AMETEK, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter Full Year of 2014
January 29, 2014 at 12:00 pm
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AMETEK Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. Fourth quarter 2013 sales of $942.5 million, compared to $841.79 million, 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. Operating cash flow was $210 million for the quarter. Income before income taxes was $186.46 million, compared to $170.8 million for the last year. Capital spending was $26 million for the quarter.
For the full year, the company achieved record levels of sales, operating income, operating margins, net income and diluted earnings per share. Full year sales were $3.6 billion, compared to $3.33 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. Income before income taxes was $724.795 million, compared to $662.475 million for the last year. Capital spending was $63 million for the quarter. Full year operating cash flow was $661 million, also up 8%.
First quarter 2014 sales are expected to be up high single digits from last year's first quarter. The company estimates 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.
The company anticipates 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. The company estimates tax rate to be between 28% and 29%. 2014 capital expenditures are expected to be approximately $70 million. 2014 depreciation and amortization is expected to be approximately $134 million.
AMETEK, Inc. is one of the world's leaders in manufacturing and marketing electronic instruments and electromechanical devices. Net sales break down by family of products as follows:
- electronic instruments (70.1%): instruments and screens for aircrafts cockpits, airborne electronic systems of data surveillance and registering, pressure, temperature and flow sensors for airline companies and aeronautical manufacturers, analysis devices for the medical and research sectors, measurement and surveillance instruments used in the processing industries, instruments and dashboards for heavy trucks and agricultural vehicles, etc.;
- electromechanical devices (29.9%): brushless motors, heat exchangers, connectors, terminals, thermal management subsystems, motors-blowers, etc. primarily for the aeronautic, automotive, medical, computing and defense sectors. The group also provides metal powders and alloys for the manufacturing of electronic components and automotive and aeronautic products.
At the end of 2023, the group had more than 150 production sites worldwide.
Net sales are distributed geographically as follows: United States (52.6%), Asia (20.9%), United Kingdom (3.3%), European Union (14.3%) and others (8.9%).
AMETEK, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter Full Year of 2014