UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): | January 24, 2013 |
AMETEK, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Delaware | 1-12981 | 14-1682544 |
_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
1100 Cassatt Road, Berwyn, Pennsylvania | 19312 | |
_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
Registrants telephone number, including area code: | 610-647-2121 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On January 24, 2013, AMETEK, Inc. issued a press release announcing its financial results for the three months and year ended December 31, 2012. A copy of such press release is furnished as Exhibit 99.1 to this Current Report.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibit
99.1 Copy of press release issued by AMETEK, Inc. on January 24, 2013 (furnished but not filed pursuant to Item 2.02).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AMETEK, Inc. | ||||
January 24, 2013 | By: |
/s/ William J. Burke
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Name: William J. Burke | ||||
Title: Senior Vice President - Comptroller & Treasurer |
Exhibit Index
Exhibit No. | Description | |
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99.1
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Copy of press release issued by AMETEK, Inc. on January 24, 2013. |
Exhibit 99.1
CORPORATE OFFICE
1100 Cassatt Road, Berwyn, PA 19312
Contact: Kevin C. Coleman (610) 889-5247
AMETEK ANNOUNCES RECORD RESULTS
Berwyn, PA, January 24, 2013 AMETEK, Inc. (NYSE: AME) today announced fourth quarter and full year results that established records for orders, sales, operating income, operating margins, net income and diluted earnings per share.
AMETEKs fourth quarter 2012 sales of $841.8 million were up 10% over the same period of 2011. Operating income for the fourth quarter of 2012 was $190.0 million, a 13% increase from $167.4 million recorded in the same period of 2011. Operating margins improved 70 basis points to a record 22.6% in the fourth quarter of 2012. Net income in the fourth quarter of 2012 increased 18% to $119.9 million from $101.9 million in last years fourth quarter. Diluted earnings per share increased 17% to $0.49 per diluted share from the fourth quarter 2011 level of $0.42 per diluted share.
AMETEK had a solid fourth quarter to complete a very strong 2012. We established records for essentially all key financial metrics in the quarter despite continued sluggish market conditions. Operating margins expanded 70 basis points to a record 22.6%, resulting from our focus on Operational Excellence initiatives. Orders were very strong in the quarter, totaling $956 million, up 28% from last years fourth quarter with 4% core growth, notes 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 $192 million for the quarter and $611 million for the year, up 25% and 20%, respectively, compared with the same periods in 2011, continued Mr. Hermance.
For the full year, AMETEK achieved record levels of orders, sales, operating income, operating margins, net income and diluted earnings per share. Full year sales were $3.33 billion, up 12% from 2011. Operating income in 2012 was $745.9 million, compared with $635.9 million last year, up 17%. Operating margins for 2012 of 22.4% were a 110 basis point improvement over 2011. Net income for the full year 2012 was up $74.6 million to $459.1 million, a 19% increase from the $384.5 million earned in 2011. Diluted earnings per share were $1.88 for 2012, up 19% from the $1.58 earned in 2011.
MORE
AMETEK ANNOUNCES RECORD RESULTS
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Electronic Instruments Group (EIG)
In the fourth quarter, EIG sales increased 12% to $494.5 million. Operating income in the fourth
quarter of 2012 increased 16% to $134.9 million, compared with $116.3 million in the fourth quarter
of 2011. Operating margins were a record 27.3%, up 100 basis points from 26.3% in last years
fourth quarter.
EIG had a very solid fourth quarter. Sales grew 12% in the quarter on continued strength in our oil and gas, and aerospace businesses, combined with the contributions from the acquisitions of OBrien and Micro-Poise. Operating margins benefitted from our Operational Excellence initiatives, notes Mr. Hermance.
Electromechanical Group (EMG)
For the fourth quarter of 2012, EMG sales increased 8% to $347.2 million. Operating income in the
fourth quarter of 2012 of $65.2 million was up 5%, compared with $62.3 million in the same
period of 2011. Operating margins for the quarter were 18.8%, compared with 19.4% in last years
fourth quarter.
EMG had a good quarter. Sales increased 8% on core growth in our Precision Motion Control business and the contribution from the acquisition of Dunkermotoren. We experienced softness in several end markets as customers turned increasingly cautious due to macro-economic uncertainties, adds Mr. Hermance.
2013 Outlook
We expect our businesses overall to show solid growth in 2013, with organic growth stronger in the
second half of the year. Our higher margin, longer cycle, oil and gas, power, and aerospace
businesses should show particular strength. AMETEKs strong portfolio of differentiated
businesses, proven operational capabilities, continued investment in new product development and
geographic expansion, and a continued focus on strategic acquisitions should enable us to perform
well in 2013, notes Mr. Hermance.
We anticipate 2013 revenue to be up in the high single digits on a percentage basis from 2012, reflecting low to mid single digit core growth and contributions from recent acquisitions including Dunkermotoren and Micro-Poise. Earnings for 2013 are expected to be in the range of $2.07 to $2.12 per diluted share, up 10% to 13% over 2012, reflecting the leveraged impact of core growth, operational excellence initiatives, and the benefit of contributions from recent acquisitions, adds Mr. Hermance.
First quarter 2013 sales are expected to be up approximately 10% from last years first quarter. We estimate our earnings to be approximately $0.49 to $0.51 per diluted share, an increase of 9% to 13% over last years first quarter of $0.45 per diluted share, concludes Mr. Hermance.
MORE
AMETEK ANNOUNCES RECORD RESULTS
Page 3
Conference Call
AMETEK will webcast its Fourth Quarter 2012 investor conference call on Thursday, January 24, 2013,
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 $3.3 billion. AMETEKs Corporate Growth Plan is based on Four Key Strategies:
Operational Excellence, Strategic Acquisitions & Alliances, Global & Market Expansion, and New
Products. AMETEKs 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 AMETEKs 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 AMETEKs 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 | Year Ended | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Net sales |
$ | 841,790 | $ | 762,751 | $ | 3,334,213 | $ | 2,989,914 | ||||||||||||||||
Operating expenses: |
||||||||||||||||||||||||
Cost of sales, excluding depreciation |
544,642 | 489,753 | 2,154,132 | 1,955,779 | ||||||||||||||||||||
Selling, general and administrative |
93,829 | 92,125 | 380,532 | 349,321 | ||||||||||||||||||||
Depreciation |
13,365 | 13,493 | 53,677 | 48,873 | ||||||||||||||||||||
Total operating expenses |
651,836 | 595,371 | 2,588,341 | 2,353,973 | ||||||||||||||||||||
Operating income |
189,954 | 167,380 | 745,872 | 635,941 | ||||||||||||||||||||
Other expenses: |
||||||||||||||||||||||||
Interest expense |
(18,834 | ) | (17,984 | ) | (75,472 | ) | (69,729 | ) | ||||||||||||||||
Other, net |
(319 | ) | (2,417 | ) | (7,925 | ) | (9,570 | ) | ||||||||||||||||
Income before income taxes |
170,801 | 146,979 | 662,475 | 556,642 | ||||||||||||||||||||
Provision for income taxes |
50,903 | 45,072 | 203,343 | 172,178 | ||||||||||||||||||||
Net income |
$ | 119,898 | $ | 101,907 | $ | 459,132 | $ | 384,464 | ||||||||||||||||
Diluted earnings per share |
$ | 0.49 | $ | 0.42 | $ | 1.88 | $ | 1.58 | ||||||||||||||||
Basic earnings per share |
$ | 0.49 | $ | 0.42 | $ | 1.90 | $ | 1.60 | ||||||||||||||||
Weighted average common shares
outstanding: |
||||||||||||||||||||||||
Diluted shares |
245,286 | 242,274 | 243,986 | 243,161 | ||||||||||||||||||||
Basic shares |
242,559 | 239,944 | 241,512 | 240,383 | ||||||||||||||||||||
Dividends per share |
$ | 0.06 | $ | 0.04 | $ | 0.22 | $ | 0.16 | ||||||||||||||||
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AMETEK, Inc.
Information by Business Segment
(In thousands)
Three Months Ended | Year Ended | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Net sales: |
||||||||||||||||||||||||
Electronic Instruments |
$ | 494,547 | $ | 441,455 | $ | 1,872,557 | $ | 1,647,195 | ||||||||||||||||
Electromechanical |
347,243 | 321,296 | 1,461,656 | 1,342,719 | ||||||||||||||||||||
Consolidated net sales |
$ | 841,790 | $ | 762,751 | $ | 3,334,213 | $ | 2,989,914 | ||||||||||||||||
Income: |
||||||||||||||||||||||||
Segment operating income: |
||||||||||||||||||||||||
Electronic Instruments |
$ | 134,861 | $ | 116,318 | $ | 497,116 | $ | 420,197 | ||||||||||||||||
Electromechanical |
65,244 | 62,265 | 292,205 | 262,710 | ||||||||||||||||||||
Total segment operating income |
200,105 | 178,583 | 789,321 | 682,907 | ||||||||||||||||||||
Corporate administrative and
other expenses |
(10,151 | ) | (11,203 | ) | (43,449 | ) | (46,966 | ) | ||||||||||||||||
Consolidated operating income |
$ | 189,954 | $ | 167,380 | $ | 745,872 | $ | 635,941 | ||||||||||||||||
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AMETEK, Inc.
Condensed Consolidated Balance Sheet
(In thousands)
December 31, | December 31, | |||||||||||
2012 | 2011 | |||||||||||
(Unaudited) | ||||||||||||
ASSETS |
||||||||||||
Current assets: |
||||||||||||
Cash and cash equivalents |
$ | 156,227 | $ | 170,392 | ||||||||
Receivables, net |
507,850 | 438,245 | ||||||||||
Inventories |
428,935 | 380,471 | ||||||||||
Other current assets |
64,962 | 70,011 | ||||||||||
Total current assets |
1,157,974 | 1,059,119 | ||||||||||
Property, plant and equipment, net |
380,796 | 325,329 | ||||||||||
Goodwill |
2,208,180 | 1,806,237 | ||||||||||
Other intangibles, investments and other assets |
1,437,675 | 1,128,805 | ||||||||||
Total assets |
$ | 5,184,625 | $ | 4,319,490 | ||||||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||||||
Current liabilities: |
||||||||||||
Short-term borrowings and current portion of long-term debt |
$ | 320,654 | $ | 140,508 | ||||||||
Accounts payable and accruals |
552,683 | 488,367 | ||||||||||
Total current liabilities |
873,337 | 628,875 | ||||||||||
Long-term debt |
1,133,121 | 1,123,416 | ||||||||||
Deferred income taxes and other long-term liabilities |
641,517 | 514,394 | ||||||||||
Stockholders equity |
2,536,650 | 2,052,805 | ||||||||||
Total liabilities and stockholders equity |
$ | 5,184,625 | $ | 4,319,490 | ||||||||
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