AMETEK, Inc. AME reported second-quarter 2020 adjusted earnings of 84 cents per share, which beat the Zacks Consensus Estimate by 16.7%.However, the bottom line declined 20% from the year-ago quarter and 17.6% from the previous quarter.Net sales of $1.01 billion surpassed the Zacks Consensus Estimate of $974.6 million. Notably, the top line was down 22% year over year and 15.8% sequentially.Disruptions caused by the COVID-19 pandemic led to decline in the company’s top line. The coronavirus crisis affected both Electronic Instruments Group (EIG) and Electromechanical Group (EMG) segments during the reported quarter.Nevertheless, the company delivered strong operational performance during the second quarter.We believeAMETEK’s proper execution of the four core growth strategies — operational excellence, global market expansion, investments in product development and acquisitions are expected to continue aiding its financial growth in the near term and the long haul. Moreover, the AMETEK Growth Model is likely to continue driving the company’s business performance.AMETEK, Inc. Price, Consensus and EPS Surprise AMETEK, Inc. price-consensus-eps-surprise-chart | AMETEK, Inc. QuoteSegments in DetailEIG (64% of total sales): The company generated sales of $647.9 million from this segment, reflecting a decline of 21% from the year-ago quarter. This can primarily be attributed to the coronavirus pandemic. Nevertheless, the segment witnessed strong operating performance during the reported quarter.EMG (36% of sales): This segment generated $364.04 million of sales in the second quarter, which declined 22% on a year-over-year basis. Coronavirus-induced headwinds were major negatives. Nevertheless, the segment delivered strong operational results on the back of proper execution of operational excellence initiatives.Operating DetailsFor the second quarter, operating expenses were $784.9 billion, down 21% year over year. However, the figure expanded 50 basis points (bps) from the year-ago quarter as a percentage of net sales.Consequently, operating margin was 22.4%, which contracted 50 bps from the year-ago reported figure.Although operating margin for EIG contracted 130 bps year over year to 24.6%, the same for EMG expanded 170 bps from the year-ago quarter to 23.2%.Balance Sheet & Cash FlowAs of Jun 30, 2020, cash and cash equivalents were $1.13 billion, significantly down from $1.25 billion as of Mar 31, 2020.Further, inventories amounted to $621.5 million at the end of the second quarter compared with $654.3 million at the end of the prior quarter.Long-term debt was $2.75 billion in the reported quarter, up from $2.74 billion in the prior quarter.The company generated $314.6 million of cash from operation during the second quarter compared with $271 million in the previous quarter.Further, AMETEK generated free cash flow of $304.5 million in the reported quarter.Zacks Rank & Key PicksAMETEK currently has a Zacks Rank #2 (Buy).Some other top-ranked stocks in the broader technology sector are Dropbox DBX, Asure Software, Inc. ASUR and Analog Devices ADI. While both Dropbox sport a Zacks Rank #1 (Strong Buy), Asure Software and Analog Devices carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Long-term earnings growth rate of Dropbox, Asure Software, and Analog Devices is pegged at 16.83%, 14% and 13.33%, respectively.Biggest Tech Breakthrough in a GenerationBe among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.See 8 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AMETEK, Inc. (AME): Free Stock Analysis Report Analog Devices, Inc. (ADI): Free Stock Analysis Report Asure Software Inc (ASUR): Free Stock Analysis Report Dropbox, Inc. (DBX): Free Stock Analysis Report To read this article on Zacks.com click here.