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
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Date of Report (Date of Earliest Event Reported):
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August 4, 2015
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AMETEK, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
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Delaware
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1-12981
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14-1682544
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_____________________
(State or other jurisdiction
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_____________
(Commission
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______________
(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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1100 Cassatt Road, Berwyn, Pennsylvania
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19312
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_________________________________
(Address of principal executive offices)
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___________
(Zip Code)
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Registrants telephone number, including area code:
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610-647-2121
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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.
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AMETEK, Inc.
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August 4, 2015
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By:
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/s/ William J. Burke
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Name: William J. Burke
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Title: Senior Vice President - Comptroller & Treasurer
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Exhibit Index
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Exhibit No.
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Description
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99.1
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Copy of press release issued by AMETEK, Inc. on August 4, 2015.
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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.
AMETEKs second quarter 2015 sales of $1.0 billion were up 1% over last years 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)
1
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 years 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 years adjusted earnings per share, concludes Mr.
Hermance.
(Continued)
2
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. AMETEKs Corporate Growth Plan is based on Four Key Strategies:
Operational Excellence, Strategic Acquisitions, Global & Market Expansion and New Products.
AMETEKs 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 AMETEKs 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 AMETEKs 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)
3
AMETEK, Inc.
Consolidated Statement of Income
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2015 |
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2014 |
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2015 |
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2014 |
Net sales |
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$ |
1,003,726 |
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$ |
990,718 |
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$ |
1,987,785 |
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$ |
1,966,010 |
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Operating expenses: |
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Cost of sales, excluding depreciation |
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633,925 |
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630,645 |
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1,269,890 |
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1,255,815 |
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Selling, general and administrative |
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112,702 |
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113,316 |
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223,586 |
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225,941 |
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Depreciation |
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16,780 |
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15,029 |
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33,038 |
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30,895 |
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Total operating expenses |
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763,407 |
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758,990 |
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1,526,514 |
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1,512,651 |
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Operating income |
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240,319 |
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231,728 |
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461,271 |
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453,359 |
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Other expenses: |
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Interest expense |
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(22,678 |
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(18,981 |
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(45,364 |
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(37,819 |
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Other, net |
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(2,493 |
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(4,326 |
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(3,973 |
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(8,203 |
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Income before income taxes |
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215,148 |
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208,421 |
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411,934 |
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407,337 |
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Provision for income taxes |
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59,635 |
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58,358 |
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114,314 |
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116,688 |
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Net income |
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$ |
155,513 |
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$ |
150,063 |
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$ |
297,620 |
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$ |
290,649 |
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Diluted earnings per share |
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$ |
0.64 |
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$ |
0.61 |
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$ |
1.22 |
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$ |
1.18 |
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Basic earnings per share |
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$ |
0.64 |
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$ |
0.61 |
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$ |
1.23 |
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$ |
1.19 |
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Weighted average common shares outstanding: |
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Diluted shares |
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243,621 |
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247,403 |
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243,209 |
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247,316 |
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Basic shares |
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241,498 |
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245,201 |
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241,222 |
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245,056 |
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Dividends per share |
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$ |
0.09 |
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$ |
0.09 |
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$ |
0.18 |
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$ |
0.15 |
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4
AMETEK, Inc.
Information by Business Segment
(In thousands)
(Unaudited)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2015 |
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2014 |
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2015 |
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2014 |
Net sales: |
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Electronic Instruments |
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$ |
596,464 |
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$ |
573,289 |
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$ |
1,190,262 |
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$ |
1,145,683 |
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Electromechanical |
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407,262 |
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417,429 |
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797,523 |
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820,327 |
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Consolidated net sales |
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$ |
1,003,726 |
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$ |
990,718 |
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$ |
1,987,785 |
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$ |
1,966,010 |
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Income: |
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Segment operating income: |
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Electronic Instruments |
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$ |
163,993 |
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$ |
151,499 |
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$ |
315,210 |
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$ |
301,818 |
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Electromechanical |
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89,294 |
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92,133 |
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171,258 |
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176,013 |
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Total segment operating income |
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253,287 |
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243,632 |
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486,468 |
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|
477,831 |
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Corporate administrative and
other expenses |
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(12,968 |
) |
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(11,904 |
) |
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(25,197 |
) |
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(24,472 |
) |
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Consolidated operating income |
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$ |
240,319 |
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$ |
231,728 |
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$ |
461,271 |
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$ |
453,359 |
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5
AMETEK, Inc.
Condensed Consolidated Balance Sheet
(In thousands)
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June 30, |
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December 31, |
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2015 |
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2014 |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
326,588 |
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$ |
377,615 |
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Receivables, net |
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619,080 |
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|
585,462 |
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Inventories, net |
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541,919 |
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|
|
|
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|
495,896 |
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Other current assets |
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|
111,755 |
|
|
|
|
|
|
|
119,631 |
|
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|
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|
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Total current assets |
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|
1,599,342 |
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|
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|
1,578,604 |
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Property, plant and equipment, net |
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|
484,932 |
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|
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|
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|
448,446 |
|
Goodwill |
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|
2,668,625 |
|
|
|
|
|
|
|
2,614,030 |
|
Other intangibles, investments and other assets |
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|
1,804,912 |
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|
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|
1,779,883 |
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|
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|
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|
|
Total assets |
|
$ |
6,557,811 |
|
|
|
|
|
|
$ |
6,420,963 |
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|
LIABILITIES AND STOCKHOLDERS EQUITY |
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Current liabilities: |
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|
|
|
|
|
|
|
|
|
|
|
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 |
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6
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