AMETEK, Inc. (NYSE:AME) Q2 2024 Earnings Conference Call August 1, 2024 8:30 AM ET

Company Participants

Kevin Coleman - VP, IR and Treasurer
Dave Zapico - Chairman and CEO
Dalip Puri - EVP and CFO

Conference Call Participants

Matt Summerville - D.A. Davidson
Deane Dray - RBC Capital Markets
Jamie Cook - Truist Securities
Jeff Sprague - Vertical Research
Scott Graham - Seaport Research
Rob Wertheimer - Melius Research
Joe Giordano - TD Cowen
Andrew Obin - Bank of America
Steve Barger - KeyBanc Capital Markets
Nigel Coe - Wolfe Research

Operator

Thank you for standing by. My name is Meg and I will be your conference operator today. At this time, I would like to welcome everyone to the AMETEK, Inc. Second Quarter Earnings Conference Call. [Operator Instructions] Thank you.

I would now like to turn the conference over to Mr. Kevin Coleman, Vice President of Investor Relations and Treasurer. Please go ahead.

Kevin Coleman

Thank you, Meg. Good morning, and thank you for joining us for AMETEK's second quarter 2024 earnings conference call. With me today are Dave Zapico, Chairman and Chief Executive Officer; and Dalip Puri, Executive Vice President and Chief Financial Officer.

During the course of today's call, we will be making forward-looking statements, which are subject to change based on various risk factors and uncertainties and that may cause actual results to differ significantly from expectations. A detailed discussion of the risks and uncertainties that may affect our future results is contained in AMETEK's filings with the SEC. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements.

Any references made on this call to 2023 or 2024 or 2024 results guidance will be on an adjusted basis, excluding after tax, acquisition-related intangible amortization, and excluding a pretax $29.2 million or $0.10 diluted share charge in the first quarter for integration costs related to the Paragon Medical acquisition.

Reconciliations between GAAP and adjusted measures can be found in our press release and on the Investors section of our website. We'll begin today's call with prepared remarks, and then we'll open it up for questions.

I'll now turn the meeting over to Dave.

Dave Zapico

Thank you, Kevin, and good morning, everyone.

AMETEK delivered solid results with a strong operating performance in the second quarter against the backdrop of a more subdued global growth environment. In the quarter, we experienced continued headwinds from inventory destocking across our OEM customer base, leading to lower-than-expected sales volumes.