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Deane Michael Dray

Managing Director and Senior Equity Analyst at RBC Capital Markets

Deane Michael Dray is a Managing Director and Senior Equity Analyst at RBC Capital Markets, specializing in the Multi-Industry and Electrical Equipment sectors with a particular focus on industrial goods and the global water sector. He covers major companies including Wesco International, Vertiv Holdings, nVent Electric, Atkore International, WW Grainger, and Mueller Water Products, and has demonstrated a strong performance track record with a 64% success rate and an average return of 15.1% per rating across more than 500 analyst calls, ranking #244 out of 10,088 Wall Street analysts. Dray began his career at Lehman Brothers, served 11 years at Goldman Sachs as a senior analyst covering multi-industry, and spent four years at Citi Global Research as global sector head of Industrials before joining RBC Capital Markets in September 2014. He holds an MBA from New York University, graduated with honors from Brown University, is a CFA charterholder, and maintains active FINRA registration as a securities broker.

Deane Michael Dray's questions to AMETEK INC/ (AME) leadership

Question · Q3 2025

Deane Michael Dray inquired about AMETEK's performance across key platforms and regions, specifically highlighting Paragon's strong quarter, and later asked about the impact of tariffs on China sales.

Answer

David Zapico, Chairman and CEO, detailed strong performance in Aerospace & Defense, Power and Industrial, and Automation & Engineered Solutions, with Process showing improving visibility. He provided a regional breakdown, noting strength in the U.S. and Europe, with Asia (excluding China) also strong, but China impacted by tariff renegotiations causing delays. He confirmed Paragon's excellent quarter. Regarding tariffs, Mr. Zapico explained they are causing delays in China due to price renegotiations, but AMETEK maintains competitive strength and high margins there.

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