News Release Details

AMETEK, Inc.

Consolidated Statement of Income

(In thousands, except per share amounts)

(Unaudited)

 Three Months Ended 

 March 31, 

2016

2015

Net sales

$   944,398

$   984,059

Operating expenses:

     Cost of sales, excluding depreciation

605,356

635,965

     Selling, general and administrative

112,194

110,884

     Depreciation

18,325

16,258

          Total operating expenses 

735,875

763,107

Operating income 

208,523

220,952

Other expenses:

     Interest expense

(23,401)

(22,686)

     Other, net

(2,080)

(1,480)

Income before income taxes

183,042

196,786

Provision for income taxes

48,872

54,679

Net income

$   134,170

$   142,107

Diluted earnings per share

$        0.57

$        0.59

Basic earnings per share

$        0.57

$        0.59

Weighted average common shares outstanding:

     Diluted shares

236,216

242,797

     Basic shares

234,983

240,947

Dividends per share

$        0.09

$        0.09

AMETEK, Inc.

Information by Business Segment

(In thousands)

(Unaudited)

 Three Months Ended 

 March 31, 

2016

2015

Net sales:

     Electronic Instruments

$   568,956

$   593,798

     Electromechanical

375,442

390,261

          Consolidated net sales

$   944,398

$   984,059

Income:

Segment operating income:

     Electronic Instruments

$   141,832

$   151,217

     Electromechanical

79,426

81,964

          Total segment operating income

221,258

233,181

     Corporate administrative and other expenses

(12,735)

(12,229)

          Consolidated operating income

$   208,523

$   220,952

AMETEK, Inc.

Condensed Consolidated Balance Sheet

(In thousands)

 March 31, 

 December 31, 

2016

2015

 (Unaudited) 

ASSETS

Current assets:

     Cash and cash equivalents

$     386,940

$     381,005

     Receivables, net

606,888

603,295

     Inventories, net

548,777

514,451

     Other current assets

119,985

120,076

          Total current assets

1,662,590

1,618,827

Property, plant and equipment, net

488,331

484,548

Goodwill

2,857,999

2,706,633

Other intangibles, investments and other assets

1,985,782

1,850,442

          Total assets

$  6,994,702

$  6,660,450

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

     Short-term borrowings and current portion of long-term debt, net

$     665,686

$     384,924

     Accounts payable and accruals

624,868

639,097

          Total current liabilities

1,290,554

1,024,021

Long-term debt, net

1,552,674

1,553,116

Deferred income taxes and other long-term liabilities

854,788

828,687

Stockholders' equity

3,296,686

3,254,626

          Total liabilities and stockholders' equity

$  6,994,702

$  6,660,450

AMETEK, Inc.

Reconciliations of GAAP to Non-GAAP Financial Measures

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended

March 31,

2016

2015

EIG Segment operating income (GAAP)

$   141,832

$  151,217

        Realignment costs

-

9,251

Adjusted EIG Segment operating income (Non-GAAP)

$   141,832

$  160,468

EMG Segment operating income (GAAP)

$     79,426

$    81,964

        Realignment costs

-

6,534

Adjusted EMG Segment operating income (Non-GAAP)

$     79,426

$    88,498

Operating income (GAAP)

$   208,523

$  220,952

        Realignment costs

-

15,894

Adjusted Operating income (Non-GAAP)

$   208,523

$  236,846

Net income (GAAP)

$   134,170

$  142,107

        Realignment costs

-

10,808

(1)

Adjusted Net income (Non-GAAP)

$   134,170

$  152,915

(1) Represents adjustments at 32.0% tax rate.

Diluted earnings per share (GAAP)

$        0.57

$        0.59

         Realignment costs

-

0.04

Adjusted Diluted earnings per share (Non-GAAP)

$        0.57

$        0.63

EIG Segment operating margin (GAAP)

24.9%

25.5%

        Realignment costs

-

1.5

Adjusted EIG Segment operating margin (Non-GAAP)

24.9%

27.0%

EMG Segment operating margin (GAAP)

21.2%

21.0%

         Realignment costs

-

1.7

Adjusted EMG Segment operating margin (Non-GAAP)

21.2%

22.7%

Operating income margin (GAAP)

22.1%

22.5%

        Realignment costs

-

1.6

Adjusted Operating income margin (Non-GAAP)

22.1%

24.1%

Use of Non-GAAP Financial Information
 
The Company supplements its consolidated financial statements presented on a U.S. generally accepted accounting principles ("GAAP") basis with certain non‑GAAP financial information to provide investors with greater insight and increased transparency, and to allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non‑GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial tables. These non‑GAAP financial measures should be considered in addition to, and not as a replacement for, or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies.
 
The Company believes that these measures provide useful information to investors by reflecting additional ways of viewing AMETEK's operations that, when reconciled to the comparable GAAP measure, helps our investors to better understand the long-term profitability trends of our business, and facilitates easier comparisons of our profitability to prior and future periods and to our peers. The items described above have been excluded from this measure because items of this nature and/or size occur with inconsistent frequency, occur for reasons that may be unrelated to AMETEK's commercial performance during the period and/or we believe are not indicative of AMETEK's ongoing operating costs or gains in a given period, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult.