AMETEK Achieves Record First Quarter with Net Income up 30%.PAOLI Pa·o·li , Pasquale di 1725-1807. Corsican patriot who led (from 1755) the struggle for independence from Genoa. , Pa. -- AMETEK, Inc. (NYSE NYSE See: New York Stock Exchange :AME See AIT. ) today announced first quarter results that established records for sales, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , and net income. AMETEK's first quarter 2005 sales of $334.1 million were up 15% over the same period of 2004. Operating income for the first quarter of 2005 was $55.0 million, a 27% increase from the $43.5 million recorded in the same period of 2004. Net income in the first quarter of 2005 increased 30% to $32.0 million, or $.46 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, from the first quarter 2004 level of $24.7 million, or $.36 per diluted share. Sales, operating income, and net income were quarterly records. "AMETEK had an excellent quarter," noted Frank S. Hermance Hermance is a municipality of the Canton of Geneva, Switzerland. External links
Electronic Instruments Group (EIG EIG Excellence in Government EIG Engineering Installation Group EIG Evènement Indésirable Grave (French) EIG Erie Insurance Group EIG Ecole Internationale de Genève (French) ) For the 2005 first quarter, EIG sales increased 20% to $180.9 million. Operating income was $36.9 million, compared with $26.1 million in the first quarter of 2004, an increase of 41%. Operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: for the quarter improved to 20.4%, from 17.3% in the first quarter of 2004. "EIG sales were up in the quarter on strong core growth in our aerospace, industrial, and process and analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. businesses and the contribution from the 2004 acquisition of Taylor Taylor, city (1990 pop. 70,811), Wayne co., SE Mich., a suburb of Detroit adjacent to Dearborn; founded 1847 as a township, inc. as a city 1968. A small rural village until World War II, it developed significantly in the second half of the 20th cent. Hobson Hobson may refer to: People with the surname Hobson:
Electromechanical Group (EMG EMG abbr. electromyogram Electromyography (EMG) A diagnostic test that records the electrical activity of muscles. ) For the first quarter of 2005, EMG sales were $153.2 million, a 9% increase over the same period of 2004 driven by strong core growth and the 2004 acquisition of Hughes-Treitler. Operating income of $24.7 million was up 6% from the $23.3 million recorded in the same period of 2004. Operating margins for the quarter were 16.1%, compared with 16.6% in the first quarter of 2004. This margin decline was due to shipment delays on several high margin military aerospace programs. We expect to ship these products over the balance of the year. 2005 Outlook "For 2005 we expect revenues to be up approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 10% on solid internal growth in each of our two groups and the full-year benefits from our Taylor Hobson and Hughes-Treitler acquisitions," commented Mr. Hermance. "Based on our first quarter performance we are raising our earnings estimates. We now expect 2005 earnings to be approximately $1.90 to $1.97 per diluted share, an increase of 17% to 21% over 2004, driven by the top-line growth and our continued focus on operational excellence, including the movement of additional manufacturing to low-cost locales." "Our second quarter 2005 sales are expected to be up approximately 10% to 15% from last year's second quarter on internal growth in both segments and the contribution from our 2004 acquisitions of Taylor Hobson and Hughes-Treitler. We expect our earnings to be approximately $.46 to $.48 per diluted share, an increase of 15% to 20% over last year's second quarter," concluded Mr. Hermance. Conference Call AMETEK, Inc. will Web cast it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have First Quarter 2005 investor conference call on Wednesday Wednesday: see week. , April 20, 2005, beginning at 8:30 AM ET. The live audio Web cast will be available at www.ametek.com/investors and at www.streetevents.com. To access the Web cast from ametek.com, click on the Audio Conference Call link. The call will be archived at www.ametek.com/investors. To access the audio archive (1) A file that contains one or more compressed files. Most archive formats are also capable of storing folders in order to reconstruct the file/folder relationship when decompressed. See archive formats. , click on the Audio Conference Call link in the Investors Section. Corporate Profile AMETEK is a leading global manufacturer of electronic instruments and electric motors with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. sales of approximately $1.3 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 dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. 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 mid·cap adj. 1. Or or relating to corporations whose retained earnings and outstanding shares of common stock have a value between those of small cap companies and large cap corporations. 2. 400 Index and the Russell 1000 Index The Russell 1000 Index is a stock market index of US stocks. The ticker is "RUI" or similar. See Russell Indexes page for main discussion. See also the iShares Russell 1000. External links
Forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. Information Statements in this news release that are not historical are considered "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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.
AMETEK, Inc.
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
(In thousands, except per share amounts)
Three months ended
March 31,
---------------------
2005 2004
---------- ----------
Net sales $334,096 $291,423
---------- ----------
Expenses:
Cost of sales, excluding depreciation 233,290 208,362
Selling, general and administrative 37,439 30,890
Depreciation 8,331 8,674
---------- ----------
Total expenses 279,060 247,926
---------- ----------
Operating income 55,036 43,497
Other income (expenses):
Interest expense (7,632) (6,411)
Other, net 158 (326)
---------- ----------
Income before income taxes 47,562 36,760
Provision for income taxes 15,523 12,096
---------- ----------
Net Income $32,039 $24,664
========== ==========
Diluted earnings per share $0.46 $0.36
========== ==========
Basic earnings per share $0.47 $0.37
========== ==========
Average common shares outstanding:
Diluted shares 70,277 68,651
========== ==========
Basic shares 68,704 67,278
========== ==========
Dividends per share $0.06 $0.06
========== ==========
AMETEK, Inc.
INFORMATION BY BUSINESS SEGMENT (Unaudited)
(In thousands)
Three months ended
March 31,
---------------------
2005 2004
---------- ----------
Net sales
------------------------------------------------
Electronic Instruments $180,921 $150,646
Electromechanical 153,175 140,777
---------- ----------
Total Consolidated $334,096 $291,423
========== ==========
Operating income
------------------------------------------------
Electronic Instruments $36,877 $26,121
Electromechanical 24,701 23,324
---------- ----------
Total segments 61,578 49,445
Corporate and other (6,542) (5,948)
---------- ----------
Total Consolidated $55,036 $43,497
========== ==========
AMETEK, Inc.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
March 31, December 31,
2005 2004
------------ ------------
(Unaudited)
ASSETS
--------------------------------------------
Current assets:
Cash, cash equivalents and marketable
securities $45,456 $48,975
Receivables, net 232,763 217,329
Inventories 172,687 168,523
Other current assets 28,335 27,113
------------ ------------
Total current assets 479,241 461,940
Property, plant and equipment, net 200,501 207,542
Goodwill, net 589,249 601,007
Other intangibles, investments and other
assets 162,259 149,863
------------ ------------
Total assets $1,431,250 $1,420,352
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
--------------------------------------------
Current liabilities:
Short-term borrowings and current portion
of long-term debt $29,237 $49,943
Accounts payable and accruals 222,399 222,895
------------ ------------
Total current liabilities 251,636 272,838
Long-term debt 397,904 400,177
Deferred income taxes and other long-term
liabilities 89,466 87,755
Stockholders' equity 692,244 659,582
------------ ------------
Total liabilities and stockholders'
equity $1,431,250 $1,420,352
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