AMETEK Announces Record Results
finance.yahoo.com
AMETEK's fourth quarter 2013 sales of $942.5 million were up 12% over the same period of 2012. Operating income for the fourth quarter of 2013 was $210.5 million, an 11% increase from $190.0 million recorded in the same period of 2012. Operating margins were 22.3% in the quarter, as compared to 22.6% in last year's quarter. Net income in the fourth quarter of 2013 increased 13% to $135.7 million from $119.9 million in last year's fourth quarter. Diluted earnings per share increased 12% to $0.55 per diluted share from the fourth quarter 2012 level of $0.49 per diluted share.
"AMETEK had an excellent fourth quarter to complete another outstanding year in 2013. We established records for essentially all key financial metrics in the quarter. Core sales growth was strong, up 7% over last year's fourth quarter, with broad based strength across our businesses. 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 also very strong, with both the fourth quarter and full year results representing records. Operating cash flow was $210 million for the quarter and $661 million for the year," 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 $3.6 billion, up 8% from 2012. Operating income in 2013 was $815.1 million, compared with $745.9 million last year, up 9%. Operating margins for 2013 of 22.7% were a 30 basis point improvement over 2012. Net income for the full year 2013 was $517.0 million, a 13% increase from the $459.1 million earned in 2012. Diluted earnings per share were $2.10 for 2013, up 12% from the $1.88 earned in 2012.
Electronic Instruments Group (EIG)
For the 2013 fourth quarter, EIG sales increased 15% to $566.9 million. Operating income in the fourth quarter of 2013 increased 13% to $151.9 million, compared with $134.9 million in the fourth quarter of 2012. Operating margins were 26.8% in the quarter. Full year 2013 operating margins were 27.1%, a 60 basis point increase over 2012.
"EIG had a very strong fourth quarter. Excellent core growth in our Process businesses and the contributions from the recent acquisitions of Controls Southeast, Creaform and Powervar also contributed to the sales increase," notes Mr. Hermance.
Electromechanical Group (EMG)
In the fourth quarter, EMG sales increased 8% to $375.6 million. Operating income in the fourth quarter of 2013 of $70.5 million was up 8%, compared with $65.2 million in the same period of 2012. Operating margins for the quarter were 18.8%, unchanged from last year's fourth quarter.
"EMG had a good quarter with strong sales growth. Growth was broad based across our Differentiated businesses as well as in our Floorcare and Specialty Motors business," adds Mr. Hermance.
2014 Outlook
"We expect our businesses overall to show solid growth in 2014 as economic conditions continue to modestly improve across our end markets. We expect to see balanced growth across our businesses during the year. AMETEK's continued focus on our core strategies of operational excellence, global and market expansion, new product development and strategic acquisitions position us well in 2014 and beyond," notes Mr. Hermance.
"We anticipate 2014 revenue to be up high single digits on a percentage basis from 2013. Earnings for 2014 are expected to be in the range of $2.30 to $2.35 per diluted share, up 10% to 12% over 2013, reflecting the leveraged impact of core growth, continued operational excellence initiatives, and the benefit of contributions from recent acquisitions," adds Mr. Hermance.
"First quarter 2014 sales are expected to be up high single digits from last year's first quarter. We estimate our earnings to be approximately $0.55 to $0.57 per diluted share, an increase of 8% to 12% over last year's first quarter of $0.51 per diluted share," concludes Mr. Hermance. |
