Cash flow was very strong. Operating cash flow was $141 million, up 36% over last year's first quarter. Free cash flow was $132 million, or 120% of net income. Working capital management was excellent. Operating working capital was 17.2% of sales.Turning our attention to the individual operating groups. The Electronic Instruments Group had a great first quarter. Sales were up 21% to a record $468.8 million on strength in our Aerospace and Process businesses. In addition, we had strong contributions from the 4 acquisitions that we completed in the fourth quarter of 2011 and in January of 2012. Internal growth was strong at 9%, while currency reduced sales by 1%. EIG's operating income increased 23% to a record $123 million, and operating margin were a very strong at 26.2%, up 50 basis points over last year's first quarter.
Ametek's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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