Earnings

AMETEK CEO Says September Set An All-Time Orders Record, October Started 'Extremely Solid'

Orders rose 35% in the quarter, and 80% of a $4.54 billion backlog can ship within 12 months, CEO Dave Zapico told analysts.

Matteo Parrino Jonathan Ponciano

Matteo Parrino, Jonathan Ponciano

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AMETEK CEO Says September Set An All-Time Orders Record, October Started 'Extremely Solid'

AMETEK, which makes electronic instruments and electromechanical devices, had its best orders month ever in September, Chairman and CEO Dave Zapico said on the company's earnings call Tuesday. Orders for the quarter reached $2.65 billion, up 35% from a year earlier, and October began on plan, he said.

Orders stair-stepped to a record

Answering a Deutsche Bank analyst, Zapico said orders "stair-stepped up to September," the strongest month of the quarter and "also an all-time monthly record." The company "started off Q4 on plan," he said, and "October was extremely solid."

Orders also grew from the second quarter, and both operating groups were up 17% organically. Organic orders across the company rose 17% as well, with Indicor adding to the total.

AMETEK raised its 2026 diluted earnings guidance to $8.53 to $8.57 from $8.20 to $8.30, including about $0.08 from Indicor. Shares rose about 4% to $250.65 in Tuesday trading, for a market value of $55.5 billion. Fourth-quarter adjusted earnings are guided to $2.26 to $2.30 a share.

A backlog that reaches into 2027

A Bank of America analyst asked how much visibility AMETEK has into 2027. Zapico said 80% of the $4.54 billion backlog is shippable over the next 12 months, and that timing looks "pretty ratable" by quarter.

Part of the business is shorter-cycle and "still need[s] strong orders," he said, though AMETEK is "entering next year with a very strong backlog." He said the company will run its budget reviews in November and December and share a detailed 2027 outlook next year.

Asked by a Mizuho analyst what had changed, Zapico pointed to the electronic instruments group, where project quotations that began building a year ago are now turning into orders.

Indicor adds debt and sales

AMETEK closed its Indicor Instrumentation purchase in the quarter. Chief Financial Officer Dalip Puri said total debt stood at $6.7 billion on September 30, up from $2.3 billion at the end of 2025, against $667 million of cash.

Indicor contributed a little over $100 million of sales in the quarter, Zapico said. He described it as a roughly $1.1 billion annual-revenue business with 30% EBITDA margins. Puri said the synergy target is 10% to 12% over three years.

Quarterly sales were a record $2.22 billion, up 17%, with organic growth of 10%. Diluted earnings per share were a record $2.21, above the company's $2.08 to $2.10 guidance range.

Zapico said the quarter's order momentum gives AMETEK a "good factor" going into 2027, with the detailed plan due next year.

Sources

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