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AMETEK announces record first quarter results

Hydrocarbon Engineering,

AMETEK’s results for the first quarter 2014 (Q1 2014) have established records for orders, sales, operating income, net income and diluted earnings per share.

Frank S. Hermance, AMETEK Chairman and Chief Executive Officer, commented: “AMETEK achieved excellent results in the first quarter. We had record performance as a result of the continued strong execution of our Four Growth Strategies. Solid core growth combined with our Operational Excellence initiatives and the contributions from recent acquisitions allowed us to deliver solid results and raise our 2014 earnings guidance.”

The company has announced Q1 2014 sales of US$ 975.3 million, up 10% on first quarter 2013 figures. Operating income was US$ 221.6 million for the first quarter of this year, a 12% increase of figures for Q1 2013. Operating expenditures improved 40 basis points to 22.7% in Q1 2014. Net income increased 12% to US$ 140.6 million, from US$ 125.1 million in Q1 2013. Diluted earnings per share were US$ 0.57/diluted share, representing an increase of 12% on the 2013 level of US$ 0.51/diluted share.

“Cash flow was strong, with operating cash flow totaling US$ 161 million in the first quarter. We continue to use our cash flow to support our acquisition strategy. We closed two acquisitions in the quarter, and on 11 April we announced a definitive merger agreement to acquire the outstanding shares of Zygo Corporation, a leading provider of optical metrology solutions and high precision optics”, Hermance added.

Electronic Instruments Group (EIG)

EIG sales increased 18% in the first quarter to US$ 572.4 million. Operating income increased 14% on Q1 2013, to US$ 150.3 million, compared to US$ 131.7 million. Operating margins were 26.3%.

Electromechanical Group (EMG)

EMG sales increased 1% on Q1 2013 figures, to US$ 402.9 million. First quarter 2014 operating income was US$ 83.9 million, up 8% on last year. Operating margins were 20.8% in the first quarter, a 120 basis point improvement on Q1 2013.

2014 outlook

Hermance has indicated that second quarter sales are expected to be up approximately 10% on last year’s figures. Earnings are anticipated to be between US$ 0.57/diluted share – US$ 0.59/diluted share, an increase of 10% – 13% on Q2 2013.

Hermance said: “Earnings for 2014 are now expected to be in the range of US$ 2.32 to US$ 2.37, up 10% to 13% over 2013, reflecting the leveraged impact of core growth, continued Operational Excellence initiatives, and the benefit of contributions from recently completed acquisitions.”

Adapted from a press release by Emma McAleavey.

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