Ametek, Inc. has announced its financial results for the first quarter of 2015. The company had sales of US$984.1 million and they were up 1% over the same period of 2014. Excluding realignment costs of US$15.9 million, or approximately US$0.04 pre diluted share, operating income increased 7% to a record US$236.8 million, operating margins were up 140 basis points to 24.1%, and diluted earnings per share increased 11% to US$0.63 per diluted share from the first quarter of 2014.
Frank S. Hermance, Chairman and CEO commented, “Ametek achieved solid results to begin the year with outstanding operating performance across the company and double digit earnings growth. Since the strong US dollar and sluggish global economy will impact our 2015 sales growth, we have proactively taken actions to properly position Ametek to deliver earnings in line with our initial guidance.”
Hermance noted, “we are confident in our ability to continue to deliver strong earnings growth due to our excellent portfolio of businesses, proven operational capabilities, organic growth investments, and a successful focus on strategic acquisitions. We now anticipate 2015 sales to be down slightly compared to 2014 due to the impact of foreign currency. Organic sales are expected to increase low single digits on a percentage basis over 2014, which is at the low end of our initial guidance range. We continue to expect earnings for 2015, excluding first quarter realignment costs, to be in the range of US$2.58 – 2.63 /diluted share, up 7 – 9% over 2014 adjusted earnings per share.
“Second quarter 2015 sales are expected to be roughly flat with last year’s second quarter. We estimate our earnings in the second quarter to be approximately US$0.63 – 0.64 per diluted share, an increase of 3 – 5% over last year’s second quarter of US$0.61 per diluted share.”
Edited from press release by Claira Lloyd
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