Accessibility Statement Skip Navigation
  • Resources
  • Investor Relations
  • Journalists
  • Agencies
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Explore Our Platform
  • Plan Campaigns
  • Create with AI
  • Distribute Press Releases
  • Amplify Content
  • All Products
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Hamburger menu
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • Explore Our Platform
  • Plan Campaigns
  • Create with AI
  • Distribute Press Releases
  • Amplify Content
  • All Products
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS

AMETEK ANNOUNCES RECORD RESULTS

--Increasing 2011 Earnings Estimate to $2.30 - $2.34 Per Diluted Share--


News provided by

AMETEK, Inc.

Jul 26, 2011, 07:00 ET

Share this article

Share toX

Share this article

Share toX

BERWYN, Pa., July 26, 2011 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced second quarter results that established quarterly records for sales, operating income, net income and diluted earnings per share.  In addition, backlog at June 30, 2011 was $948 million -- an all time high.

AMETEK's second quarter 2011 sales of $758.8 million were up 28% over the $591.9 million reported in the second quarter of 2010.  Operating income for the second quarter of 2011 was $157.0 million, a 36% increase from $115.6 million recorded in the same period of 2010.  Operating margins improved 120 basis points to 20.7% in the second quarter of 2011.  Net income in the second quarter of 2011 increased 40% to $94.1 million, or $0.58 per diluted share, from the second quarter 2010 level of $67.4 million, or $0.42 per diluted share.

"AMETEK had a great second quarter.  Orders were up 24% to $797 million in the quarter with particular strength in our long cycle process, power and aerospace markets.  Sales were up 28% on the strength of the order input and the contributions from acquisitions completed during the last year.  Our focus on Operational Excellence, coupled with the higher sales, resulted in record earnings for the quarter," noted Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.  

"Cash flow was superb, with operating cash flow totaling $115 million for the quarter, an increase of 30% over the second quarter of 2010," continued Mr. Hermance.  

For the first half of 2011, AMETEK sales increased 29% to $1.48 billion from $1.15 billion in the same period of 2010.  Operating income increased 42% to $309.0 million, from $218.0 million earned in the first half of last year.  Net income for the first half of 2011 was $184.6 million, up 47% from $125.3 million in the same period of 2010.  Diluted earnings per share were $1.14 for the first half of 2011, up 46% from $0.78 per diluted share in the first half of 2010.  

Electronic Instruments Group (EIG)

For the 2011 second quarter, EIG sales increased 31% to $407.4 million.  Operating income was $101.5 million, compared with $73.7 million in the second quarter of 2010, an increase of 38%.  Operating margins for the quarter increased 110 basis points to 24.9% as compared to 23.8% in the second quarter of 2010.

"EIG had an excellent second quarter.  Strong core growth resulted from the continuing strength in our Process, Power and Industrial businesses.  As expected, our oil and gas businesses showed sizable strength.  The recent Atlas Materials Testing Technology acquisition also contributed to the revenue increase.  This higher revenue, coupled with a streamlined cost structure, enabled us to significantly expand operating margins," said Mr. Hermance.

Electromechanical Group (EMG)

For the second quarter of 2011, EMG sales were $351.5 million, a 25% increase over the same period of 2010.  Operating income of $69.2 million was up 32% from the $52.3 million recorded in the same period of 2010.  Operating margins for the quarter were up 120 basis points to 19.7%, as compared to 18.5% in the second quarter of 2010.

"EMG also had a very good quarter.  Sales were up on strong growth in our differentiated businesses as well as the contributions from the Technical Services for Electronics, Haydon Kerk, Avicenna Technology and Coining acquisitions.  Operating margins improved by 120 basis points, driven by higher revenue and our lowered cost structure," commented Mr. Hermance.

2011 Outlook

"We expect our businesses to continue to show solid growth in 2011, with our longer cycle oil and gas, power and aerospace business showing particular strength.  Our record backlog, strong portfolio of businesses, proven operational capabilities, and a successful focus on strategic acquisitions should enable us to perform well in 2011," noted Mr. Hermance.

"We anticipate 2011 revenue to be up high teens on a percentage basis from 2010.  Earnings for 2011 are expected to be in the range of $2.30 to $2.34 per diluted share, up 31% to 33% over 2010, reflecting the leveraged impact of core growth and our streamlined cost structure.  This is an increase from our previous guidance of $2.20 to $2.25 per diluted share," added Mr. Hermance.

"Third quarter 2011 sales are expected to be up approximately mid teens on a percentage basis over last year's third quarter.  We estimate our earnings to be approximately $0.57 to $0.59 per diluted share, an increase of 19% to 23% over last year's third quarter of $0.48 per diluted share," concluded Mr. Hermance.  

Conference Call

AMETEK, Inc. will webcast its Second Quarter 2011 investor conference call on Tuesday, July 26, 2011 beginning at 8:30 AM ET. The live audio webcast will be available at the Investors section of www.ametek.com and at www.streetevents.com.  The call will be archived at www.ametek.com.

Corporate Profile

AMETEK is a leading global manufacturer of electronic instruments and electro-mechanical devices with annualized sales of $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 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 and the Russell 1000 Indices.

Forward-looking Information

Statements in this news release relating to future events, such as AMETEK's expected business and financial performance are "forward-looking statements."  Forward-looking statements are subject to various factors and uncertainties that may cause actual results to differ significantly from expectations.  These factors and uncertainties include our ability to consummate and successfully integrate future acquisitions; risks associated with international sales and operations; our ability to successfully develop new products, open new facilities or transfer product lines; the price and availability of raw materials; compliance with government regulations, including environmental regulations; changes in the competitive environment or the effects of competition in our markets; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries we serve.  A detailed discussion of these and other factors that may affect our future results is contained in AMETEK's filings with the U.S. Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q and 8-K.  AMETEK disclaims any intention or obligation to update or revise any forward-looking statements.

(Financial Information Follows)

AMETEK, Inc.

Consolidated Statement of Income

(In thousands, except per share amounts)

(Unaudited)



Three Months Ended


Six Months Ended


June 30,


June 30,


2011


2010


2011


2010

Net sales

$       758,834


$           591,941


$ 1,476,617


$ 1,148,603

Operating expenses:








    Cost of sales, excluding depreciation

499,956


395,499


972,760


771,223

    Selling, general and administrative

89,685


69,849


171,177


137,392

    Depreciation

12,238


10,998


23,705


21,947

         Total operating expenses

601,879


476,346


1,167,642


930,562









Operating income

156,955


115,595


308,975


218,041

Other expenses:








    Interest expense

(17,339)


(16,730)


(34,489)


(33,484)

    Other, net

(2,381)


(1,621)


(3,866)


(2,136)

Income before income taxes

137,235


97,244


270,620


182,421

Provision for income taxes

43,091


29,853


86,041


57,085









Net income

$         94,144


$             67,391


$    184,579


$    125,336









Diluted earnings per share

$             0.58


$                 0.42


$          1.14


$          0.78

Basic earnings per share

$             0.59


$                 0.43


$          1.15


$          0.79









Weighted average common shares outstanding:








    Diluted shares

162,215


160,003


162,200


160,679

    Basic shares

160,406


158,501


160,067


159,214









Dividends per share

$             0.06


$                 0.04


$          0.12


$          0.08

























































AMETEK, Inc.

Information by Business Segment

(In thousands)

(Unaudited)



Three Months Ended


Six Months Ended


June 30,


June 30,


2011


2010


2011


2010

Net sales:








    Electronic Instruments

$       407,382


$           309,895


$    796,224


$    608,559

    Electromechanical

351,452


282,046


680,393


540,044

         Consolidated net sales

$       758,834


$           591,941


$ 1,476,617


$ 1,148,603









Income:








Segment operating income:








    Electronic Instruments

$       101,481


$             73,720


$    201,441


$    142,786

    Electromechanical

69,156


52,262


132,082


95,626

         Total segment operating income

170,637


125,982


333,523


238,412

    Corporate administrative and other expenses

(13,682)


(10,387)


(24,548)


(20,371)

         Consolidated operating income

$       156,955


$           115,595


$    308,975


$    218,041

















































AMETEK, Inc.

Condensed Consolidated Balance Sheet

(In thousands)



June 30,


December 31,






2011


2010






(Unaudited)







ASSETS








Current assets:








    Cash, cash equivalents and marketable securities

$       203,110


$           168,853





    Receivables, net

439,865


399,913





    Inventories

364,317


335,253





    Other current assets

75,840


70,473





         Total current assets

1,083,132


974,492













Property, plant and equipment, net

331,614


318,126





Goodwill

1,712,781


1,573,645





Other intangibles, investments and other assets

1,027,247


952,652





         Total assets

$    4,154,774


$        3,818,915













LIABILITIES AND STOCKHOLDERS' EQUITY








Current liabilities:








    Short-term borrowings and current portion of long-term debt

$       127,713


$             97,152





    Accounts payable and accruals

474,182


453,707





         Total current liabilities

601,895


550,859













Long-term debt

1,083,284


1,071,360





Deferred income taxes and other long-term liabilities

483,952


421,492





Stockholders' equity

1,985,643


1,775,204





         Total liabilities and stockholders' equity

$    4,154,774


$        3,818,915





Contact:  William J. Burke (610) 889-5249

SOURCE AMETEK, Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

icon3
440k+
Newsrooms &
Influencers
icon1
9k+
Digital Media
Outlets
icon2
270k+
Journalists
Opted In
GET STARTED

Modal title

Also from this source

AMETEK Announces Third Quarter 2025 Earnings Call and Webcasted Investor Conference Call Information

AMETEK, Inc. (NYSE: AME) will issue its third quarter 2025 earnings release before the market opens on Thursday, October 30, 2025. AMETEK will...

AMETEK Declares Quarterly Dividend

The Board of Directors of AMETEK, Inc. (NYSE: AME) declared a regular quarterly dividend of $0.31 per share for the third quarter ending September...

More Releases From This Source

Explore

Aerospace, Defense

Aerospace, Defense

Banking & Financial Services

Banking & Financial Services

Electronic Components

Electronic Components

Machinery

Machinery

News Releases in Similar Topics

Contact PR Newswire

  • Call PR Newswire at 888-776-0942
    from 8 AM - 9 PM ET
  • Chat with an Expert
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Italy
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom
  • Vietnam

My Services

  • All New Releases
  • Platform Login
  • ProfNet
  • Data Privacy

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Platform Login
  • ProfNet
Call PR Newswire at
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookies
Copyright © 2025 Cision US Inc.