AMETEK, Inc.

Good day and thank you for standing by. Welcome to the first quarter 2026 Amatek earnings conference call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Kevin Coleman, Vice President, Investor Relations and Treasurer. Kevin, you have the floor.

Thank you, Stacey. Good morning and welcome to Amatek's first quarter 2026 earnings conference call. Joining me today are Dave Zepico, Chairman and Chief Executive Officer, Indala 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 that may cause actual results to differ significantly from expectations. A detailed discussion of the risk and uncertainties that may affect our future results is contained in AMETEC's filings with the SEC. AMETEC disclaims any intention or obligation to update or revise any forward-looking statements. Any references made on this call to historical results will be on an adjusted basis, excluding after-tax acquisition-related intangible amortization and excluding acquisition-related cost. Reconciliations between GAAP and adjusted measures can be found in our press release and on the investor section of our website. We'll begin today's call with prepared remarks, and then we'll open up the call for questions. And I'll turn the meeting over to Dave.

Thank you, Kevin, and good morning, everyone. Ametek delivered an excellent first quarter, highlighted by double digit sales growth, exceptional orders growth, robust core margin expansion, record EBITDA, and a high quality of earnings that exceeded our expectations. We also raised our full year earnings guidance to reflect our first quarter results and the outlook for the balance of the year. Today, we also announced we signed a definitive agreement to acquire First Aviation Services, an attractive acquisition which strategically broadens our defense aftermarket capabilities. I will provide more details on First Aviation shortly. Now let me turn to our first quarter financial results. First quarter sales were $1.93 billion, up 11% from the same period in 2025. Organic sales were up 5%. Acquisitions added five points with foreign currency at tailwind. Orders were outstanding in the quarter with broad-based and meaningful growth across all Amatek divisions. Overall orders were a record $2.2 billion, up 23% versus the prior year, and organic orders were up 22%, leading to a record backlog of $3.87 billion. Operating income in the quarter was $517 million. a 14% increase over the first quarter of 2025. Operating margins were 26.8% in the quarter, and core margins were an impressive 27.9%, up a robust 160 basis points versus the prior year. EBITDA in the quarter was a record $620 million, up 11% versus the prior year, with EBITDA margins a strong 32.1%. Our excellent operating performance led to strong cash generation, with free cash flow to net income conversion of 107%. Diluted earnings per share were $1.97, up 13% versus the first quarter of 2025, and above our guidance range of $1.85 to $1.90 per share. Now, let me provide some additional details at the operating group level. First, the electronic instruments group. EIG had an excellent first quarter with double digit sales growth, strong operating performance, and a meaningful inflection in orders. EIG sales in the quarter were $1.26 billion, about 11% from last year's first quarter. Organic sales were up 2% and acquisitions added seven points, with foreign currency the balance of the growth. Organic orders for EIG were up an impressive 25% in the quarter. This growth was broad-based across all EIG divisions and end markets with notable growth within our defense, power, and semiconductor businesses. EIG's first quarter operating income was $376 million, up 6% versus the prior year. Operating margins were outstanding, 31.4%, up 40 basis points from the prior year. The electromechanical group also delivered excellent results in the quarter, with continued strong sales and orders growth, along with exceptional operating performance, leading to sizable core margin expansion. EMG's first quarter sales were a record, $664 million, up 13% versus the prior year. Organic sales were, again, up double digits at 11%, with foreign currency a two-point tailwind. Sales growth was broad-based with our automation engineered solutions and aerospace and defense businesses all delivering excellent growth in the quarter. Additionally, EMG organic orders were again outstanding, up 16% versus the prior year. EMG's operating income in the first quarter was $171 million, up 33% compared to the prior year period. While EMG's first quarter core operating margins were up sharply, to 26%, a considerable 410 basis point increase versus the first quarter of 2025. I wanted to take a moment to expand on the strength and breadth of Ametek's order growth in the quarter. The 22% organic orders growth reflects the ongoing strength within our aerospace and defense markets, as well as the continued strong growth across our automation and engineer solution markets. Importantly, it also reflects a meaningful inflection in orders for our process instrumentation and power businesses in the quarter, as the strong pipeline of opportunities we have been highlighting is translating into substantial orders growth. Contributing to the order strength were several large orders in the quarter, which helped fill in our full year sales outlook. These large orders are aligned with attractive market segments, including defense, space, power, and semiconductor, all markets where Ametek is poised to benefit from strong and growing demand. Within defense, we are seeing broad-based strength, including within missile defense, UAVs, and naval applications. The growth in defense budgets is being driven by modernization of defense capabilities and the ongoing geopolitical conflicts, creating a strong global growth outlook for defense spending, including from NATO allies. Our aerospace and defense businesses was recently selected to provide a range of technologies in support of three UAV programs, one program in the U.S. and two with NATO allies. Products being provided on these programs include ruggedized thermal management systems, power distribution equipment, advanced sensors, and embedded computing solutions. Our EMIT business also provides highly engineered specialized fluid transfer solutions for critical military and defense applications. And in the first quarter, saw strong orders growth across many key defense platforms, including in support of nuclear submarines. Within nuclear, we're also seeing strong commercial nuclear demand and orders. Ametek businesses provide a range of highly specialized products to this market, including fluid transfer solutions, radiation detection equipment, and uninterruptible power solutions in support of nuclear power facilities. Switching to space and satellite communications market, our current micro-technique business recently received a sizable order to provide ultra-precision machining solutions and manufacturing services in support of critical RF components used in low Earth orbit satellites. Kern's advanced precision machining solutions are targeted for mission-critical applications which require maximum accuracy, stability, and repeatability. And lastly, our Abaco business, a leading provider of ruggedized embedded computing solutions, continues to see strong demand with a significant win in the semiconductor capital equipment market. Abaco recently secured an agreement provide advanced computing technology to support AI-driven demand for advanced semiconductor tools. Abaco's orders were excellent in the quarter, with strong defense orders in addition to strengthen the semiconductor market. Overall, the breadth and strength of our orders in the first quarter reflect the continued trust of our customers and our continued delivery of key technology-driven products that meet our customers' most critical needs. Before we move too far off the topic of key programs and our ability to deliver in the most critical and demanding of applications, I want to take a moment to highlight a particularly timely example of our differentiated technology. Ametek sensors and fluid management systems, a leader in advanced specialized sensing solutions for the aerospace, defense, and space markets, provided critical solutions used on the recent Artemis II mission that eclipsed the record for the furthest manned space mission. Our SFMS business provided thin-film pressure transducers that supported mission-critical life support infrastructure on the Orion multipurpose crew vehicle. This application demonstrates our ability to serve even the most demanding of applications and our ongoing commitment to reliability, precision, and accuracy. Congratulations to the Ametek Sensors and Fluid Management Systems team on this exciting success and also to the four other Ametek businesses, FMH, UEI, NSI, and Zygo Pixel Link that also supported the Artemis platform with specialized technology. Now turning to acquisitions and capital deployment. With our robust balance sheet, strong cash flows, and disciplined approach to capital deployment, Ametek is well positioned to continue driving long-term value through our disciplined acquisition strategy. We are managing a very strong pipeline of acquisition opportunities across a wide range of deal sizes and markets and are encouraged by the strong pipeline of high quality acquisition candidates. As Dalib will touch on, our significant financial capacity provides the opportunity to deploy well over $5 billion in capital while maintaining an investment grade credit rating. Our top priority for capital deployment remains acquisitions and we expect to remain active in this area. We were pleased to announce this morning that we've signed a definitive agreement to acquire First Aviation Services, a leading provider of defense and aviation MRO services, as well as proprietary part design and manufacturing. The combination of First Aviation with Ametek's MRO business will provide attractive market expansion opportunities and additional scale for our A&D aftermarket businesses. First Aviation is privately held and has six US-based centers of excellence. They have approximately 80 million in annual sales, and the acquisition is subject to customary closing conditions, including regulatory approvals. Alongside this acquisition and capital deployment strategy, we continue to invest in our businesses to ensure Ametek is strategically positioned for long-term sustainable growth. For 2026, we continue to expect to invest an incremental $100 million to support our growth initiatives, with the majority of this investment going into RD&E and sales and marketing initiatives. These investments continue to deliver excellent returns. In the first quarter, our vitality index, which measures sales of new products introduced over the last three years, was an outstanding 25%. Now, we'll take a moment to highlight an example of an exciting new product from our RTDS Technologies business. RTDS is a leader in real-time digital simulation of power systems, infrastructure, and hardware testing in the loop. The real-time electromagnetic transient simulators enable detailed studies of power systems allowing engineers to anticipate system and device behaviors that threaten the stability, resilience, and performance of the power grid. RTDS recently updated their simulator platform with new features. including a data center module and an updated workflow that provides more accurate representations of third-party power solutions. This innovation helps data center operators model the power electronics required for key components such as the uninterruptible power supply systems and the variable frequency drive used in power and cooling systems. This new product led to two new notable orders in the first quarter in support of data center testing applications from large power equipment providers. Congratulations to the RTDS Technologies team on this exciting new product development. I would like to take a moment to discuss the conflict in the Middle East and how Ametek is navigating this evolving dynamic. Ametek has only a small sales exposure to the region with approximately 2% of sales into the Middle East. Most of that small exposure is within our EIG process subsegment and is tied to energy markets. We do not expect a meaningful direct impact on Ametek given this small exposure. However, like everyone, we are not immune to the broader macroeconomic uncertainty. We're continuing to monitor developments in the region, especially for impacts on the energy market and potential spillover effects. With all that said, I am confident that Ametek will continue to navigate this period of increased uncertainty based on the flexibility and durability of our operating model and our proven track record of performing well in challenging environments. Now shifting to our outlook for the balance of the year. For 2026, we now expect overall sales to be up high single digits on a percentage basis, with organic sales now expected to increase mid-single digits versus the prior year. With the strong results from the first quarter, diluted earnings per share for the year are now expected to be in the range of $7.94 to $8.14, up 7% to 10% compared to last year's results. This is an increase from our prior full year guide of $7.87 to $8.07 per diluted share. For the second quarter, We anticipate overall sales to be at high single digits on a percentage basis with adjusted earnings of $1.96 to $2 per share up 10% to 12% versus the prior year. To summarize, Ametek delivered an excellent first quarter. Our outstanding results reflect the strength of our portfolio and the resilience of our operating model. Our businesses are aligned with attractive secular growth trends and are well diversified across end markets customers, technologies, and geographies. We are leaders in niche markets where differentiated technology solutions play a mission-critical role in our customers' most demanding applications. Our highly engineered products are designed into applications governed by strict regulatory and compliance requirements, creating high switching costs. We primarily serve customers in long cycle industries with long asset lifespans, resulting in a low obsolescence risk. Taken together, these advantages position Ametek for sustained long-term success, and we see significant opportunities for continued value creation. Our culture is deeply ingrained across the organization. Our competitive positions are strong and continuing to expand. Our operating model is durable, flexible, and scalable. Finally, we are supported by an experienced and proven team that has consistently performed through a wide range of marketing conditions. I will now turn it over to Dalip Puri, who will cover some of the financial details of the quarter. Then we will be glad to take your questions.