AMETEK (AME) FY2019 results: revenue $5.2 billion, up 6.5% on the year
AMETEK Inc. (AME) reported revenue of $5.2 billion for fiscal 2019, the year ended 31 December 2019, up 6.5% on the year before. Net income was $861 million, up 10.7%, and diluted earnings per share $3.75. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$5.2 billion
+6.5% on the year
FY2012FY2019
Operating margin
22.8%
22.2% a year earlier
FY2012FY2019
Net income
$861 million
+10.7% on the year
FY2012FY2019
Diluted EPS
$3.75
+12.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
5,159
4,846
4,300
+6.5%
Cost of revenue
3,371
3,186
2,861
+5.8%
Gross profit
1,788
1,660
1,439
+7.7%
Gross margin
34.7%
34.2%
33.5%
Research and development
162
141
130
+14.8%
Selling, general and administrative
610
584
535
+4.5%
Operating income
1,177
1,076
904
+9.5%
Operating margin
22.8%
22.2%
21.0%
Interest expense
88.5
82.2
98.0
+7.7%
Pre-tax income
1,070
988
797
+8.3%
Income tax
208
210
115
-0.6%
Effective tax rate
19.5%
21.2%
14.5%
Net income
861
778
681
+10.7%
Net margin
16.7%
16.1%
15.8%
Diluted EPS
$3.75
$3.34
$2.94
+12.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,114
926
833
+20.4%
Capital expenditure
102
82.1
75.1
+24.7%
Free cash flow
1,012
843
758
+20.0%
Free cash flow margin
19.6%
17.4%
17.6%
Cash from investing
-1,151
-1,210
-626
Cash from financing
72.9
13.0
-329
+459.1%
Depreciation and amortisation
234
199
183
+17.3%
Share-based compensation
40.4
27.3
25.1
+47.9%
Buybacks
11.9
368
6.9
-96.8%
Dividends paid
127
129
82.7
-1.1%
Dividend per share
$0.56
$0.56
$0.36
0.0%
Diluted shares, weighted
229m
233m
232m
-1.4%
Shares outstanding at period end
229m
227m
231m
+0.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,115
4,242
4,028
+20.6%
Debt
2,769
2,633
2,174
+5.2%
Operating lease liabilities
143
n/a
n/a
Other liabilities
1,818
1,788
1,594
+1.7%
Total liabilities and equity
9,845
8,662
7,796
+13.6%
Fixed assets
549
554
493
-0.9%
Goodwill
4,048
3,612
3,116
+12.1%
Intangible assets
2,763
2,404
2,013
+14.9%
Securities held for sale or to maturity
n/a
7.7
8.1
Cash and equivalents
393
354
646
+11.0%
Receivables
745
733
668
+1.6%
Inventory
625
625
541
-0.0%
Other assets
723
373
311
+93.8%
Total assets
9,845
8,662
7,796
+13.6%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.