AMETEK Achieves Record Quarterly Results.

Sales Increase 35%, Net Income Rises 38%

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

AMETEK's third quarter 2006 sales of $464.2 million were up 35% from the $344.5 million recorded in the third quarter of 2005. Operating income for the third quarter of 2006 was $79.8 million, up 39% from the third quarter of 2005. Net income in the third quarter of 2006 increased 38% to $47.4 million, or $.67 per diluted share, from the third quarter 2005 level of $34.4 million, or $.49 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 13%, combined with the contributions from acquired businesses drove the top-line growth. Excellent performance in our long-cycle aerospace and power businesses and continued strong results in our process and analytical instrument business drove the internal growth. Earnings were up sharply as well, with net income increasing 38% and operating income margins increasing 60 basis points," he commented.

Operating cash flow continues to be very strong, totaling $59 million for the third quarter of 2006, up 26% from the third quarter of 2005. For the first nine months of 2006, operating cash flow of $161 million is up 46% over the same period of 2005.

For the first nine months of 2006, AMETEK sales increased 30% to $1.34 billion from $1.03 billion in the same period of 2005. Operating income totaled $229.7 million, a 35% increase from $170.1 million earned in the first nine months of last year. Net income for the first nine months of 2006 was $134.1 million, up 35% from $99.5 million in the same period of 2005. Diluted earnings per share were $1.89 for the first nine months of 2006, up 33% from $1.42 per diluted share in the first nine months of 2005.

Electronic Instruments Group (EIG)

EIG's third quarter 2006 sales were $262.3 million, up 28% from last year's level of $205.5 million. Third quarter group operating income was up 22% to $52.0 million, versus $42.6 million in the same period of 2005. Group operating margins were 19.8%, as compared with 20.7% in the third quarter of 2005. Last year's third quarter operating income included a gain on the sale of a facility of approximately $4 million. Without this gain, last year's third quarter operating income margin would have been 18.6%.

"EIG had an excellent quarter," noted Mr. Hermance. "Revenue for the Group was up 28% driven by strength in our aerospace, power and process businesses as well as the contribution from the acquisitions of Solartron, Land Instruments and Pulsar. Operating income improved significantly and was driven by the top-line strength and our operational excellence initiatives."

Electromechanical Group (EMG)

EMG's sales of $201.9 million were up 45% from $139.0 million in the third quarter of 2005. Third quarter group operating income of $36.2 million was up 66%, versus $21.8 million reported for the same period of 2005. EMG's operating income margin in the third quarter of 2006 was 17.9%, up sharply from the third quarter of 2005 level of 15.7%.

"EMG had a tremendous quarter. Sales were up sharply, driven by solid core growth and the contribution from the acquisitions of HCC Industries and PennEngineering Motion Technologies. Profitability was strong as a result of the increased sales volume and broad-based operating improvements," commented Mr. Hermance.

2006 Outlook

"We expect 2006 revenue to grow by approximately 25%," commented Mr. Hermance. "Given our strong year to date results and the expectation of continued strength in our markets, we anticipate our full year 2006 earnings to be in the range of $2.52 to $2.54 per diluted share, an increase of 30% to 31% over the 2005 level of $1.94 per diluted share and in-line with the revised guidance we issued on October 12, 2006."

"Our fourth quarter 2006 sales are expected to be up approximately 15% from last year's fourth quarter. We expect fourth quarter earnings will be approximately $.63 to $.65 per diluted share, an increase of 21% to 25% over last year's fourth quarter," concluded Mr. Hermance.

Accounting for Stock Options

The above operating results reflect the adoption of FAS 123R, effective January 1, 2006, 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 its Third Quarter 2006 investor conference call on Thursday, October 19, 2006, beginning at 8:30 AM ET. The live audio Web cast will be available at www.ametek.com and at www.streetevents.com. To access the Web cast from ametek.com, click on "Investors" and a link will be provided to access the Web cast. The call will also be archived at www.ametek.com/investors.

Corporate Profile

AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with annualized sales of approximately $1.8 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.

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