(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
AMETEK, Inc. | |||||||||||
February 4, 2021 | By: | /s/ THOMAS M. MONTGOMERY | |||||||||
Name: Thomas M. Montgomery | |||||||||||
Title: Senior Vice President - Comptroller |
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Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net sales | $ | 1,198,947 | $ | 1,304,821 | $ | 4,540,029 | $ | 5,158,557 | |||||||||||||||
Cost of sales | 769,968 | 858,175 | 2,996,515 | 3,370,897 | |||||||||||||||||||
Selling, general and administrative | 130,866 | 148,991 | 515,630 | 610,280 | |||||||||||||||||||
Total operating expenses | 900,834 | 1,007,166 | 3,512,145 | 3,981,177 | |||||||||||||||||||
Operating income | 298,113 | 297,655 | 1,027,884 | 1,177,380 | |||||||||||||||||||
Interest expense | (19,465) | (23,045) | (86,062) | (88,481) | |||||||||||||||||||
Other (expense) income, net | (1,941) | (6,630) | 140,487 | (19,151) | |||||||||||||||||||
Income before income taxes | 276,707 | 267,980 | 1,082,309 | 1,069,748 | |||||||||||||||||||
Provision for income taxes | 55,682 | 47,203 | 209,870 | 208,451 | |||||||||||||||||||
Net income | $ | 221,025 | $ | 220,777 | $ | 872,439 | $ | 861,297 | |||||||||||||||
Diluted earnings per share | $ | 0.95 | $ | 0.96 | $ | 3.77 | $ | 3.75 | |||||||||||||||
Basic earnings per share | $ | 0.96 | $ | 0.97 | $ | 3.80 | $ | 3.78 | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Diluted shares | 231,890 | 230,006 | 231,150 | 229,395 | |||||||||||||||||||
Basic shares | 229,978 | 228,557 | 229,435 | 227,759 | |||||||||||||||||||
Dividends per share | $ | 0.18 | $ | 0.14 | $ | 0.72 | $ | 0.56 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Electronic Instruments | $ | 819,449 | $ | 880,171 | $ | 2,989,928 | $ | 3,322,881 | |||||||||||||||
Electromechanical | 379,498 | 424,650 | 1,550,101 | 1,835,676 | |||||||||||||||||||
Consolidated net sales | $ | 1,198,947 | $ | 1,304,821 | $ | 4,540,029 | $ | 5,158,557 | |||||||||||||||
Operating income: | |||||||||||||||||||||||
Segment operating income: | |||||||||||||||||||||||
Electronic Instruments | $ | 236,007 | $ | 229,859 | $ | 770,620 | $ | 865,307 | |||||||||||||||
Electromechanical | 79,808 | 84,602 | 324,962 | 387,931 | |||||||||||||||||||
Total segment operating income | 315,815 | 314,461 | 1,095,582 | 1,253,238 | |||||||||||||||||||
Corporate administrative expenses | (17,702) | (16,806) | (67,698) | (75,858) | |||||||||||||||||||
Consolidated operating income | $ | 298,113 | $ | 297,655 | $ | 1,027,884 | $ | 1,177,380 |
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December 31, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 1,212,822 | $ | 393,030 | |||||||
Receivables, net | 597,472 | 744,760 | |||||||||
Inventories, net | 559,171 | 624,567 | |||||||||
Other current assets | 153,005 | 263,414 | |||||||||
Total current assets | 2,522,470 | 2,025,771 | |||||||||
Property, plant and equipment, net | 526,530 | 548,908 | |||||||||
Right of use asset, net | 167,233 | 179,679 | |||||||||
Goodwill | 4,224,906 | 4,047,539 | |||||||||
Other intangibles, investments and other assets | 2,916,344 | 3,042,662 | |||||||||
Total assets | $ | 10,357,483 | $ | 9,844,559 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings and current portion of long-term debt, net | $ | 132,284 | $ | 497,449 | |||||||
Accounts payable and accruals | 943,631 | 928,409 | |||||||||
Total current liabilities | 1,075,915 | 1,425,858 | |||||||||
Long-term debt, net | 2,281,441 | 2,271,292 | |||||||||
Deferred income taxes and other long-term liabilities | 1,050,781 | 1,031,917 | |||||||||
Stockholders' equity | 5,949,346 | 5,115,492 | |||||||||
Total liabilities and stockholders' equity | $ | 10,357,483 | $ | 9,844,559 |
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AMETEK, Inc. | ||||||||||||||||||||
Reconciliations of GAAP to Non-GAAP Financial Measures | ||||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||
(Unaudited) |
EBITDA | |||||||||||
Three Months Ended | |||||||||||
December 31, | |||||||||||
2020 | 2019 | ||||||||||
(In millions) | |||||||||||
Net income | $ | 221.0 | $ | 220.8 | |||||||
Add (deduct): | |||||||||||
Interest expense | 19.5 | 23.0 | |||||||||
Interest income | (0.4) | (1.4) | |||||||||
Income taxes | 55.7 | 47.2 | |||||||||
Depreciation | 26.1 | 27.4 | |||||||||
Amortization | 38.8 | 36.8 | |||||||||
EBITDA | $ | 360.7 | $ | 353.8 | |||||||
EBITDA Margin (EBITDA divided by net sales) | 30.1 | % | 27.1 | % |
FREE CASH FLOW | |||||||||||
Three Months Ended | |||||||||||
December 31, | |||||||||||
2020 | 2019 | ||||||||||
(In millions) | |||||||||||
Cash provided by operating activities | $ | 385.9 | $ | 342.2 | |||||||
Deduct: Capital expenditures | (37.0) | (40.8) | |||||||||
Free cash flow | $ | 348.9 | $ | 301.4 | |||||||
Free Cash Flow Conversion (Free cash flow divided by net income) | 158 | % | 137 | % |
Page | 6 | ![]() |
AMETEK, Inc. | ||||||||||||||||||||
Reconciliations of GAAP to Non-GAAP Financial Measures | ||||||||||||||||||||
(Unaudited) |
Diluted Earnings Per Share | |||||||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Diluted earnings per share (GAAP) | $ | 0.95 | $ | 0.96 | $ | 3.77 | $ | 3.75 | |||||||||||||||
Pretax amortization of acquisition-related intangible assets | 0.17 | 0.16 | 0.67 | 0.58 | |||||||||||||||||||
Income tax benefit on amortization of acquisition-related intangible assets | (0.04) | (0.04) | (0.16) | (0.14) | |||||||||||||||||||
Realignment costs | — | — | 0.19 | — | |||||||||||||||||||
Income tax benefit on realignment costs | — | — | (0.04) | — | |||||||||||||||||||
Gain from sale of Reading Alloys | — | — | (0.61) | — | |||||||||||||||||||
Income tax charge on gain on sale of Reading Alloys | — | — | 0.14 | — | |||||||||||||||||||
Rounding | — | — | (0.01) | — | |||||||||||||||||||
Adjusted Diluted earnings per share (Non-GAAP) | $ | 1.08 | $ | 1.08 | $ | 3.95 | $ | 4.19 |
Forecasted Diluted Earnings Per Share | |||||||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||||
2021 | 2021 | 2021 | 2021 | ||||||||||||||||||||
Diluted earnings per share (GAAP) | $ | 0.84 | $ | 0.89 | $ | 3.68 | $ | 3.80 | |||||||||||||||
Pretax amortization of acquisition-related intangible assets | 0.17 | 0.17 | 0.66 | 0.66 | |||||||||||||||||||
Income tax benefit on amortization of acquisition-related intangible assets | (0.04) | (0.04) | (0.16) | (0.16) | |||||||||||||||||||
Adjusted Diluted earnings per share (Non-GAAP) | $ | 0.97 | $ | 1.02 | $ | 4.18 | $ | 4.30 |
Page | 7 | ![]() |
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