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AMETEK Announces Record Results

BERWYN, Pa., Jan. 26, 2012 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced fourth quarter and full year results that established records for sales, operating income, operating margins and diluted earnings per share.

AMETEK's fourth quarter 2011 sales of $762.8 million were up 13% over the same period of 2010.  Operating income for the fourth quarter of 2011 was $167.4 million, a 24% increase from $135.5 million recorded in the same period of 2010.  Operating margins improved 190 basis points to a record 21.9% in the fourth quarter of 2011.  Net income in the fourth quarter of 2011 increased 25% to $101.9 million, from $81.2 million in last year's fourth quarter.  Diluted earnings per share increased 26% to $0.63 per diluted share, from the fourth quarter 2010 level of $0.50 per diluted share.

"AMETEK had a strong fourth quarter to complete another outstanding year in 2011.  Sales were at a record level in the quarter, driven by solid core growth and the contributions from acquisitions completed during the past year.  Operating margins expanded 190 basis points to a record 21.9%, resulting from our focus on Operational Excellence, coupled with the higher sales.  We also generated record levels of operating income, net income, diluted earnings per share and operating cash flow in the quarter," noted Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.

"Cash flow was superb, with both the fourth quarter and the full year results representing records.  Operating cash flow was $153 million for the quarter and $509 million for the year, up 19% and 20%, respectively, compared to the same periods in 2010," continued Mr. Hermance.

For the full year, AMETEK achieved record levels of sales, operating income, operating margins, net income and diluted earnings per share.  Full year sales were $3.0 billion, up 21% from 2010.  Operating income in 2011 was $635.9 million compared with $482.2 million last year, up 32%.  Operating margins for 2011 of 21.3% was a 180 basis point improvement over 2010.  Net income for the full year 2011 was up $100.6 million to $384.5 million, a 35% increase from the $283.9 million earned in 2010.  Diluted earnings per share were $2.37 for 2011, up 35% from the $1.76 earned in 2010.

Electronic Instruments Group (EIG)

For the 2011 fourth quarter, EIG sales increased 17% to $441.5 million.  Operating income in the fourth quarter of 2011 increased 29% to $116.3 million, compared with $90.4 million in the fourth quarter of 2010.  For the fourth quarter of 2011, operating margins were 26.3%, up 240 basis points from 23.9% in last year's fourth quarter.

"EIG had a tremendous fourth quarter.  Excellent core growth resulted from the continuing strength in our Aerospace, Process, Power and Industrial businesses.  As expected, our oil and gas businesses showed continued strength.  The recent Reichert Technologies and EM Test acquisitions also contributed to the revenue increase.  Operating margins expanded sharply driven by higher revenue and our Operational Excellence initiatives," said Mr. Hermance.

Electromechanical Group (EMG)

For the fourth quarter of 2011, EMG sales increased 7% to $321.3 million.  Operating income in the fourth quarter of 2011 of $62.3 million was up 6%, compared with $58.9 million in the same period of 2010.  Operating margins for the quarter were 19.4%, as compared to 19.6% in last year's fourth quarter.

"EMG also performed well in the fourth quarter.  Core growth in our differentiated businesses and the contributions from the acquisitions of Avicenna Technology and Coining drove the top line increase.  Full year operating margins increased 130 basis points from 2010," commented Mr. Hermance.

2012 Outlook

"We expect our businesses to continue to show solid growth in 2012, with our higher margin, longer cycle, oil and gas, power and aerospace businesses showing particular strength.  Our strong portfolio of businesses, proven operational capabilities, continued investment in new product development and geographic expansion and a successful focus on strategic acquisitions should enable us to perform well in 2012," noted Mr. Hermance.

"We anticipate 2012 revenue to be up low double digits on a percentage basis from 2011 reflecting mid single digit core growth and contributions from recent acquisitions including O'Brien Corporation which we announced earlier today.  Earnings for 2012 are expected to be in the range of $2.65 to $2.70 per diluted share, up 12% to 14% over 2011, reflecting the leveraged impact of core growth, operational initiatives and the benefit from recent acquisitions," added Mr. Hermance.

"First quarter 2012 sales are expected to be up mid teens on a percentage basis from last year's first quarter.  We estimate our earnings to be approximately $0.63 to $0.65 per diluted share, an increase of 13% to 16% over last year's first quarter of $0.56," concluded Mr. Hermance.

Conference Call

The Company will webcast its Fourth Quarter 2011 investor conference call on Thursday, January 26, 2012, beginning at 8:30 AM ET.  The live audio webcast will be available at the Investors section of www.ametek.com and at www.streetevents.com.  The call will also be archived at the Investors section of www.ametek.com.

Corporate Profile

AMETEK is a leading global manufacturer of electronic instruments and electro-mechanical devices with annual sales of $3.0 billion. AMETEK's Corporate Growth Plan is based on Four Key Strategies: Operational Excellence, Strategic Acquisitions & Alliances, Global & Market Expansion and New Products.  AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital.  The common stock of AMETEK is a component of the S&P MidCap 400 and the Russell 1000 Indices.

Forward-looking Information

Statements in this news release relating to future events, such as AMETEK's expected business and financial performance are "forward-looking statements."  Forward-looking statements are subject to various factors and uncertainties that may cause actual results to differ significantly from expectations.  These factors and uncertainties include our ability to consummate and successfully integrate future acquisitions; risks associated with international sales and operations; our ability to successfully develop new products, open new facilities or transfer product lines; the price and availability of raw materials; compliance with government regulations, including environmental regulations; changes in the competitive environment or the effects of competition in our markets; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries we serve.  A detailed discussion of these and other factors that may affect our future results is contained in AMETEK's filings with the U.S. Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q and 8-K.  AMETEK disclaims any intention or obligation to update or revise any forward-looking statements.

(Financial Information Follows)

AMETEK, Inc.

Consolidated Statement of Income

(In thousands, except per share amounts)



Three Months Ended


Twelve Months Ended


December 31,


December 31,


2011


2010


2011


2010


(Unaudited)


(Unaudited)


(Unaudited)



Net sales

$        762,751


$        677,975


$     2,989,914


$     2,470,952

Operating expenses:








    Cost of sales, excluding depreciation

489,753


446,594


1,955,779


1,646,892

    Selling, general and administrative

92,125


83,221


349,321


296,482

    Depreciation

13,493


12,636


48,873


45,420

         Total operating expenses

595,371


542,451


2,353,973


1,988,794









Operating income

167,380


135,524


635,941


482,158

Other expenses:








    Interest expense

(17,984)


(16,981)


(69,729)


(67,522)

    Other, net

(2,417)


(3,529)


(9,570)


(8,386)

Income before income taxes

146,979


115,014


556,642


406,250

Provision for income taxes

45,072


33,775


172,178


122,318









Net income

$        101,907


$          81,239


$        384,464


$        283,932









Diluted earnings per share

$              0.63


$              0.50


$              2.37


$              1.76

Basic earnings per share

$              0.64


$              0.51


$              2.40


$              1.79









Weighted average common shares outstanding:








    Diluted shares

161,516


161,455


162,108


160,884

    Basic shares

159,963


159,150


160,255


159,056









Dividends per share

$              0.06


$              0.06


$              0.24


$              0.18



AMETEK, Inc.

Information by Business Segment

(In thousands)



Three Months Ended


Twelve Months Ended


December 31,


December 31,


2011


2010


2011


2010


(Unaudited)


(Unaudited)


(Unaudited)



Net sales:








    Electronic Instruments

$        441,455


$        377,839


$     1,647,195


$     1,324,113

    Electromechanical

321,296


300,136


1,342,719


1,146,839

         Consolidated net sales

$        762,751


$        677,975


$     2,989,914


$     2,470,952









Income:








Segment operating income:








    Electronic Instruments

$        116,318


$          90,394


$        420,197


$        316,184

    Electromechanical

62,265


58,922


262,710


210,397

         Total segment operating income

178,583


149,316


682,907


526,581

    Corporate administrative and other expenses

(11,203)


(13,792)


(46,966)


(44,423)

         Consolidated operating income

$        167,380


$        135,524


$        635,941


$        482,158



AMETEK, Inc.

Condensed Consolidated Balance Sheet

(In thousands)



December 31,


December 31,


2011


2010


(Unaudited)



ASSETS




Current assets:




    Cash, cash equivalents and marketable securities

$          174,955


$          168,853

    Receivables, net

438,381


399,913

    Inventories

380,479


335,253

    Other current assets

67,357


70,473

         Total current assets

1,061,172


974,492





Property, plant and equipment, net

326,251


318,126

Goodwill

1,799,573


1,573,645

Other intangibles, investments and other assets

1,126,304


952,652

         Total assets

$       4,313,300


$       3,818,915





LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




    Short-term borrowings and current portion of long-term debt

$          140,508


$            97,152

    Accounts payable and accruals

491,906


453,707

         Total current liabilities

632,414


550,859





Long-term debt

1,123,416


1,071,360

Deferred income taxes and other long-term liabilities

504,665


421,492

Stockholders' equity

2,052,805


1,775,204

         Total liabilities and stockholders' equity

$       4,313,300


$       3,818,915



Contact:  Kevin Coleman (610) 889-5247

SOURCE AMETEK, Inc.

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