Backlog at the end of the second quarter was over $1 billion, an all-time record high. Working capital management was excellent, operating working capital was 17.7% of sales.Turning our attention to the individual operating groups, the electronic instruments group had a solid second quarter. Sales were up 11% to $452.1 million on strength in our aerospace, oil and gas, and power instruments businesses in addition to the contributions from the acquisitions of O’Brien, TMC, EM Test, and Reichert Technologies. Internal growth was 1% while acquisitions added 12% and currency reduced sales by 2%. EIG’s operating income increased 16% to $117.7 million and operating margins were very strong at 26%, up 110 basis points over last year’s second quarter.
Ametek's CEO Discusses Q2 2012 Results - Earnings Call Transcript
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