AMETEK Achieves Record First Quarter Results; Sales Increase 27%, Net Income Increases 30%; Raising 2006 Earnings Estimates.

PAOLI, Pa. -- AMETEK, Inc. (NYSE:AME) today announced first quarter results that established records for sales, operating income, net income and diluted earnings per share.

AMETEK's first quarter 2006 sales of $423.9 million were up 27% over the same period of 2005. Operating income for the first quarter of 2006 was $70.8 million, a 32% increase from the $53.6 million recorded in the same period of 2005. Net income in the first quarter of 2006 increased 30% to $40.3 million, or $.57 per diluted share, from the first quarter 2005 level of $31.0 million, or $.44 per diluted share.

"AMETEK had an outstanding quarter which exceeded our expectations," noted Frank S. Hermance, AMETEK Chairman and Chief Executive Officer. "Strong internal growth of 9%, combined with the contributions from acquired businesses enabled us to grow the top-line by 27%. Operating income margin was up 70 basis points and net income was up 30% as we translated the top-line growth into bottom-line performance," he commented.

Electronic Instruments Group (EIG)

For the 2006 first quarter, EIG sales increased 31% to $236.4 million. Operating income was $47.7 million, compared with $36.3 million in the first quarter of 2005, an increase of 32%. Operating margins for the quarter improved to 20.2%, from 20.0% in the first quarter of 2005.

"EIG had a great first quarter. Sales were up on strong core growth in our power, process and analytical, and aerospace businesses together with the contribution from the acquisitions of SPECTRO, Solartron and Pulsar Technologies. Operating income was up 32%, benefiting from the top-line growth and continued focus on operational excellence improvements," said Mr. Hermance.

Electromechanical Group (EMG)

For the first quarter of 2006, EMG sales were $187.4 million, a 22% increase over the same period of 2005. Operating income of $32.0 million was up 31% from the $24.4 million recorded in the same period of 2005. Operating margins for the quarter were 17.0%, compared with 16.0% in the first quarter of 2005.

"EMG also had a great first quarter. Sales were up nicely, driven by solid core growth in both our differentiated and cost-driven businesses and the acquisition of HCC Industries. Profitability was strong as a result of the increased volume and our operational excellence initiatives," commented Mr. Hermance.

2006 Outlook

"We expect 2006 to conform to our long-term business model of mid-single digit core growth combined with approximately 10% acquisition growth, yielding a mid-teen percentage growth in overall revenue. Acquisition growth will be driven by the full-year impact of the SPECTRO, Solartron, HCC Industries and Pulsar Technologies acquisitions," commented Mr. Hermance. "Given our strong first quarter results and the expectation of continued strength in our markets, we have raised our estimated earnings to a range of $2.30 to $2.35 per diluted share, an increase of 19% to 21% over the 2005 level of $1.94 per diluted share."

"Our second quarter 2006 sales are expected to be up in the high teens on a percentage basis from last year's second quarter. We expect second quarter earnings will be approximately $.57 to $.59 per diluted share, an increase of 16% to 20% over last year's second quarter," concluded Mr. Hermance.

Accounting for Stock Options

The above operating results reflect the adoption of FAS 123R for expensing stock options under the modified retrospective method. Results for 2005 have been adjusted on this basis.

Conference Call

AMETEK, Inc. will Web cast it's First Quarter 2006 investor conference call on Thursday, April 20, 2006, beginning at 8:30 AM ET. The live audio Web cast will be available at www.ametek.com/investors and at www.streetevents.com. The call will also be archived at www.ametek.com/investors.

Corporate Profile

AMETEK is a leading global manufacturer of electronic instruments and electric motors with annualized sales of $1.6 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 Index and the Russell 1000 Index.

Forward-looking Information

Statements in this news release that are not historical are considered "forward-looking statements" and are subject to change based on various factors and uncertainties that may cause actual results to differ significantly from expectations. Those factors are contained in AMETEK's Securities and Exchange Commission filings.

(Financial Information Follows)

AMETEK, Inc.
                   CONSOLIDATED STATEMENT OF INCOME
               (In thousands, except per share amounts)

                                                  Three months ended
                                                 March 31, (Unaudited)
                                                 ---------------------
                                                    2006     2005 (a)
                                                 ---------- ----------

 Net sales                                        $423,867   $334,096
                                                 ---------- ----------
 Expenses:
    Cost of sales, excluding depreciation          292,768    234,176
    Selling, general and administrative             50,812     38,027
    Depreciation                                     9,486      8,331
                                                 ---------- ----------
      Total expenses                               353,066    280,534
                                                 ---------- ----------

 Operating income                                   70,801     53,562
 Other (expenses) income:
    Interest expense                               (10,088)    (7,632)
    Other, net                                        (737)       158
                                                 ---------- ----------
 Income before income taxes                         59,976     46,088
 Provision for income taxes                         19,718     15,117
                                                 ---------- ----------
 Net income                                        $40,258    $30,971
                                                 ========== ==========

 Diluted earnings per share                          $0.57      $0.44
                                                 ========== ==========

 Basic earnings per share                            $0.58      $0.45
                                                 ========== ==========


 Average common shares outstanding:
   Diluted shares                                   71,123     69,951
                                                 ========== ==========
   Basic shares                                     69,892     68,704
                                                 ========== ==========

 Dividends per share                                 $0.06      $0.06
                                                 ========== ==========

(a) Results for 2005 have been adjusted to reflect the retrospective
    application of FAS 123R to expense stock options, which was
    adopted effective January 1, 2006. The retrospective application
    reduced 2005 net income by $1.1 million, or $0.02 per diluted
    share.


                             AMETEK, Inc.
              INFORMATION BY BUSINESS SEGMENT (Unaudited)
                            (In thousands)

                                                  Three months ended
                                                       March 31,
                                                 ---------------------
                                                    2006     2005 (a)
                                                 ---------- ----------

     Net sales
---------------------------
 Electronic Instruments                           $236,439   $180,921
 Electromechanical                                 187,428    153,175
                                                 ---------- ----------
   Total Consolidated                             $423,867   $334,096
                                                 ========== ==========


     Operating income
---------------------------
 Electronic Instruments                            $47,712    $36,250
 Electromechanical                                  31,952     24,442
                                                 ---------- ----------
   Total segments                                   79,664     60,692
 Corporate and other                                (8,863)    (7,130)
                                                 ---------- ----------
        Total Consolidated                         $70,801    $53,562
                                                 ========== ==========

(a) Operating income for 2005 has been adjusted to reflect the
    retrospective application of FAS 123R to expense stock options,
    which was adopted effective January 1, 2006. The retrospective
    application reduced 2005 operating income by $1.5 million.


                             AMETEK, Inc.
                 CONDENSED CONSOLIDATED BALANCE SHEET
                            (In thousands)


                                              March 31,   December 31,
                                                 2006        2005
                                             ------------ ------------
                                              (Unaudited)
ASSETS
------

Current assets:
    Cash, cash equivalents
      and marketable securities                  $48,123      $43,788
    Receivables, net                             289,957      269,395
    Inventories                                  207,809      193,099
    Other current assets                          53,817       50,025
                                             ------------ ------------
        Total current assets                     599,706      556,307

Property, plant and equipment, net               225,689      228,450
Goodwill, net                                    799,578      785,185
Other intangibles, investments and other
 assets                                          222,855      210,658
                                             ------------ ------------
        Total assets                          $1,847,828   $1,780,600
                                             ============ ============

LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------

Current liabilities:
    Short-term borrowings and current
      portion of long-term debt                 $139,225     $156,130
    Accounts payable and accruals                281,510      249,662
                                             ------------ ------------
        Total current liabilities                420,735      405,792

Long-term debt                                   478,372      475,309
Deferred income taxes and
  other long-term liabilities (a)                 91,108       89,978
Stockholders' equity (a)                         857,613      809,521
                                             ------------ ------------
        Total liabilities and stockholders'
         equity                               $1,847,828   $1,780,600
                                             ============ ============

(a) Amounts for 2005 have been adjusted to reflect the retrospective
    application of FAS 123R, which was adopted effective January 1,
    2006. The retrospective application reduced deferred income taxes
    and increased stockholders' equity by $4.0 million.