I will remind you that any statements made by AMETEK during the call that are not historical in nature are to be considered forward-looking statements. As such, these statements are subject to change based on various risk factors and uncertainties that may cause actual results to differ significantly from expectations.
A detailed discussion of the risks and uncertainties that may affect our future results is contained in AMETEK's filings with the Securities and Exchange Commission. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements. I will also refer you to the Investors section of www.ametek.com for a reconciliation of any non-GAAP financial measures used during the conference call.
We will begin today with prepared remarks by Frank and Bob, and then we will take your questions. With that, I will turn the meeting over to Frank.
Frank S. HermanceThank you, Kevin, and good morning, everyone. In the quarter, we established records for orders, operating income, operating margins, net income, and diluted earnings per share. Orders in the second quarter were a record at $916 million, up 15% from the prior year. The book-to-bill ratio in the quarter was 1.11. Sales in the second quarter were up 9% to $825.9 million. Internal growth was flat due to a weak international environment, while acquisitions added 10% and currency was a 1% headwind. Excluding the cost-driven motor business, which was impacted by weakness in Europe and the impact of a very difficult comparison in Asia, our internal growth was 3% in the quarter. Operating income for the second quarter was superb. It increased 18% to a record $185 million from $157 million last year, reflecting the impact from our operational excellence activities and our longer cycle, higher-margin businesses. Operating income margin in the quarter was a record at 22.4%, a 170 basis point improvement over the second quarter of 2011. Net income was up 21% to $113.7 million, and diluted earnings per share of $0.47 were up 21% over last year’s second quarter and above the top end of our prior guidance of $0.45. Both net income and diluted earnings per share were records.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV