AMETEK ANNOUNCES $1 BILLION SHARE REPURCHASE AUTHORIZATION

Rhea-AI Summary

AMETEK, Inc. (NYSE: AME) announced on May 6, 2022, a significant $1 billion share repurchase authorization, replacing the $500 million prior approval with around $313 million remaining. This move aims to enhance shareholder value through strategic stock repurchases while maintaining a focus on strategic acquisitions using strong cash flow. With 2021 sales of $5.5 billion, AMETEK continues to prioritize double-digit percentage growth in earnings per share and superior returns on total capital.

Positive

• Increased share repurchase authorization of $1 billion enhances shareholder value.
• Strategic flexibility to opportunistically repurchase common stock.
• Strong cash flow supports both acquisitions and share repurchases.

Negative

• None.

BERWYN, Pa., May 6, 2022 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced that its Board of Directors has approved a $1 billion share repurchase authorization. This authorization replaces an earlier $500 million share repurchase authorization approved by the Board in February 2019, of which approximately $313 million remained available.

"While the primary use of our strong cash flow remains strategic acquisitions, this increased share repurchase authorization provides us with added flexibility to enhance shareholder value through the opportunistic repurchases of our common stock," commented David A. Zapico, AMETEK Chairman and Chief Executive Officer.

Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with 2021 sales of $5.5 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.

Contact:
Kevin Coleman
Vice President, Investor Relations and Treasurer
kevin.coleman@ametek.com
Phone: 610.889.5247

View original content:https://www.prnewswire.com/news-releases/ametek-announces-1-billion-share-repurchase-authorization-301541408.html

SOURCE AMETEK, Inc.

FAQ

What is the purpose of AME's $1 billion share repurchase authorization?

The $1 billion share repurchase authorization aims to enhance shareholder value through opportunistic stock buybacks.

How much was the previous share repurchase authorization for AME?

The previous share repurchase authorization was $500 million, of which approximately $313 million remained.

When was the new share repurchase authorization for AME announced?

The new share repurchase authorization was announced on May 6, 2022.

What impact might the share repurchase have on AME's stock price?

The share repurchase may positively influence AME's stock price by reducing outstanding shares and increasing earnings per share.

What are AME's sales figures for 2021?

AMETEK reported sales of $5.5 billion for the year 2021.