8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): August 4, 2015

AMETEK, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

Delaware	1-12981	14-1682544
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
1100 Cassatt Road, Berwyn, Pennsylvania		19312
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code: 610-647-2121

Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On August 4, 2015, AMETEK, Inc. issued a press release announcing its financial results for the three and six months ended June 30, 2015. A copy of such press release is furnished as Exhibit 99.1 to this Current Report.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Copy of press release issued by AMETEK, Inc. on August 4, 2015 (furnished but not filed pursuant to Item 2.02).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	AMETEK, Inc.
August 4, 2015	By:	/s/ William J. Burke
		Name: William J. Burke
		Title: Senior Vice President - Comptroller & Treasurer

Exhibit Index

Exhibit No.	Description
99.1	Copy of press release issued by AMETEK, Inc. on August 4, 2015.

EX-99.1

Exhibit 99.1

Contact: Kevin Coleman +1 610-889-5250

AMETEK Announces Second Quarter 2015 Results

— Delivers Record Earnings per Share —

— Reaffirms 2015 Earnings Guidance —

BERWYN, PA, AUGUST 4, 2015 – AMETEK, Inc. (NYSE: AME) today announced its financial results for the three month period ended June 30, 2015.

AMETEK’s second quarter 2015 sales of $1.0 billion were up 1% over last year’s second quarter. Operating income increased 4% to a record $240.3 million and operating margins were up 50 basis points to 23.9%. Diluted earnings per share increased 5% to a record $0.64 per diluted share from the second quarter 2014.

“AMETEK had another strong quarter. We delivered record levels of operating income and earnings per share as a result of the continued strong execution of our Four Growth Strategies. Despite continued softness in the global economy, our businesses performed well, allowing us to meet the high end of our second quarter earnings expectations and to reaffirm our full year earnings guidance,” noted Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.

“Cash flow was also very strong, with operating cash flow of $163 million for the quarter, a 5% increase over the same period of 2014. We continue to use our cash flow to support our acquisition strategy, having closed on two recent acquisitions,” continued Mr. Hermance.

Electronic Instruments Group (EIG)

In the second quarter of 2015, EIG sales increased 4% to $596.5 million. Operating income increased 8% to $164.0 million and operating margins were up 110 basis points to 27.5%.

“EIG had a very good quarter with excellent operating performance. Sales were up due to strength in our Aerospace business, combined with the contributions from the acquisitions of Zygo and Amptek in our Process business. Operating performance was superb, with operating margins up 110 basis points in the quarter,” said Mr. Hermance.

(Continued)

AMETEK ANNOUNCES SECOND QUARTER 2015 RESULTS

Page 2

Electromechanical Group (EMG)

For the second quarter of 2015, EMG sales decreased 2% to $407.3 million. Operating income was down 3% to $89.3 million and operating margins were 21.9% for the quarter.

“EMG also had a good second quarter in this difficult global market environment. The lower sales were driven largely by currency headwinds, partially offset by sales from the acquisition of Global Tubes. Operating margins were very strong benefitting from our focus on Operational Excellence initiatives,” adds Mr. Hermance.

2015 Outlook

“AMETEK performed well in the second quarter due to our strong portfolio of businesses, proven operational capabilities, and a successful focus on strategic acquisitions. While we remain cautious around the pace of global economic activity, we are confident in our ability to successfully execute on our growth strategies and to deliver strong earnings growth,” notes Mr. Hermance.

“We anticipate 2015 sales to be up low single digits with organic sales roughly flat versus 2014. We continue to expect earnings for 2015, excluding first quarter realignment costs, to be in the range of $2.58 to $2.63 per diluted share, up 7% to 9% over 2014 adjusted earnings per share,” adds Mr. Hermance.

“Third quarter 2015 sales are expected to be approximately flat compared to last year’s third quarter. We estimate our earnings in the third quarter to be approximately $0.64 to $0.65 per diluted share, an increase of 3% to 5% over last year’s adjusted earnings per share,” concludes Mr. Hermance.

(Continued)

AMETEK ANNOUNCES SECOND QUARTER 2015 RESULTS

Page 3

Conference Call

AMETEK will webcast its Second Quarter 2015 investor conference call on Tuesday, August 4, 2015, beginning at 8:30 AM ET. The live audio webcast will be available at the Investors section of www.ametek.com and at www.streetevents.com. The call will also be archived at the Investors section of www.ametek.com.

Corporate Profile

AMETEK is a leading global manufacturer of electronic instruments and electro-mechanical devices with annual sales of $4.0 billion. AMETEK’s Corporate Growth Plan is based on Four Key Strategies: Operational Excellence, Strategic Acquisitions, Global & Market Expansion and New Products. AMETEK’s objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. The common stock of AMETEK is a component of the S&P 500 Index.

Forward-looking Information

Statements in this news release relating to future events, such as AMETEK’s expected business and financial performance are “forward-looking statements.” Forward-looking statements are subject to various factors and uncertainties that may cause actual results to differ significantly from expectations. These factors and uncertainties include our ability to consummate and successfully integrate future acquisitions; risks associated with international sales and operations; our ability to successfully develop new products, open new facilities or transfer product lines; the price and availability of raw materials; compliance with government regulations, including environmental regulations; changes in the competitive environment or the effects of competition in our markets; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries we serve. A detailed discussion of these and other factors that may affect our future results is contained in AMETEK’s filings with the U.S. Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q and 8-K. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements.

# # #
(Financial Information Follows)

AMETEK, Inc.
Consolidated Statement of Income
(In thousands, except per share amounts)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
Net sales	$	1,003,726		$	990,718		$	1,987,785		$	1,966,010
Operating expenses:
Cost of sales, excluding depreciation		633,925			630,645			1,269,890			1,255,815
Selling, general and administrative		112,702			113,316			223,586			225,941
Depreciation		16,780			15,029			33,038			30,895
Total operating expenses		763,407			758,990			1,526,514			1,512,651
Operating income		240,319			231,728			461,271			453,359
Other expenses:
Interest expense		(22,678	)		(18,981	)		(45,364	)		(37,819	)
Other, net		(2,493	)		(4,326	)		(3,973	)		(8,203	)
Income before income taxes		215,148			208,421			411,934			407,337
Provision for income taxes		59,635			58,358			114,314			116,688
Net income	$	155,513		$	150,063		$	297,620		$	290,649
Diluted earnings per share	$	0.64		$	0.61		$	1.22		$	1.18
Basic earnings per share	$	0.64		$	0.61		$	1.23		$	1.19
Weighted average common shares outstanding:
Diluted shares		243,621			247,403			243,209			247,316
Basic shares		241,498			245,201			241,222			245,056
Dividends per share	$	0.09		$	0.09		$	0.18		$	0.15

AMETEK, Inc.
Information by Business Segment
(In thousands)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
Net sales:
Electronic Instruments	$	596,464		$	573,289		$	1,190,262		$	1,145,683
Electromechanical		407,262			417,429			797,523			820,327
Consolidated net sales	$	1,003,726		$	990,718		$	1,987,785		$	1,966,010
Income:
Segment operating income:
Electronic Instruments	$	163,993		$	151,499		$	315,210		$	301,818
Electromechanical		89,294			92,133			171,258			176,013
Total segment operating income		253,287			243,632			486,468			477,831
Corporate administrative and other expenses		(12,968	)		(11,904	)		(25,197	)		(24,472	)
Consolidated operating income	$	240,319		$	231,728		$	461,271		$	453,359

AMETEK, Inc.
Condensed Consolidated Balance Sheet
(In thousands)

	June 30,		December 31,
	2015		2014
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	326,588	$	377,615
Receivables, net		619,080		585,462
Inventories, net		541,919		495,896
Other current assets		111,755		119,631
Total current assets		1,599,342		1,578,604
Property, plant and equipment, net		484,932		448,446
Goodwill		2,668,625		2,614,030
Other intangibles, investments and other assets		1,804,912		1,779,883
Total assets	$	6,557,811	$	6,420,963
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt	$	183,903	$	286,201
Accounts payable and accruals		646,228		649,943
Total current liabilities		830,131		936,144
Long-term debt		1,481,906		1,427,825
Deferred income taxes and other long-term liabilities		792,440		817,433
Stockholders’ equity		3,453,334		3,239,561
Total liabilities and stockholders’ equity	$	6,557,811	$	6,420,963