AMETEK, Inc. (Form: 8-K)  

 


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):   August 4, 2015

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)
     
Registrant’s 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))


Top of the Form

Item 2.02 Results of Operations and Financial Condition.

On August 4, 2015, AMETEK, Inc. issued a press release announcing its financial results for the three and six months ended June 30, 2015. A copy of such press release is furnished as Exhibit 99.1 to this Current Report.





Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Copy of press release issued by AMETEK, Inc. on August 4, 2015 (furnished but not filed pursuant to Item 2.02).






Top of the Form

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.
          
August 4, 2015   By:   /s/ William J. Burke
       
        Name: William J. Burke
        Title: Senior Vice President - Comptroller & Treasurer


Top of the Form

Exhibit Index


     
Exhibit No.   Description

 
99.1
  Copy of press release issued by AMETEK, Inc. on August 4, 2015.
EX-99.1

Exhibit 99.1

Contact: Kevin Coleman +1 610-889-5250

AMETEK Announces Second Quarter 2015 Results

— Delivers Record Earnings per Share —

— Reaffirms 2015 Earnings Guidance —

BERWYN, PA, AUGUST 4, 2015 – AMETEK, Inc. (NYSE: AME) today announced its financial results for the three month period ended June 30, 2015.

AMETEK’s second quarter 2015 sales of $1.0 billion were up 1% over last year’s second quarter. Operating income increased 4% to a record $240.3 million and operating margins were up 50 basis points to 23.9%. Diluted earnings per share increased 5% to a record $0.64 per diluted share from the second quarter 2014.

“AMETEK had another strong quarter. We delivered record levels of operating income and earnings per share as a result of the continued strong execution of our Four Growth Strategies. Despite continued softness in the global economy, our businesses performed well, allowing us to meet the high end of our second quarter earnings expectations and to reaffirm our full year earnings guidance,” noted Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.

“Cash flow was also very strong, with operating cash flow of $163 million for the quarter, a 5% increase over the same period of 2014. We continue to use our cash flow to support our acquisition strategy, having closed on two recent acquisitions,” continued Mr. Hermance.

Electronic Instruments Group (EIG)

In the second quarter of 2015, EIG sales increased 4% to $596.5 million. Operating income increased 8% to $164.0 million and operating margins were up 110 basis points to 27.5%.

“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.

(Continued)

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AMETEK ANNOUNCES SECOND QUARTER 2015 RESULTS

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Electromechanical Group (EMG)

For the second quarter of 2015, EMG sales decreased 2% to $407.3 million. Operating income was down 3% to $89.3 million and operating margins were 21.9% for the quarter.

“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

“AMETEK performed well in the second quarter due to our strong portfolio of businesses, proven operational capabilities, and a successful focus on strategic acquisitions. While we remain cautious around the pace of global economic activity, we are confident in our ability to successfully execute on our growth strategies and to deliver strong earnings growth,” notes Mr. Hermance.

“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 $2.58 to $2.63 per diluted share, up 7% to 9% over 2014 adjusted earnings per share,” adds Mr. Hermance.

“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 $0.64 to $0.65 per diluted share, an increase of 3% to 5% over last year’s adjusted earnings per share,” concludes Mr. Hermance.

(Continued)

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AMETEK ANNOUNCES SECOND QUARTER 2015 RESULTS

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Conference Call

AMETEK will webcast its Second Quarter 2015 investor conference call on Tuesday, August 4, 2015, 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 $4.0 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.

# # #
(Financial Information Follows)

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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  
 
                                       

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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  
 
                                       

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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  
 
                       

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