실적분석 2026년 8월 4일

Ametek ($AME) Q2 2026 Earnings Analysis — Adjusted EPS and Revenue Both Top Estimates, Full-Year Guidance Raised, Shares Jump After-Hours

Earnings Scorecard

Revenue: $2.04 billion (+15% YoY, vs. $1.957 billion estimate) ✅ Beat

EPS: $2.09 adjusted (vs. $1.99 estimate) ✅ Beat · $1.77 GAAP diluted EPS

Guidance: Raised — FY2026 adjusted diluted EPS of $8.20–$8.30 (prior $7.94–$8.14), FY revenue up ~10% YoY · Q3 adjusted EPS of $2.08–$2.10

Stock reaction: After-hours +5.02% ($256) — as of 08-04 20:56 KST

The Positives

Earnings beat: Adjusted EPS of $2.09 and revenue of $2.04 billion topped estimates on both lines

Orders momentum: Q2 orders +28% YoY, marking a second consecutive quarter of strength

Guidance raise: FY adjusted EPS lifted to $8.20–$8.30, above the prior range

Ametek supplies industrial instrumentation, testing and precision equipment, and electromechanical solutions. In Q2 2026, revenue hit a record $2.04 billion, up 15% year over year and clearly above the $1.957 billion consensus. Adjusted EPS (a non-GAAP measure that adds back acquisition-related intangible amortization, integration costs, etc.) came in at $2.09, beating the $1.99 estimate by roughly 5% and up 17% from a year earlier. GAAP diluted EPS of $1.77 also set a new quarterly record.

Both segments grew together: Electronic Instruments revenue of $1.32 billion (+14%) and Electromechanical revenue of $723.2 million (+17%). Adjusted operating income reached $544.4 million (+18%), with operating margin of 26.6% (up 0.6 percentage points YoY). Operating cash flow of $483.7 million (+35%) and a free cash flow conversion of 111% of net income underscored cash-generation strength. Management's decision to lift full-year adjusted EPS guidance from $7.94–$8.14 to $8.20–$8.30 was read as a signal that the quarter's strength isn't a one-off but carries into the second half.

The Caveats

Widening adjustment gap: $0.32 per share in adjusting items — mind the gap between GAAP and adjusted figures

Acquisition-dependent growth risk: Part of the growth came from recent acquisitions — integration and synergies need to validate

Macro and cost sensitivity: Tariffs, supply chain, and raw material swings can pressure margins and demand

The $0.32-per-share gap between adjusted EPS of $2.09 and GAAP EPS of $1.77 reflects acquisition-related intangible amortization, financing fees, integration costs, and similar items. Consensus is on an adjusted basis, so the comparison is fair — but novice investors should avoid conflating "true shareholder earnings" with the adjusted figure. Acquisition contribution is woven into the growth story, so whether the same pace can be sustained by organic growth alone will require watching next quarter's orders and margin disclosures.

In a setup where the stock is sensitive to positive results, some of the upside may already be priced in. Even if the guidance raise is sizable, the Q3 adjusted EPS range of $2.08–$2.10 should be cross-checked against analyst revisions. Tariffs and trade frictions, raw material prices, and integration delays on acquisitions are external and execution risks explicitly called out in the press release's forward-looking statements.

What Management Said

Management framed Q2 as "outstanding," crediting the combination of organic revenue growth, contributions from recent acquisitions, and operational execution for high-teens earnings growth and core margin expansion. They also stressed that orders rose 28% year over year, making for a second consecutive unusually strong quarter. Within Electronic Instruments, semiconductor and business jet demand were cited as growth drivers, while in Electromechanical, broad-based end markets including medical technology, defense, and automation led the way.

For the full year, management guided to revenue up roughly 10% versus the prior year and adjusted diluted EPS of $8.20–$8.30, clearly noting the raise from the prior range of $7.94–$8.14. For Q3, they issued revenue growth in the high single digits and adjusted EPS of $2.08–$2.10, preserving near-term visibility. The market read the combination of an estimate beat and the word "raise" as confirmation of growth momentum.

Market Reaction and What to Watch Next

The after-hours rally reflects the combined effect of simultaneous adjusted EPS and revenue beats alongside a sizable raise to full-year earnings guidance. The 28% jump in orders and core margin expansion are easily read as signals that the quarter wasn't a fluke — rather, the second-half revenue pipeline is already being filled. That said, as the gap between adjusted and GAAP results widens and the share of growth coming from acquisitions increases, even small temperature differences in guidance can drive outsized stock moves in a setup where expectations have run ahead.

Watch whether Q3 actual adjusted EPS lands above the midpoint of the $2.08–$2.10 range and whether the order growth rate continues without deceleration.

Compare segment revenue and margins across Electronic Instruments (semiconductors, aerospace) and Electromechanical (medical, defense, automation) to see which engine is driving organic growth.

Track whether the FY adjusted EPS range of $8.20–$8.30 gets raised further and whether acquisition integration costs roll off the adjustments.