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) |
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 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).
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.
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Name: Robert R. Mandos, Jr. | ||||
Title: Senior Vice President and Comptroller |
Exhibit Index
Exhibit No. | Description | |
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99.1
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Copy of press release issued by AMETEK, Inc. on April 26, 2012. |
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.
AMETEKs 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 years 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 years 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 OBrien 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
AMETEK ANNOUNCES RECORD RESULTS
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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 years 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 years 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 years second quarter of $0.58 per diluted share, concluded Mr. Hermance.
MORE
AMETEK ANNOUNCES RECORD RESULTS
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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. 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 MidCap 400 and the Russell 1000 Indices.
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 | ||||||||
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 | ||||
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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: |
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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 | ||||
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AMETEK, Inc.
Condensed Consolidated Balance Sheet
(In thousands)
March 31, | December 31, | |||||||||||||||
2012 | 2011 | |||||||||||||||
(Unaudited) | ||||||||||||||||
ASSETS |
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Current assets: |
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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 |
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Current liabilities: |
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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 | ||||||||||||
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