AMETEK Announces Record Results PR Newswire BERWYN, Pa., Jan. 29, 2014 BERWYN, Pa., Jan. 29, 2014 /PRNewswire/ --AMETEK, Inc. (NYSE: AME) today announced fourth quarter results that established records for sales, operating income, net income, diluted earnings per share and operating cash flow. AMETEK's fourth quarter 2013 sales of $942.5 million were up 12% over the same period of 2012. Operating income for the fourth quarter of 2013 was $210.5 million, an 11% increase from $190.0 million recorded in the same period of 2012. Operating margins were 22.3% in the quarter, as compared to 22.6% in last year's quarter. Net income in the fourth quarter of 2013 increased 13% to $135.7 million from $119.9million in last year's fourth quarter. Diluted earnings per share increased 12% to $0.55 per diluted share from the fourth quarter 2012 level of $0.49 per diluted share. "AMETEK had an excellent fourth quarter to complete another outstanding year in 2013. We established records for essentially all key financial metrics in the quarter. Core sales growth was strong, up 7% over last year's fourth quarter, with broad based strength across our businesses. Our focus on Operational Excellence, coupled with the higher sales, resulted in record earnings for the quarter," noted Frank S. Hermance, AMETEK Chairman and Chief Executive Officer. "Cash flow was also very strong, with both the fourth quarter and full year results representing records. Operating cash flow was $210 million for the quarter and $661 million for the year," 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 $3.6 billion, up 8% from 2012. Operating income in 2013 was $815.1 million, compared with $745.9 million last year, up 9%. Operating margins for 2013 of 22.7% were a 30 basis point improvement over 2012. Net income for the full year 2013 was $517.0 million, a 13% increase from the $459.1 million earned in 2012. Diluted earnings per share were $2.10 for 2013, up 12% from the $1.88 earned in 2012. Electronic Instruments Group (EIG) For the 2013 fourth quarter, EIG sales increased 15% to $566.9 million. Operating income in the fourth quarter of 2013 increased 13% to $151.9 million, compared with $134.9 million in the fourth quarter of 2012. Operating margins were 26.8% in the quarter. Full year 2013 operating margins were 27.1%, a 60 basis point increase over 2012. "EIG had a very strong fourth quarter. Excellent core growth in our Process businesses and the contributions from the recent acquisitions of Controls Southeast, Creaform and Powervar also contributed to the sales increase," notes Mr. Hermance. Electromechanical Group (EMG) In the fourth quarter, EMG sales increased 8% to $375.6 million. Operating income in the fourth quarter of 2013 of $70.5 million was up 8%, compared with $65.2 million in the same period of 2012. Operating margins for the quarter were 18.8%, unchanged from last year's fourth quarter. "EMG had a good quarter with strong sales growth. Growth was broad based across our Differentiated businesses as well as in our Floorcare and Specialty Motors business," adds Mr. Hermance. 2014 Outlook "We expect our businesses overall to show solid growth in 2014 as economic conditions continue to modestly improve across our end markets. We expect to see balanced growth across our businesses during the year. AMETEK's continued focus on our core strategies of operational excellence, global and market expansion, new product development and strategic acquisitions position us well in 2014 and beyond," notes Mr.Hermance. "We anticipate 2014 revenue to be up high single digits on a percentage basis from 2013. Earnings for 2014 are expected to be in the range of $2.30 to $2.35 per diluted share, up 10% to 12% over 2013, reflecting the leveraged impact of core growth, continued operational excellence initiatives, and the benefit of contributions from recent acquisitions," adds Mr. Hermance. "First quarter 2014 sales are expected to be up high single digits from last year's first quarter. We estimate our earnings to be approximately $0.55 to $0.57 per diluted share, an increase of 8% to 12% over last year's first quarter of $0.51 per diluted share," concludes Mr. Hermance. Conference Call AMETEK will webcast its Fourth Quarter 2013 investor conference call on Wednesday, January 29, 2014, beginning at 8:30 AM ET. The live audio webcast will be available at the Investors section of www.ametek.comand 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 2013 sales of $3.6 billion. AMETEK's Corporate Growth Plan is based on Four Key Strategies: Operational Excellence, Strategic Acquisitions, 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 500 index. 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. Contact: Kevin Coleman (610) 889-5247 (Financial Information Follows) AMETEK, Inc. Consolidated Statement of Income (In thousands, except per share amounts) Three Months Ended Year Ended December 31, December 31, 2013 2012 2013 2012 (Unaudited) (Unaudited) (Unaudited) Net sales $ 942,468 $ 841,790 $3,594,136 $3,334,213 Operating expenses: Cost of sales, excluding 609,845 544,642 2,323,642 2,154,132 depreciation Selling, general 106,688 93,829 398,177 380,532 and administrative Depreciation 15,390 13,365 57,238 53,677 Total 731,923 651,836 2,779,057 2,588,341 operating expenses Operating income 210,545 189,954 815,079 745,872 Other expenses: Interest expense (18,852) (18,834) (73,572) (75,472) Other, net (5,230) (319) (16,712) (7,925) Income before income 186,463 170,801 724,795 662,475 taxes Provision for income 50,795 50,903 207,796 203,343 taxes Net income $ 135,668 $ 119,898 $ 516,999 $ 459,132 Diluted earnings per $ 0.55 $ 0.49 $ 2.10 $ share 1.88 Basic earnings per $ 0.55 $ 0.49 $ 2.12 $ share 1.90 Weighted average common shares outstanding: Diluted shares 246,816 245,286 246,065 243,986 Basic shares 244,659 242,559 243,915 241,512 Dividends per share $ 0.06 $ 0.06 $ 0.24 $ 0.22 AMETEK, Inc. Information by Business Segment (In thousands) Three Months Ended Year Ended December 31, December 31, 2013 2012 2013 2012 (Unaudited) (Unaudited) (Unaudited) Net sales: Electronic $ 566,907 $ 494,547 $2,034,594 $1,872,557 Instruments 375,561 347,243 1,559,542 1,461,656 Electromechanical Consolidated net $ 942,468 $ 841,790 $3,594,136 $3,334,213 sales Income: Segment operating income: Electronic $ 151,855 $ 134,861 $ 552,110 $ 497,116 Instruments 70,528 65,244 309,402 292,205 Electromechanical Total segment operating 222,383 200,105 861,512 789,321 income Corporate administrative and (11,838) (10,151) (46,433) (43,449) other expenses Consolidated $ 210,545 $ 189,954 $ 815,079 $ 745,872 operating income AMETEK, Inc. Condensed Consolidated Balance Sheet (In thousands) December 31, December 31, 2013 2012 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 295,203 $ 157,984 Receivables, net 536,701 507,850 Inventories 452,848 428,935 Other current assets 80,268 69,974 Total current assets 1,365,020 1,164,743 Property, plant and equipment, net 402,790 383,483 Goodwill 2,408,363 2,208,239 Other intangibles, investments and other assets 1,693,668 1,433,591 Total assets $ 5,869,841 $ 5,190,056 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term borrowings and current portion $ 273,315 $ 320,654 of long-term debt Accounts payable and accruals 583,554 559,315 Total current liabilities 856,869 879,969 Long-term debt 1,141,750 1,133,121 Deferred income taxes and other long-term 735,955 641,815 liabilities Stockholders' equity 3,135,267 2,535,151 Total liabilities and stockholders' $ 5,869,841 $ 5,190,056 equity SOURCE AMETEK, Inc. Website: http://www.ametek.com
AMETEK Announces Record Results
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