of a replay

Operator

and for That conference. you and may gentlemen. concludes Thank you participating today's now disconnect. you for Thank joining ladies

AMETEK (AME) 3 May 222022 Q1 Earnings call transcript