AMETEK Announces Record Results
finance.yahoo.com
--Net Earnings Up 22% to $110.2 Million--
--Increasing 2012 Earnings Estimate to $2.70 - $2.75 Per Diluted Share--
AMETEK's first quarter 2012 sales of $827.2 million were up 15% over the same period of 2011. Operating income was $182.8 million for the first quarter of 2012, a 20% increase from $152.0 million recorded in the same period of 2011. Operating margins in the first quarter of 2012 were 22.1%, a 90 basis point improvement over the first quarter of 2011. Net income in the first quarter of 2012 increased 22% to $110.2 million, from $90.4 million in last year's first quarter. Diluted earnings per share increased 21% to $0.68 per diluted share, from the first quarter 2011 level of $0.56 per diluted share.
"AMETEK achieved excellent results in the first quarter. Sales were up 15% on solid core growth and the contributions from acquisitions completed during the past year. As expected, our aerospace and process businesses had an excellent quarter. The strong overall growth translated into a record level of sales and, coupled with our continued focus on Operating Excellence, drove the excellent bottom line performance," noted Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.
"Cash flow was superb, with operating cash flow totaling $141 million for the quarter, an increase of 36% over the same period in 2011," continued Mr. Hermance.
2012 Outlook
"We expect our businesses to continue to show solid growth in 2012, with our higher margin, longer cycle aerospace, oil and gas, and power businesses showing particular strength. Our strong portfolio of businesses, proven operational capabilities, and a successful focus on strategic acquisitions should enable us to perform well in 2012," noted Mr. Hermance.
"We anticipate 2012 revenue to be up low double digits on a percentage basis from 2011 reflecting mid single digit core growth and contributions from recent acquisitions. Earnings for 2012 are expected to be in the range of $2.70 to $2.75 per diluted share, up 14% to 16% over 2011, reflecting the leveraged impact of core growth, operational initiatives and the benefit from recent acquisitions. This is an increase from our previous guidance of $2.65 to $2.70 per diluted share," added Mr. Hermance.
"Second quarter sales are expected to be up approximately 10% over last year's second quarter. We estimate our earnings to be approximately $0.65 to $0.68 per diluted share, an increase of 12% to 17% over last year's second quarter of $0.58 per diluted share," concluded Mr. Hermance. |
