AMETEK (AME) 8-K Ametek Announces Record Results

Exhibit 99.1

CORPORATE OFFICE
1100 Cassatt Road, Berwyn, PA 19312

Contact: Kevin C. Coleman (610) 889-5247

AMETEK ANNOUNCES RECORD RESULTS

—Diluted Earnings Per Share Up 21%—

—Increasing 2012 Earnings Estimate to $1.83 — $1.85 Per Diluted Share—

Berwyn, PA, July 24, 2012 – AMETEK, Inc. (NYSE: AME) today announced second quarter results that established records for orders, operating income, operating margins, net income and diluted earnings per share. In addition, backlog at June 30, 2012 exceeded $1 billion and was an all-time high.

All per share amounts in this press release reflect the impact of a 3-for-2 stock split paid on June 29, 2012.

AMETEK’s second quarter 2012 sales of $825.9 million were up 9% over the same period of 2011. Operating income for the second quarter of 2012 was $185.0 million, an 18% increase from the $157.0 million recorded in the same period of 2011. Operating margins improved 170 basis points to 22.4% in the second quarter of 2012. Net income increased 21% to $113.7 million, or $0.47 per diluted share, from the second quarter 2011 levels of $94.1 million, or $0.39 per diluted share.

“AMETEK performed well in the second quarter in a slowing global economic environment. Our Operational Excellence initiatives, contributions from acquired businesses, and the continued strength of our aerospace and oil and gas businesses allowed us to exceed our second quarter earnings expectations and raise our 2012 earnings guidance. We have and will continue to take appropriate actions to manage our costs while remaining an active acquirer,” noted Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.

Electronic Instruments Group (EIG)
For the second quarter of 2012, EIG sales increased 11% to $452.1 million. Operating income was $117.7 million, compared with $101.5 million in the second quarter of 2011, a 16% increase. Operating margins for the quarter were 26.0%, up 110 basis points from 24.9% in last year’s second quarter.

“EIG performed well in the second quarter. Sales were up due to strength in our aerospace and oil and gas businesses, combined with contributions from the recently acquired O’Brien, TMC, EM Test, and Reichert Technologies businesses. Operating margins expanded 110 basis points to 26.0%, benefitting from our Operational Excellence initiatives,” said Mr. Hermance.

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AMETEK ANNOUNCES RECORD RESULTS
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Electromechanical Group (EMG)
For the second quarter of 2012, EMG sales increased 6% to $373.8 million. Operating income in the second quarter of 2012 of $78.8 million was up 14%, compared with $69.2 million in the same period of 2011. Operating margins were 21.1% in the second quarter of 2012, up 140 basis points from 19.7% in last year’s second quarter. Sales, operating income and operating margins were all at record levels in the quarter.

“EMG had a solid second quarter. Sales were up on core growth in our differentiated businesses and the contributions from the acquisitions of Avicenna Technology, Coining and Dunkermotoren, more than offsetting weakness in our cost-driven motor business. Operating margins were up 140 basis points in the quarter to a record 21.1% driven by our Operational Excellence initiatives,” commented Mr. Hermance.

2012 Outlook
“Our strong portfolio of businesses, record backlog, proven operational capabilities, and a successful focus on strategic acquisitions should enable us to perform well for the remainder of 2012 and beyond. We are increasing our earnings guidance for 2012 even though we expect the slowdown in the global economic environment to continue. We are responding with additional cost containment actions to ensure that we are properly positioned for the remainder of 2012 and into 2013. We will remain an active acquirer,” noted Mr. Hermance.

“We anticipate 2012 revenue to be up low double digits on a percentage basis from 2011 with organic growth of low to mid single digits on a percentage basis. Earnings for 2012 are expected to be in the range of $1.83 to $1.85 per diluted share, up 16% to 17% over 2011, reflecting the leveraged impact of core growth, the benefit from recent acquisitions and our operational initiatives. This is an increase from our previous guidance of $1.80 to $1.83 per diluted share that was given as part of our first quarter earnings release,” added Mr. Hermance.

“Third quarter sales are expected to be up low double digits on a percentage basis over last year’s third quarter. We estimate our earnings to be approximately $0.45 to $0.46 per diluted share, an increase of 13% to 15% over last year’s third quarter of $0.40 per diluted share,” concluded Mr. Hermance.

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AMETEK ANNOUNCES RECORD RESULTS
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Conference Call
The Company will webcast its Second Quarter 2012 investor conference call on Tuesday, July 24, 2012, beginning at 8:30 AM ET. The live audio webcast will be available at the Investors section ofwww.ametek.com and atwww.streetevents.com. The call will also be archived at the Investors section ofwww.ametek.com.

Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and electro-mechanical devices with annualized sales of $3.3 billion. AMETEK’s Corporate Growth Plan is based on Four Key Strategies: Operational Excellence, Strategic Acquisitions & Alliances, 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 MidCap 400 and the Russell 1000 Indices.

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.

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(Financial Information Follows)

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Net sales	$	825,898		$	758,834		$	1,653,050		$	1,476,617
Operating expenses:
Cost of sales, excluding depreciation		531,753			499,956			1,068,036			972,760
Selling, general and administrative		95,646			89,685			190,682			171,177
Depreciation		13,521			12,238			26,578			23,705
Total operating expenses		640,920			601,879			1,285,296			1,167,642
Operating income		184,978			156,955			367,754			308,975
Other expenses:
Interest expense		(18,843	)		(17,339	)		(37,680	)		(34,489	)
Other, net		(1,848	)		(2,381	)		(4,088	)		(3,866	)
Income before income taxes		164,287			137,235			325,986			270,620
Provision for income taxes		50,600			43,091			102,149			86,041
Net income	$	113,687		$	94,144		$	223,837		$	184,579
Diluted earnings per share	$	0.47		$	0.39		$	0.92		$	0.76
Basic earnings per share	$	0.47		$	0.39		$	0.93		$	0.77
Weighted average common shares outstanding:
Diluted shares		243,121			243,322			243,214			243,300
Basic shares		241,168			240,609			240,677			240,100
Dividends per share	$	0.06		$	0.04		$	0.10		$	0.08

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Net sales:
Electronic Instruments	$	452,128		$	407,382		$	920,936		$	796,224
Electromechanical		373,770			351,452			732,114			680,393
Consolidated net sales	$	825,898		$	758,834		$	1,653,050		$	1,476,617
Income:
Segment operating income:
Electronic Instruments	$	117,651		$	101,481		$	240,676		$	201,441
Electromechanical		78,760			69,156			149,637			132,082
Total segment operating income		196,411			170,637			390,313			333,523
Corporate administrative and other expenses		(11,433	)		(13,682	)		(22,559	)		(24,548	)
Consolidated operating income	$	184,978		$	156,955		$	367,754		$	308,975

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

	June 30,		December 31,
	2012		2011
	(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents and marketable securities	$	168,472	$	174,955
Receivables, net		482,799		438,245
Inventories		415,610		380,471
Other current assets		93,981		65,448
Total current assets		1,160,862		1,059,119
Property, plant and equipment, net		361,485		325,329
Goodwill		2,052,547		1,806,237
Other intangibles, investments and other assets		1,339,162		1,128,805
Total assets	$	4,914,056	$	4,319,490
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt	$	388,708	$	140,508
Accounts payable and accruals		507,672		488,367
Total current liabilities		896,380		628,875
Long-term debt		1,122,893		1,123,416
Deferred income taxes and other long-term liabilities		604,229		514,394
Stockholders’ equity		2,290,554		2,052,805
Total liabilities and stockholders’ equity	$	4,914,056	$	4,319,490

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