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): | October 29, 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 October 29, 2013, AMETEK, Inc. issued a press release announcing its financial results for the three and nine months ended September 30, 2013. 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 October 29, 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. | ||||
October 29, 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 October 29, 2013. |
Exhibit 99.1
CORPORATE OFFICE
1100 Cassatt Road, Berwyn, PA 19312
Contact: Kevin C. Coleman (610) 889-5247
AMETEK ANNOUNCES RECORD THIRD QUARTER 2013 RESULTS
Berwyn, PA, October 29, 2013 AMETEK, Inc. (NYSE: AME) today announced strong third quarter results that established records for sales and operating income. In addition, backlog at September 30, 2013 of $1.2 billion was an all-time high.
AMETEKs third quarter 2013 sales of $890.0 million were up 6% over the same period of 2012. Operating income was $204.7 million in the quarter, a 9% increase from the $188.2 million recorded in the same period of 2012. Operating margins improved 60 basis points to 23.0% in the third quarter of 2013. Net income increased 11% to $127.9 million, from $115.4 million in last years third quarter. Diluted earnings per share increased 11% to $0.52 per diluted share, from the third quarter 2012 level of $0.47 per diluted share.
AMETEK achieved excellent results in the third quarter. Despite continued soft economic conditions, we were able to deliver record levels of sales and operating income on the strength of our long-cycle businesses and operational excellence initiatives. In addition, orders were very strong in the quarter, totaling $937 million, up 17% from last years third quarter with 7% core growth, noted Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.
In the third quarter, we recognized a gain on the sale of a facility. The gain was offset by increased investment in organic growth initiatives and higher than normal acquisition related costs in the quarter.
For the nine months ended September 30, 2013, AMETEK sales increased 6% to $2.65 billion, compared with $2.49 billion during the same period of 2012. Operating income increased 9% to $604.5 million, from $555.9 million earned in the first nine months of 2012. Net income for the first nine months was $381.3 million, up 12% from $339.2 million in the same period of 2012. Diluted earnings per share were $1.55 for the first nine months of 2013, up 12% from $1.39 per diluted share in the first nine months of 2012.
Electronic Instruments Group (EIG)
In the third quarter, EIG sales increased 9% to $499.8 million. Operating income in the third
quarter of 2013 increased 14% to $138.9 million, compared with $121.6 million in the third quarter
of 2012. Operating margins were 27.8% in the third quarter, up 120 basis points from 26.6% in last
years third quarter.
EIG had a very strong third quarter. Sales grew 9% on continued strength in our oil and gas and aerospace businesses, combined with contributions from our acquisitions of Micro-Poise and Controls Southeast, said Mr. Hermance.
MORE
AMETEK ANNOUNCES RECORD THIRD QUARTER 2013 RESULTS
Page 2
Electromechanical Group (EMG)
For the third quarter of 2013, EMG sales increased 2% to $390.2 million. Third quarter operating
income was $77.5 million, up slightly from the same period of 2012. Operating margins were 19.9%,
versus 20.2% in last years third quarter.
EMG also had a solid third quarter. Sales were up on strong growth in our Precision Motion Control business and in our Floorcare and Specialty Motors business. Additionally, organic orders were very strong in the quarter, up 9% over the prior years quarter, commented Mr. Hermance.
2013 Outlook
We are very pleased with the performance of our business in the third quarter and are especially
encouraged by the strength in orders. While we remain cautious around the pace of global economic
activity, we continue to believe our strong portfolio of businesses, increased organic growth
investments, operational excellence initiatives, and a continued focus on increasing shareholder
value through strategic acquisitions will enable us to perform well through the remainder of 2013
and beyond, added Mr. Hermance.
We anticipate full year 2013 revenues to be up mid-single digits on a percentage basis from 2012. We expect earnings for 2013 to be approximately $2.09 per diluted share, up 11% from last year, added Mr. Hermance.
Fourth quarter sales are expected to be up high single digits on a percentage basis over last years fourth quarter, with organic sales up mid-single digits on a percentage basis. We estimate our earnings to be approximately $0.54 per diluted share, an increase of 10% over last years fourth quarter of $0.49 per diluted share, he concluded.
MORE
AMETEK ANNOUNCES RECORD THIRD QUARTER 2013 RESULTS
Page 3
Conference Call
AMETEK will webcast its Third Quarter 2013 investor conference call on Tuesday, October 29, 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 also will 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 annualized sales of $3.6 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 500 index.
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)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Net sales |
$ | 890,006 | $ | 839,373 | $ | 2,651,668 | $ | 2,492,423 | ||||||||||||
Operating expenses: |
||||||||||||||||||||
Cost of sales, excluding depreciation |
572,125 | 541,454 | 1,713,797 | 1,609,490 | ||||||||||||||||
Selling, general and administrative |
98,969 | 96,021 | 291,489 | 286,703 | ||||||||||||||||
Depreciation |
14,226 | 13,734 | 41,848 | 40,312 | ||||||||||||||||
Total operating expenses |
685,320 | 651,209 | 2,047,134 | 1,936,505 | ||||||||||||||||
Operating income |
204,686 | 188,164 | 604,534 | 555,918 | ||||||||||||||||
Other expenses: |
||||||||||||||||||||
Interest expense |
(18,243 | ) | (18,958 | ) | (54,720 | ) | (56,638 | ) | ||||||||||||
Other, net |
(6,291 | ) | (3,518 | ) | (11,482 | ) | (7,606 | ) | ||||||||||||
Income before income taxes |
180,152 | 165,688 | 538,332 | 491,674 | ||||||||||||||||
Provision for income taxes |
52,288 | 50,291 | 157,001 | 152,440 | ||||||||||||||||
Net income |
$ | 127,864 | $ | 115,397 | $ | 381,331 | $ | 339,234 | ||||||||||||
Diluted earnings per share |
$ | 0.52 | $ | 0.47 | $ | 1.55 | $ | 1.39 | ||||||||||||
Basic earnings per share |
$ | 0.52 | $ | 0.48 | $ | 1.56 | $ | 1.41 | ||||||||||||
Weighted average common shares
outstanding: |
||||||||||||||||||||
Diluted shares |
245,930 | 244,229 | 245,815 | 243,552 | ||||||||||||||||
Basic shares |
244,049 | 242,138 | 243,667 | 241,164 | ||||||||||||||||
Dividends per share |
$ | 0.06 | $ | 0.06 | $ | 0.18 | $ | 0.16 | ||||||||||||
AMETEK, Inc.
Information by Business Segment
(In thousands)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Net sales: |
||||||||||||||||||||
Electronic Instruments |
$ | 499,847 | $ | 457,074 | $ | 1,467,687 | $ | 1,378,010 | ||||||||||||
Electromechanical |
390,159 | 382,299 | 1,183,981 | 1,114,413 | ||||||||||||||||
Consolidated net sales |
$ | 890,006 | $ | 839,373 | $ | 2,651,668 | $ | 2,492,423 | ||||||||||||
Income: |
||||||||||||||||||||
Segment operating income: |
||||||||||||||||||||
Electronic Instruments |
$ | 138,934 | $ | 121,579 | $ | 400,255 | $ | 362,255 | ||||||||||||
Electromechanical |
77,480 | 77,324 | 238,874 | 226,961 | ||||||||||||||||
Total segment operating income |
216,414 | 198,903 | 639,129 | 589,216 | ||||||||||||||||
Corporate administrative and
other expenses |
(11,728 | ) | (10,739 | ) | (34,595 | ) | (33,298 | ) | ||||||||||||
Consolidated operating income |
$ | 204,686 | $ | 188,164 | $ | 604,534 | $ | 555,918 | ||||||||||||
AMETEK, Inc.
Condensed Consolidated Balance Sheet
(In thousands)
September 30, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
(Unaudited) | ||||||||||||
ASSETS |
||||||||||||
Current assets: |
||||||||||||
Cash and cash equivalents |
$ | 254,878 | $ | 157,984 | ||||||||
Receivables, net |
532,092 | 507,850 | ||||||||||
Inventories |
449,133 | 428,935 | ||||||||||
Other current assets |
72,454 | 69,974 | ||||||||||
Total current assets |
1,308,557 | 1,164,743 | ||||||||||
Property, plant and equipment, net |
383,594 | 383,483 | ||||||||||
Goodwill |
2,300,466 | 2,208,239 | ||||||||||
Other intangibles, investments and other assets |
1,468,605 | 1,433,591 | ||||||||||
Total assets |
$ | 5,461,222 | $ | 5,190,056 | ||||||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||||||
Current liabilities: |
||||||||||||
Short-term borrowings and current portion of long-term debt |
$ | 164,926 | $ | 320,654 | ||||||||
Accounts payable and accruals |
567,295 | 559,315 | ||||||||||
Total current liabilities |
732,221 | 879,969 | ||||||||||
Long-term debt |
1,135,164 | 1,133,121 | ||||||||||
Deferred income taxes and other long-term liabilities |
659,609 | 641,815 | ||||||||||
Stockholders equity |
2,934,228 | 2,535,151 | ||||||||||
Total liabilities and stockholders equity |
$ | 5,461,222 | $ | 5,190,056 | ||||||||