By a News Reporter-Staff News Editor at Investment Weekly News -- AMETEK, Inc. (NYSE: AME) announced second quarter results that established records for orders, sales, operating income, operating margins, net income and diluted earnings per share. In addition, backlog at June 30, 2014 of $1.25 billion was an all-time high.
AMETEK's second quarter 2014 sales of $990.7 million were up 13% over the same period of 2013. Operating income for the second quarter of 2014 was $231.7 million, a 14% increase from the $202.6 million recorded in the same period of 2013. Operating margins improved 30 basis points to 23.4%. Net income increased 17% to $150.1 million, from $128.3 million in last year's second quarter. Diluted earnings per share increased 17% to $0.61 per diluted share from the second quarter 2013 level of $0.52 per diluted share.
"AMETEK achieved excellent results in the second quarter, delivering record operating performance. Strong organic growth, Operational Excellence initiatives, and contributions from acquired businesses allowed us to exceed our second quarter earnings expectations and raise our 2014 earnings guidance. In addition, we closed the acquisition of Zygo in the quarter," noted Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.
"Cash flow was also very strong, with operating cash flow totaling $155.1 million for the quarter, an increase of 21% over the same period of 2013," continued Mr. Hermance.
For the six months ended June 30, 2014, AMETEK sales increased 12% to $1.97 billion from $1.76 billion in the same period of 2013. Operating income increased 13% to $453.4 million, from $399.8 million earned in the first six months of 2013. Net income for the first six months of 2014 was $290.6 million, up 15% from $253.5 million in the same period of 2013. Diluted earnings per share were $1.18 for the first six months of 2014, up 15% from $1.03 per diluted share in the first six months of 2013.
Electronic Instruments Group (EIG)
For the second quarter of 2014, EIG sales increased 19% to $573.3 million. Operating income was $151.5 million in the quarter, compared with $129.6 million in the second quarter of 2013, a 17% increase. Operating margins for the quarter were very strong at 26.4%.
"EIG had an excellent second quarter. Strong core growth in our Aerospace, Process, and Power & Industrial businesses combined with the contributions from recent acquisitions drove the strong overall sales growth," said Mr. Hermance.
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