AMETEK Announces Second Quarter 2015 Results
"
"Cash flow was also very strong, with operating cash flow of
In the second quarter of 2015, EIG sales increased 4% to
"EIG had a very good quarter with excellent operating performance. Sales were up due to strength in our Aerospace business, combined with the contributions from the acquisitions of Zygo and Amptek in our Process business. Operating performance was superb, with operating margins up 110 basis points in the quarter," said Mr. Hermance.
For the second quarter of 2015, EMG sales decreased 2% to
"EMG also had a good second quarter in this difficult global market environment. The lower sales were driven largely by currency headwinds, partially offset by sales from the acquisition of Global Tubes. Operating margins were very strong benefitting from our focus on Operational Excellence initiatives," adds Mr. Hermance.
2015 Outlook
"
"We anticipate 2015 sales to be up low single digits with organic sales roughly flat versus 2014. We continue to expect earnings for 2015, excluding first quarter realignment costs, to be in the range of
"Third quarter 2015 sales are expected to be approximately flat compared to last year's third quarter. We estimate our earnings in the third quarter to be approximately
Conference Call
Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and electro-mechanical devices with annual sales of $4.0 billion.
Forward-looking Information
Statements in this news release relating to future events, such as
(Financial Information Follows)
AMETEK, Inc. |
|||||||
Consolidated Statement of Income |
|||||||
(In thousands, except per share amounts) |
|||||||
(Unaudited) |
|||||||
Three Months Ended |
Six Months Ended |
||||||
June 30, |
June 30, |
||||||
2015 |
2014 |
2015 |
2014 |
||||
Net sales |
$1,003,726 |
$ 990,718 |
$1,987,785 |
$1,966,010 |
|||
Operating expenses: |
|||||||
Cost of sales, excluding depreciation |
633,925 |
630,645 |
1,269,890 |
1,255,815 |
|||
Selling, general and administrative |
112,702 |
113,316 |
223,586 |
225,941 |
|||
Depreciation |
16,780 |
15,029 |
33,038 |
30,895 |
|||
Total operating expenses |
763,407 |
758,990 |
1,526,514 |
1,512,651 |
|||
Operating income |
240,319 |
231,728 |
461,271 |
453,359 |
|||
Other expenses: |
|||||||
Interest expense |
(22,678) |
(18,981) |
(45,364) |
(37,819) |
|||
Other, net |
(2,493) |
(4,326) |
(3,973) |
(8,203) |
|||
Income before income taxes |
215,148 |
208,421 |
411,934 |
407,337 |
|||
Provision for income taxes |
59,635 |
58,358 |
114,314 |
116,688 |
|||
Net income |
$ 155,513 |
$ 150,063 |
$ 297,620 |
$ 290,649 |
|||
Diluted earnings per share |
$ 0.64 |
$ 0.61 |
$ 1.22 |
$ 1.18 |
|||
Basic earnings per share |
$ 0.64 |
$ 0.61 |
$ 1.23 |
$ 1.19 |
|||
Weighted average common shares outstanding: |
|||||||
Diluted shares |
243,621 |
247,403 |
243,209 |
247,316 |
|||
Basic shares |
241,498 |
245,201 |
241,222 |
245,056 |
|||
Dividends per share |
$ 0.09 |
$ 0.09 |
$ 0.18 |
$ 0.15 |
AMETEK, Inc. |
|||||||
Information by Business Segment |
|||||||
(In thousands) |
|||||||
(Unaudited) |
|||||||
Three Months Ended |
Six Months Ended |
||||||
June 30, |
June 30, |
||||||
2015 |
2014 |
2015 |
2014 |
||||
Net sales: |
|||||||
Electronic Instruments |
$ 596,464 |
$ 573,289 |
$1,190,262 |
$1,145,683 |
|||
Electromechanical |
407,262 |
417,429 |
797,523 |
820,327 |
|||
Consolidated net sales |
$1,003,726 |
$ 990,718 |
$1,987,785 |
$1,966,010 |
|||
Income: |
|||||||
Segment operating income: |
|||||||
Electronic Instruments |
$ 163,993 |
$ 151,499 |
$ 315,210 |
$ 301,818 |
|||
Electromechanical |
89,294 |
92,133 |
171,258 |
176,013 |
|||
Total segment operating income |
253,287 |
243,632 |
486,468 |
477,831 |
|||
Corporate administrative and other expenses |
(12,968) |
(11,904) |
(25,197) |
(24,472) |
|||
Consolidated operating income |
$ 240,319 |
$ 231,728 |
$ 461,271 |
$ 453,359 |
AMETEK, Inc. |
|||
Condensed Consolidated Balance Sheet |
|||
(In thousands) |
|||
June 30, |
December 31, |
||
2015 |
2014 |
||
(Unaudited) |
|||
ASSETS |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 326,588 |
$ 377,615 |
|
Receivables, net |
619,080 |
585,462 |
|
Inventories, net |
541,919 |
495,896 |
|
Other current assets |
111,755 |
119,631 |
|
Total current assets |
1,599,342 |
1,578,604 |
|
Property, plant and equipment, net |
484,932 |
448,446 |
|
Goodwill |
2,668,625 |
2,614,030 |
|
Other intangibles, investments and other assets |
1,804,912 |
1,779,883 |
|
Total assets |
$ 6,557,811 |
$ 6,420,963 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
Current liabilities: |
|||
Short-term borrowings and current portion of long-term debt |
$ 183,903 |
$ 286,201 |
|
Accounts payable and accruals |
646,228 |
649,943 |
|
Total current liabilities |
830,131 |
936,144 |
|
Long-term debt |
1,481,906 |
1,427,825 |
|
Deferred income taxes and other long-term liabilities |
792,440 |
817,433 |
|
Stockholders' equity |
3,453,334 |
3,239,561 |
|
Total liabilities and stockholders' equity |
$ 6,557,811 |
$ 6,420,963 |
|
Contact:
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ametek-announces-second-quarter-2015-results-300122783.html
SOURCE