AMETEK Announces Record Results
finance.yahoo.com
AMETEK's fourth quarter 2011 sales of $762.8 million were up 13% over the same period of 2010. Operating income for the fourth quarter of 2011 was $167.4 million, a 24% increase from $135.5 million recorded in the same period of 2010. Operating margins improved 190 basis points to a record 21.9% in the fourth quarter of 2011. Net income in the fourth quarter of 2011 increased 25% to $101.9 million, from $81.2 million in last year's fourth quarter. Diluted earnings per share increased 26% to $0.63 per diluted share, from the fourth quarter 2010 level of $0.50 per diluted share.
"AMETEK had a strong fourth quarter to complete another outstanding year in 2011. Sales were at a record level in the quarter, driven by solid core growth and the contributions from acquisitions completed during the past year. Operating margins expanded 190 basis points to a record 21.9%, resulting from our focus on Operational Excellence, coupled with the higher sales. We also generated record levels of operating income, net income, diluted earnings per share and operating cash flow in the quarter," noted Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.
"Cash flow was superb, with both the fourth quarter and the full year results representing records. Operating cash flow was $153 million for the quarter and $509 million for the year, up 19% and 20%, respectively, compared to the same periods in 2010," continued Mr. Hermance.
For the full year, AMETEK achieved record levels of sales, operating income, operating margins, net income and diluted earnings per share. Full year sales were $3.0 billion, up 21% from 2010. Operating income in 2011 was $635.9 million compared with $482.2 million last year, up 32%. Operating margins for 2011 of 21.3% was a 180 basis point improvement over 2010. Net income for the full year 2011 was up $100.6 million to $384.5 million, a 35% increase from the $283.9 million earned in 2010. Diluted earnings per share were $2.37 for 2011, up 35% from the $1.76 earned in 2010. |
