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):   April 26, 2012

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 April 26, 2012, AMETEK, Inc. issued a press release announcing its financial results for the three months ended March 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 April 26, 2012 (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.
          
April 26, 2012   By:   /s/ Robert R. Mandos, Jr.
       
        Name: Robert R. Mandos, Jr.
        Title: Senior Vice President and Comptroller


Top of the Form

Exhibit Index


     
Exhibit No.   Description

 
99.1
  Copy of press release issued by AMETEK, Inc. on April 26, 2012.
EX-99.1

Exhibit 99.1

CORPORATE OFFICE
1100 Cassatt Road, Berwyn, PA 19312

Contact: Kevin C. Coleman (610) 889-5247

AMETEK ANNOUNCES RECORD RESULTS

—Net Earnings Up 22% to $110.2 Million—

—Increasing 2012 Earnings Estimate to $2.70 — $2.75 Per Diluted Share—

Berwyn, PA, April 26, 2012 – AMETEK, Inc. (NYSE: AME) today announced first quarter results that established records for orders, sales, operating income, operating margins, net income and diluted earnings per share.

AMETEK’s first quarter 2012 sales of $827.2 million were up 15% over the same period of 2011. Operating income was $182.8 million for the first quarter of 2012, a 20% increase from $152.0 million recorded in the same period of 2011. Operating margins in the first quarter of 2012 were 22.1%, a 90 basis point improvement over the first quarter of 2011. Net income in the first quarter of 2012 increased 22% to $110.2 million, from $90.4 million in last year’s first quarter. Diluted earnings per share increased 21% to $0.68 per diluted share, from the first quarter 2011 level of $0.56 per diluted share.

“AMETEK achieved excellent results in the first quarter. Sales were up 15% on solid core growth and the contributions from acquisitions completed during the past year. As expected, our aerospace and process businesses had an excellent quarter. The strong overall growth translated into a record level of sales and, coupled with our continued focus on Operating Excellence, drove the excellent bottom line performance,” noted Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.

“Cash flow was superb, with operating cash flow totaling $141 million for the quarter, an increase of 36% over the same period in 2011,” continued Mr. Hermance.

Electronic Instruments Group (EIG)
For the 2012 first quarter, EIG sales increased 21% to $468.8 million. Operating income in the first quarter of 2012 increased 23% to $123.0 million, compared with $100.0 million in the first quarter of 2011. Operating margins were 26.2% in the first quarter of 2012, up 50 basis points from 25.7% in last year’s first quarter.

“EIG had a tremendous first quarter. Excellent core growth resulted from strength in our aerospace and process businesses. The recent Reichert Technologies, EM Test, Technical Manufacturing Corp. and O’Brien acquisitions also contributed to the revenue increase. Operating margins expansion was driven by the higher revenue and our Operational Excellence initiatives,” said Mr. Hermance.

—MORE—

1

AMETEK ANNOUNCES RECORD RESULTS
Page 2

Electromechanical Group (EMG)
For the first quarter of 2012, EMG sales increased 9% to $358.3 million. Operating income in the first quarter of 2012 of $70.9 million was up 13%, compared with $62.9 million in the same period of 2011. Operating margins were 19.8% in the first quarter of 2012, up 70 basis points from 19.1% in last year’s first quarter.

“EMG also had a strong first quarter. Core growth in our differentiated businesses and the contributions from the acquisitions of Avicenna Technology and Coining drove the top line increase. Operating margins were up nicely on the higher revenue and our Operational Excellence initiatives,” commented Mr. Hermance.

2012 Outlook
“We expect our businesses to continue to show solid growth in 2012, with our higher margin, longer cycle aerospace, oil and gas, and power businesses showing particular strength. Our strong portfolio of businesses, proven operational capabilities, and a successful focus on strategic acquisitions should enable us to perform well in 2012,” noted Mr. Hermance.

“We anticipate 2012 revenue to be up low double digits on a percentage basis from 2011 reflecting mid single digit core growth and contributions from recent acquisitions. Earnings for 2012 are expected to be in the range of $2.70 to $2.75 per diluted share, up 14% to 16% over 2011, reflecting the leveraged impact of core growth, operational initiatives and the benefit from recent acquisitions. This is an increase from our previous guidance of $2.65 to $2.70 per diluted share,” added Mr. Hermance.

“Second quarter sales are expected to be up approximately 10% over last year’s second quarter. We estimate our earnings to be approximately $0.65 to $0.68 per diluted share, an increase of 12% to 17% over last year’s second quarter of $0.58 per diluted share,” concluded Mr. Hermance.

—MORE—

2

AMETEK ANNOUNCES RECORD RESULTS
Page 3

Conference Call
The Company will webcast its First Quarter 2012 investor conference call on Thursday, April 26, 2012, 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 annualized sales of $3.3 billion. AMETEK’s Corporate Growth Plan is based on Four Key Strategies: Operational Excellence, Strategic Acquisitions & Alliances, 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 MidCap 400 and the Russell 1000 Indices.

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)

3

AMETEK, Inc.
Consolidated Statement of Income
(In thousands, except per share amounts)
(Unaudited)

                 
    Three Months Ended
    March 31,
    2012   2011
 
               
Net sales
  $ 827,152     $ 717,783  
 
               
Operating expenses:
               
Cost of sales, excluding depreciation
    536,283       472,804  
Selling, general and administrative
    95,036       81,492  
Depreciation
    13,057       11,467  
 
               
Total operating expenses
    644,376       565,763  
 
               
 
               
Operating income
    182,776       152,020  
Other expenses:
               
Interest expense
    (18,837 )     (17,150 )
Other, net
    (2,240 )     (1,485 )
 
               
Income before income taxes
    161,699       133,385  
Provision for income taxes
    51,549       42,950  
 
               
Net income
  $ 110,150     $ 90,435  
 
               
 
               
Diluted earnings per share
  $ 0.68     $ 0.56  
 
               
Basic earnings per share
  $ 0.69     $ 0.57  
 
               
 
               
Weighted average common shares outstanding:
               
Diluted shares
    162,205       162,186  
 
               
Basic shares
    160,124       159,728  
 
               
 
               
Dividends per share
  $ 0.06     $ 0.06  
 
               

1

4

AMETEK, Inc.
Information by Business Segment
(In thousands)
(Unaudited)

                 
    Three Months Ended
    March 31,
    2012   2011
Net sales:
               
Electronic Instruments
  $ 468,808     $ 388,842  
Electromechanical
    358,344       328,941  
 
               
Consolidated net sales
  $ 827,152     $ 717,783  
 
               
 
               
Income:
               
Segment operating income:
               
Electronic Instruments
  $ 123,025     $ 99,960  
Electromechanical
    70,877       62,926  
 
               
Total segment operating income
    193,902       162,886  
Corporate administrative and other expenses
    (11,126 )     (10,866 )
 
               
Consolidated operating income
  $ 182,776     $ 152,020  
 
               

2

5

AMETEK, Inc.
Condensed Consolidated Balance Sheet
(In thousands)

                                 
      March 31,             December 31,        
    2012           2011        
    (Unaudited)                        
ASSETS
                                          
Current assets:
                               
Cash, cash equivalents and marketable securities
  $ 224,459             $ 174,955          
Receivables, net
    468,321               438,245          
Inventories
    393,259               380,471          
Other current assets
    66,822               65,448          
 
                               
Total current assets
    1,152,861               1,059,119          
 
                               
Property, plant and equipment, net
    334,369               325,329          
Goodwill
    1,929,063               1,806,237          
Other intangibles, investments and other assets
    1,192,299               1,128,805          
 
                               
Total assets
  $ 4,608,592             $ 4,319,490          
 
                               
 
                               
LIABILITIES AND STOCKHOLDERS’ EQUITY
                               
Current liabilities:
                               
Short-term borrowings and current portion of long-term debt
  $ 227,176             $ 140,508          
Accounts payable and accruals
    522,966               488,367          
 
                               
Total current liabilities
    750,142               628,875          
 
                               
Long-term debt
    1,133,165               1,123,416          
Deferred income taxes and other long-term liabilities
    535,852               514,394          
Stockholders’ equity
    2,189,433               2,052,805          
 
                               
Total liabilities and stockholders’ equity
  $ 4,608,592             $ 4,319,490          
 
                               

3

6