AMETEK Announces Third Quarter 2015 Results
"I am very pleased with
Third quarter 2014 results exclude
In the third quarter of 2015, EIG sales were
"EIG had a good third quarter in this difficult growth environment. The lower sales were driven largely by currency headwinds. Despite the lower sales, operating margins were very strong, increasing 160 basis points driven by our Operational Excellence initiatives," added Mr. Hermance.
For the third quarter of 2015, EMG sales were
"EMG also had a good quarter. Strong core growth in our Aerospace businesses and the contribution from the Global Tubes acquisition were offset by foreign currency headwinds and weakness within our Engineered Materials, Interconnects and Packaging business. Operating margins were very strong as a result of our Operational Excellence initiatives," notes Mr. Hermance.
2015 Outlook
"As a result of the increasingly sluggish global macro environment, we now expect 2015 sales to be down low single digits on a percentage basis versus 2014. Earnings for the year, excluding the first quarter realignment costs, are anticipated to be approximately
"Fourth quarter sales are estimated to be down low single digits on a percentage basis from last year's fourth quarter. We expect our diluted earnings per share to be approximately
"We remain confident in our ability to continue to deliver strong earnings due to our excellent portfolio of business, proven operational capabilities, on-going growth investments and a successful focus on strategic acquisitions," concluded Mr. Hermance.
Conference Call
The Company will webcast its Third Quarter 2015 investor conference call on
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 |
Nine Months Ended |
||||||
September 30, |
September 30, |
||||||
2015 |
2014 |
2015 |
2014 |
||||
Net sales |
$ 998,527 |
$1,031,811 |
$2,986,312 |
$2,997,821 |
|||
Operating expenses: |
|||||||
Cost of sales, excluding depreciation |
631,790 |
677,739 |
1,901,680 |
1,933,554 |
|||
Selling, general and administrative |
112,116 |
119,205 |
335,702 |
345,146 |
|||
Depreciation |
17,006 |
16,724 |
50,044 |
47,619 |
|||
Total operating expenses |
760,912 |
813,668 |
2,287,426 |
2,326,319 |
|||
Operating income |
237,615 |
218,143 |
698,886 |
671,502 |
|||
Other expenses: |
|||||||
Interest expense |
(23,684) |
(19,543) |
(69,048) |
(57,362) |
|||
Other, net |
(2,325) |
(8,639) |
(6,298) |
(16,842) |
|||
Income before income taxes |
211,606 |
189,961 |
623,540 |
597,298 |
|||
Provision for income taxes |
55,208 |
48,150 |
169,522 |
164,838 |
|||
Net income |
$ 156,398 |
$ 141,811 |
$ 454,018 |
$ 432,460 |
|||
Diluted earnings per share |
$ 0.65 |
$ 0.57 |
$ 1.87 |
$ 1.75 |
|||
Basic earnings per share |
$ 0.65 |
$ 0.58 |
$ 1.89 |
$ 1.76 |
|||
Weighted average common shares outstanding: |
|||||||
Diluted shares |
241,238 |
247,643 |
242,552 |
247,425 |
|||
Basic shares |
239,959 |
245,439 |
240,801 |
245,184 |
|||
Dividends per share |
$ 0.09 |
$ 0.09 |
$ 0.27 |
$ 0.24 |
AMETEK, Inc. |
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Information by Business Segment |
|||||||
(In thousands) |
|||||||
(Unaudited) |
|||||||
Three Months Ended |
Nine Months Ended |
||||||
September 30, |
September 30, |
||||||
2015 |
2014 |
2015 |
2014 |
||||
Net sales: |
|||||||
Electronic Instruments |
$ 598,515 |
$ 631,569 |
$1,788,777 |
$1,777,252 |
|||
Electromechanical |
400,012 |
400,242 |
1,197,535 |
1,220,569 |
|||
Consolidated net sales |
$ 998,527 |
$1,031,811 |
$2,986,312 |
$2,997,821 |
|||
Income: |
|||||||
Segment operating income: |
|||||||
Electronic Instruments |
$ 162,530 |
$ 148,313 |
$ 477,740 |
$ 450,131 |
|||
Electromechanical |
86,671 |
82,001 |
257,929 |
258,014 |
|||
Total segment operating income |
249,201 |
230,314 |
735,669 |
708,145 |
|||
Corporate administrative and other expenses |
(11,586) |
(12,171) |
(36,783) |
(36,643) |
|||
Consolidated operating income |
$ 237,615 |
$ 218,143 |
$ 698,886 |
$ 671,502 |
AMETEK, Inc. |
|||
Condensed Consolidated Balance Sheet |
|||
(In thousands) |
|||
September 30, |
December 31, |
||
2015 |
2014 |
||
(Unaudited) |
|||
ASSETS |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 328,034 |
$ 377,615 |
|
Receivables, net |
610,019 |
585,462 |
|
Inventories, net |
541,994 |
495,896 |
|
Other current assets |
110,693 |
119,631 |
|
Total current assets |
1,590,740 |
1,578,604 |
|
Property, plant and equipment, net |
483,029 |
448,446 |
|
Goodwill |
2,722,871 |
2,614,030 |
|
Other intangibles, investments and other assets |
1,847,384 |
1,779,883 |
|
Total assets |
$ 6,644,024 |
$ 6,420,963 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
Current liabilities: |
|||
Short-term borrowings and current portion of long-term debt |
$ 295,259 |
$ 286,201 |
|
Accounts payable and accruals |
630,218 |
649,943 |
|
Total current liabilities |
925,477 |
936,144 |
|
Long-term debt |
1,621,812 |
1,427,825 |
|
Deferred income taxes and other long-term liabilities |
781,466 |
817,433 |
|
Stockholders' equity |
3,315,269 |
3,239,561 |
|
Total liabilities and stockholders' equity |
$ 6,644,024 |
$ 6,420,963 |
AMETEK, Inc. |
||||||||||
Reconciliations of GAAP to Non-GAAP Financial Measures |
||||||||||
(In thousands, except per share amounts) |
||||||||||
(Unaudited) |
||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||
September 30, |
September 30, |
|||||||||
2015 |
2014 |
2015 |
2014 |
|||||||
EIG Segment operating income (GAAP) |
$ 162,530 |
$ 148,313 |
$ 477,740 |
$ 450,131 |
||||||
Realignment costs |
- |
- |
9,251 |
- |
||||||
Zygo integration costs |
- |
13,655 |
- |
13,655 |
||||||
Adjusted EIG Segment operating income (Non-GAAP) |
$ 162,530 |
$ 161,968 |
$ 486,991 |
$ 463,786 |
||||||
EMG Segment operating income (GAAP) |
$ 86,671 |
$ 82,001 |
$ 257,929 |
$ 258,014 |
||||||
Realignment costs |
- |
- |
6,534 |
- |
||||||
Zygo integration costs |
- |
- |
- |
- |
||||||
Adjusted EMG Segment operating income (Non-GAAP) |
$ 86,671 |
$ 82,001 |
$ 264,463 |
$ 258,014 |
||||||
Operating income (GAAP) |
$ 237,615 |
$ 218,143 |
$ 698,886 |
$ 671,502 |
||||||
Realignment costs |
- |
- |
15,894 |
- |
||||||
Zygo integration costs |
- |
13,655 |
- |
13,655 |
||||||
Adjusted Operating income (Non-GAAP) |
$ 237,615 |
$ 231,798 |
$ 714,780 |
$ 685,157 |
||||||
Net income (GAAP) |
$ 156,398 |
$ 141,811 |
$ 454,018 |
$ 432,460 |
||||||
Realignment costs |
- |
- |
10,808 |
(1) |
- |
|||||
Zygo integration costs |
- |
10,717 |
(2) |
- |
10,717 |
(2) |
||||
Adjusted Net income (Non-GAAP) |
$ 156,398 |
$ 152,528 |
$ 464,826 |
$ 443,177 |
||||||
(1) Represents adjustments at 32.0% tax rate. |
||||||||||
(2) Represents adjustments at 21.5% tax rate. |
||||||||||
Diluted earnings per share (GAAP) |
$ 0.65 |
$ 0.57 |
$ 1.87 |
$ 1.75 |
||||||
Realignment costs |
- |
- |
0.05 |
- |
||||||
Zygo integration costs |
- |
0.05 |
- |
0.04 |
||||||
Adjusted Diluted earnings per share (Non-GAAP) |
$ 0.65 |
$ 0.62 |
$ 1.92 |
$ 1.79 |
||||||
EIG Segment operating margin (GAAP) |
27.2% |
23.5% |
26.7% |
25.3% |
||||||
Realignment costs |
- |
- |
0.5 |
- |
||||||
Zygo integration costs |
- |
2.1 |
- |
0.8 |
||||||
Adjusted EIG Segment operating margin (Non-GAAP) |
27.2% |
25.6% |
27.2% |
26.1% |
||||||
EMG Segment operating margin (GAAP) |
21.7% |
20.5% |
21.5% |
21.1% |
||||||
Realignment costs |
- |
- |
0.6 |
- |
||||||
Zygo integration costs |
- |
- |
- |
- |
||||||
Adjusted EMG Segment operating margin (Non-GAAP) |
21.7% |
20.5% |
22.1% |
21.1% |
||||||
Operating income margin (GAAP) |
23.8% |
21.1% |
23.4% |
22.4% |
||||||
Realignment costs |
- |
- |
0.5 |
- |
||||||
Zygo integration costs |
- |
1.4 |
- |
0.5% |
||||||
Adjusted Operating income margin (Non-GAAP) |
23.8% |
22.5% |
23.9% |
22.9% |
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Use of Non-GAAP Financial Information |
Contact:
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