AMETEK, Inc. of Berwyn on May 6 announced positive financial results for the first quarter of 2014.

The firm is a global manufacturer of electronic instruments and electro-mechanical devices, with sales of $3.6 billion during all of 2013.

AMETEK’s $975.3 million sales for the first quarter of 2014 were up 10 percent over the same period in 2013. Operating income was $221.6 million in the quarter, a 12 percent increase from last year’s $197.2 million. Operating margins improved 40 basis points to 22.7 percent in the first quarter of 2014. Net income increased 12 percent to $140.6 million, from $125.1 million last year. Diluted earnings per share increased 12 percent to $0.57 per diluted share from the $0.51 2013 figure.

“AMETEK achieved excellent results in the first quarter,” said Frank Hermanace, chairman and chief executive officer. “We had record performance as a result of the continued strong execution of our Four Growth Strategies. Solid core growth combined with our Operational Excellence initiatives and the contributions from recent acquisitions allowed us to deliver solid results and raise our 2014 earnings guidance,” he said.

“Cash flow was strong, with operating cash flow totaling $161 million in the first quarter,” Hermanace said. “We continue to use our cash flow to support our acquisition strategy. We closed two acquisitions in the quarter, and on April 11 we announced a definitive merger agreement to acquire the outstanding shares of Zygo Corporation, a leading provider of optical metrology solutions and high precision optics.”

AMETEK reported increased sales for both its Electronic Instruments Group and its Electromechanical Group.

“We were very pleased with our performance in the first quarter as our employees continued to do an excellent job executing on our growth strategies,” Hermanace said. “We are increasing our earnings guidance for 2014 given these results and expectations for the balance of the year. AMETEK’s continued focus on our core strategies of Operational Excellence, Strategic Acquisitions, Global and Market Expansion, and New Product Development position us well in 2014 and beyond.”

Hermanace is predicting higher revenues for the rest of 2014. A conference call with the company’s full financial picture is in the Investors section at www.ametek.com.

Links: www.ametek.com