AMETEK, Inc. announced fourth quarter results that established quarterly records for orders, sales, operating income, diluted earnings per share and operating cash flow. In addition, backlog at December 31, 2010 was $829 million – an all-time high.
AMETEK’s fourth quarter 2010 sales of $678.0 million were up 30% over the same period of 2009. Operating income was $135.5 million in the fourth quarter of 2010, compared with $89.2 million in the same period of 2009. Operating income margin in the quarter of 20.0% was a 300 basis point improvement over the fourth quarter of 2009. Net income in the fourth quarter of 2010 increased 57% to $81.2 million, from $51.9 million in last year’s fourth quarter. Diluted earnings per share on a post-split basis increased 56% to $0.50 per diluted share, from the fourth quarter 2009 level of $0.32 per diluted share.
"AMETEK had a tremendous fourth quarter to complete an outstanding 2010. Orders were up 25% to a record $720.8 million in the quarter with broad based strength evident in most of our markets. Sales were up 30% on the strength of the order input and the contributions from the acquisitions completed this year. Our focus on Operational Excellence, coupled with the higher sales, resulted in record earnings and cash flow for the quarter," noted Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.
"Cash flow was superb, with both the fourth quarter and the full year results representing records. Operating cash flow was $128 million for the quarter and $423 million for the year, up 18% and 16% respectively, compared to the same periods in 2009," continued Mr. Hermance.
For the full year 2010, AMETEK achieved sales of $2.47 billion, up 18% from 2009. Operating income in 2010 was $482.2 million compared with $366.1 million last year, up 32%. Operating income margin for 2010 of 19.5% was a 210 basis point improvement over 2009. Net income for the full year 2010 was $283.9 million, up 38% from the $205.8 million earned in 2009. Diluted earnings per share on a post-split basis were $1.76 for 2010, up 39% from the $1.27 earned in 2009. Operating income, operating margins, net income and diluted earnings per share were all full-year records for the company.
