AMETEK completed four acquisitions in 2023, spending $2,237.9 million in cash, net of cash acquired, to purchase Bison Gear & Engineering Corp., United Electronic Industries, Amplifier Research Corp., and Paragon Medical.

The company continued its emphasis on investment in research, development and engineering, spending $351.7 million in 2023. Approximately 25% of sales in 2023 were from products introduced in the past three years.

Total international sales for 2023 were $3,128.2 million, a 4.4% increase compared to 2022. Export shipments from the United States were $1,732.4 million, a 2.6% increase YoY.

Segment operating income, as a percentage of net sales, increased to 27.4% in 2023, compared with 25.9% in 2022. This was driven by higher margin businesses and continued benefits from the Company's Operational Excellence initiatives.

The Company's backlog of unfilled orders at December 31, 2023 was a record $3,534.1 million, a 9.8% increase compared with $3,218.6 million at December 31, 2022.

AMETEK senior management has extensive industry experience and an average of approximately 25 years of AMETEK service. The management team is focused on delivering strong, consistent and profitable growth.

The company acknowledges that its operations are affected by cyclical markets and that a downturn in the U.S. or global economy, particularly in the aerospace and defense, oil and gas, process instrumentation or power markets could have an adverse effect on its business.

The company's international sales are subject to risks including trade and foreign exchange restrictions, changes in regulatory requirements, trade protection measures, currency fluctuations, and political instability.

The company is exposed to risks related to supply chain disruptions, shortages of raw materials, and price increases for components and raw materials, which could adversely impact operations.

AMETEK maintains significant market share in a number of targeted niche markets through its ability to produce and deliver high-quality, differentiated products at competitive prices.

AMETEK believes it has certain technological advantages over its competitors that allow it to maintain its leading market positions. The company has demonstrated an ability to develop innovative new products and solutions that support customer needs.

AMETEK's markets are highly competitive with competition based on technology, performance, quality, service and price, indicating a need for continuous innovation and efficiency.

AMETEK's Operational Excellence initiatives focus on lean manufacturing, global sourcing, and digitalization, which have yielded lower operating and administrative costs and shortened manufacturing cycle times.

AMETEK has established a lean and flexible manufacturing platform for its businesses with operating facilities in China, Czechia, Malaysia, Mexico, and Serbia.

The company acknowledges that it requires substantial amounts of raw materials and some parts and components from suppliers, which are subject to curtailment or change due to various factors.

AMETEK has maintained a consistent investment in new product development and engineering. Approximately 25% of sales in 2023 were from products introduced in the past three years.

AMETEK believes it has certain technological advantages over its competitors that allow it to maintain its leading market positions.

AMETEK's businesses help solve their customers' most complex challenges with differentiated technology solutions.

AMETEK's capital deployment strategy has a primary focus on strategic, value-enhancing acquisitions, indicating a continued emphasis on inorganic growth.

AMETEK is committed to paying a consistently increasing cash dividend, reflecting a focus on returning value to shareholders.

The company repurchased approximately 55,800 shares of its common stock for $7.8 million in 2023 and has a $1 billion authorization for future repurchases.

AMETEK emphasizes environmental protection in every facet of its operations and is committed to reducing its carbon footprint and has made outstanding progress toward its stated greenhouse gas emissions reduction target.

AMETEK is committed to developing an inclusive culture to help power innovation, growth, and greater opportunities for all employees. The company is continually expanding its employee development, engagement, and training initiatives.

The AMETEK Foundation provides wide-ranging support to non-profit and educational organizations, actively contributing to the social and economic prosperity of the communities in which it operates.

AMETEK's operations are affected by global, regional and industry-specific economic factors. The company's strategic geographic and industry diversification and its mix of products and services have helped to mitigate the potential adverse impact of any unfavorable developments.

The company operates in highly competitive markets, both domestically and internationally, with competition based on product technology, quality, service, distribution and price.

The company is subject to numerous governmental regulations, which may be burdensome or lead to significant costs. New laws and regulations, including with respect to privacy legislation and climate change, may be adopted or become applicable to the company or its customers.