AMETEK Announces Record Fourth Quarter 2014 Results
"
"Cash flow was also very strong, with both the fourth quarter and full year results representing records. Operating cash flow was
For the full year,
On a GAAP basis, in the fourth quarter operating income was
For the 2014 fourth quarter, EIG sales increased 14% to
"EIG had a very solid fourth quarter. Strong sales growth was driven by excellent organic growth in our Aerospace business, combined with contributions from our recent acquisitions," notes Mr. Hermance.
On a GAAP basis, EIG operating income was
In the fourth quarter, EMG sales increased 1% to
"EMG performed very well in the quarter with excellent operating performance and solid core growth in our Precision Motion Control and Engineered Materials, Interconnects and Packaging businesses. Operating margins were up sharply driven by the sales growth and our continued Operational Excellence initiatives," adds Mr. Hermance.
2015 Outlook
"We expect our businesses overall to show solid growth in 2015.
"We anticipate 2015 revenue to be up mid-single digits on a percentage basis from 2014. Earnings for 2015 are expected to be in the range of
"First quarter 2015 sales are expected to be up mid-single digits from last year's first quarter. We estimate our earnings to be approximately
Conference Call
Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and electro-mechanical devices with 2014 sales of $4.0 billion.
Forward-looking Information
Statements in this news release relating to future events, such as
Contact:
(Financial Information Follows)
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AMETEK, Inc. |
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Consolidated Statement of Income |
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(In thousands, except per share amounts) |
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Three Months Ended |
Year Ended |
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December 31, |
December 31, |
||||||
2014 |
2013 |
2014 |
2013 |
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(Unaudited) |
(Unaudited) |
(Unaudited) |
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Net sales |
$1,024,143 |
$ 942,468 |
$4,021,964 |
$3,594,136 |
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Operating expenses: |
|||||||
Cost of sales, excluding depreciation |
663,463 |
609,845 |
2,597,017 |
2,323,642 |
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Selling, general and administrative |
117,491 |
106,688 |
462,637 |
398,177 |
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Depreciation |
16,105 |
15,390 |
63,724 |
57,238 |
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Total operating expenses |
797,059 |
731,923 |
3,123,378 |
2,779,057 |
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Operating income |
227,084 |
210,545 |
898,586 |
815,079 |
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Other expenses: |
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Interest expense |
(22,566) |
(18,852) |
(79,928) |
(73,572) |
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Other, net |
3,016 |
(5,230) |
(13,826) |
(16,712) |
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Income before income taxes |
207,534 |
186,463 |
804,832 |
724,795 |
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Provision for income taxes |
55,534 |
50,795 |
220,372 |
207,796 |
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Net income |
$ 152,000 |
$ 135,668 |
$ 584,460 |
$ 516,999 |
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Diluted earnings per share |
$ 0.62 |
$ 0.55 |
$ 2.37 |
$ 2.10 |
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Basic earnings per share |
$ 0.62 |
$ 0.55 |
$ 2.39 |
$ 2.12 |
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Weighted average common shares outstanding: |
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Diluted shares |
246,132 |
246,816 |
247,102 |
246,065 |
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Basic shares |
243,990 |
244,659 |
244,885 |
243,915 |
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Dividends per share |
$ 0.09 |
$ 0.06 |
$ 0.33 |
$ 0.24 |
AMETEK, Inc. |
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Information by Business Segment |
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(In thousands) |
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Three Months Ended |
Year Ended |
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December 31, |
December 31, |
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2014 |
2013 |
2014 |
2013 |
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(Unaudited) |
(Unaudited) |
(Unaudited) |
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Net sales: |
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Electronic Instruments |
$ 644,386 |
$ 566,907 |
$2,421,638 |
$2,034,594 |
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Electromechanical |
379,757 |
375,561 |
1,600,326 |
1,559,542 |
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Consolidated net sales |
$1,024,143 |
$ 942,468 |
$4,021,964 |
$3,594,136 |
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Income: |
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Segment operating income: |
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Electronic Instruments |
$ 162,861 |
$ 151,855 |
$ 612,992 |
$ 552,110 |
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Electromechanical |
77,032 |
70,528 |
335,046 |
309,402 |
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Total segment operating income |
239,893 |
222,383 |
948,038 |
861,512 |
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Corporate administrative and other expenses |
(12,809) |
(11,838) |
(49,452) |
(46,433) |
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Consolidated operating income |
$ 227,084 |
$ 210,545 |
$ 898,586 |
$ 815,079 |
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AMETEK, Inc. |
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Condensed Consolidated Balance Sheet |
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(In thousands) |
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December 31, |
December 31, |
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2014 |
2013 |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ 377,615 |
$ 295,203 |
|
Receivables, net |
585,462 |
536,701 |
|
Inventories |
495,896 |
452,848 |
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Other current assets |
128,853 |
84,377 |
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Total current assets |
1,587,826 |
1,369,129 |
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Property, plant and equipment, net |
448,446 |
402,790 |
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Goodwill |
2,611,270 |
2,408,363 |
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Other intangibles, investments and other assets |
1,766,976 |
1,697,620 |
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Total assets |
$ 6,414,518 |
$ 5,877,902 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Short-term borrowings and current portion of long-term debt |
$ 286,201 |
$ 273,315 |
|
Accounts payable and accruals |
658,194 |
601,230 |
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Total current liabilities |
944,395 |
874,545 |
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Long-term debt |
1,427,825 |
1,141,750 |
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Deferred income taxes and other long-term liabilities |
800,482 |
725,486 |
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Stockholders' equity |
3,241,816 |
3,136,121 |
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Total liabilities and stockholders' equity |
$ 6,414,518 |
$ 5,877,902 |
AMETEK, Inc. |
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Reconciliations of GAAP to Non-GAAP Financial Measures |
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(In millions, except per share amounts) |
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(Unaudited) |
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Three Months Ended |
Year Ended |
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December 31, |
December 31, |
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2014 |
2013 |
2014 |
2013 |
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EIG Segment operating income (GAAP) |
$ 162.9 |
$ 151.9 |
$ 613.0 |
$ 552.1 |
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Zygo integration costs |
5.2 |
- |
18.9 |
- |
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Adjusted EIG Segment operating income (Non-GAAP) |
$ 168.1 |
$ 151.9 |
$ 631.9 |
$ 552.1 |
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Operating income (GAAP) |
$ 227.1 |
$ 210.5 |
$ 898.6 |
$ 815.1 |
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Zygo integration costs |
5.2 |
- |
18.9 |
- |
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Adjusted Operating income (Non-GAAP) |
$ 232.3 |
$ 210.5 |
$ 917.5 |
$ 815.1 |
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Net income (GAAP) |
$ 152.0 |
$ 135.7 |
$ 584.5 |
$ 517.0 |
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Zygo integration costs |
3.2 |
(1) |
- |
13.9 |
(2) |
- |
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Adjusted Net income (Non-GAAP) |
$ 155.2 |
$ 135.7 |
$ 598.4 |
$ 517.0 |
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(1) Represents fourth quarter adjustments at 39.2% tax rate. |
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(2) Represents full year adjustments at 26.4% tax rate. |
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Diluted earnings per share (GAAP) |
$ 0.62 |
$ 0.55 |
$ 2.37 |
$ 2.10 |
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Zygo integration costs |
0.01 |
- |
0.05 |
- |
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Adjusted Diluted earning per share (Non-GAAP) |
$ 0.63 |
$ 0.55 |
$ 2.42 |
$ 2.10 |
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Operating income margin (GAAP) |
22.2% |
22.3% |
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Zygo integration costs |
0.5% |
0.0% |
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Adjusted Operating income margin (Non-GAAP) |
22.7% |
22.3% |
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Use of Non-GAAP Financial Information |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ametek-announces-record-fourth-quarter-2014-results-300026730.html
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