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AMETEK Announces Record Results

BERWYN, Pa. Jan. 27, 2011 $829 million

December 21, 2010

$678.0 million $135.5 million $89.2 million $81.2 million $51 $0.50 $0.32

$720.8 million Frank S. Hermance

$128 million $423 million

$2.47 billion $482.2 million $366.1 million $283.9 million $205.8 million $1.76 $1.27

Electronic Instruments Group (EIG)

$377.8 million $90.4 million $56.1 million

"EIG had a tremendous fourth quarter.  Excellent core growth resulted from the continuing strength in our Process, Power and Industrial businesses.  As expected, our oil and gas businesses showed sizable improvement.  The recent Atlas Materials Testing Technology acquisition also contributed to the revenue increase.  This higher revenue, coupled with a streamlined cost structure, enabled us to significantly expand operating margins," said Mr. Hermance.

Electromechanical Group (EMG)

$300.1 million $58.9 million $40.7 million

"EMG also had an excellent fourth quarter. Strong core growth in our differentiated businesses and the contributions from the acquisitions of Haydon Enterprises, Technical Services for Electronics and Ameron drove the top line increase.   Operating margins were up nicely on the higher revenues and our lowered cost structure," commented Mr. Hermance.

2011 Outlook

"We expect our businesses to continue to show solid growth in 2011, with our longer cycle oil and gas, power and aerospace business showing particular strength.  Our record backlog, strong portfolio of businesses, proven operational capabilities, and a successful focus on strategic acquisitions should enable us to perform well in 2011," noted Mr. Hermance.

$2.00 to $2.07

$0.46 to $0.48 $0.36

Conference Call

Thursday, January 27, 2011 8:30 AM ET www.ametek.com www.streetevents.com www.ametek.com

Corporate Profile

$2.7 billion

Forward-looking Information

Statements in this news release relating to future events, such as AMETEK’s expected business and financial performance are "forward-looking statements."  Forward-looking statements are subject to various factors and uncertainties that may cause actual results to differ significantly from expectations.  These factors and uncertainties include our ability to consummate and successfully integrate future acquisitions; risks associated with international sales and operations; our ability to successfully develop new products, open new facilities or transfer product lines; the price and availability of raw materials; compliance with government regulations, including environmental regulations; changes in the competitive environment or the effects of competition in our markets; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries we serve.  A detailed discussion of these and other factors that may affect our future results is contained in AMETEK’s filings with the U.S. Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q and 8-K.  AMETEK disclaims any intention or obligation to update or revise any forward-looking statements.

(Financial Information Follows)

AMETEK, Inc.

Consolidated Statement of Income

(In thousands, except per share amounts)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2010

2009

2010

2009

(Unaudited)

(Unaudited)

(Unaudited)

Net sales

$        677,975

$        523,500

$     2,470,952

$     2,098,355

Operating expenses:

    Cost of sales, excluding depreciation

446,594

359,074

1,646,892

1,435,953

    Selling, general and administrative

83,221

64,738

296,482

254,143

    Depreciation

12,636

10,495

45,420

42,209

         Total operating expenses

542,451

434,307

1,988,794

1,732,305

Operating income

135,524

89,193

482,158

366,050

Other expenses:

    Interest expense

(16,981)

(16,674)

(67,522)

(68,750)

    Other, net

(3,529)

(941)

(8,386)

(2,667)

Income before income taxes

115,014

71,578

406,250

294,633

Provision for income taxes

33,775

19,694

122,318

88,863

Net income

$          81,239

$          51,884

$        283,932

$        205,770

Diluted earnings per share (a)

$              0.50

$              0.32

$              1.76

$              1.27

Basic earnings per share (a)

$              0.51

$              0.32

$              1.79

$              1.28

Weighted average common shares outstanding (a):

    Diluted shares

161,455

162,564

160,884

161,775

    Basic shares

159,150

160,743

159,056

160,182

Dividends per share (a)

$              0.06

$              0.04

$              0.18

$              0.16

(a) Share and per share amoun ts have been adjusted to reflect a three-for-two stock split paid to stockholders on December 21, 2010.

AMETEK, Inc.

Information by Business Segment

(In thousands)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2010

2009

2010

2009

(Unaudited)

(Unaudited)

(Unaudited)

Net sales:

    Electronic Instruments

$        377,839

$        286,009

$     1,324,113

$     1,146,578

    Electromechanical

300,136

237,491

1,146,839

951,777

        Consolidated net sales

$        677,975

$        523,500

$     2,470,952

$     2,098,355

Income:

Segment operating income:

    Electronic Instruments

$          90,394

$          56,085

$        316,184

$        232,875

    Electromechanical

58,922

40,682

210,397

166,582

        Total segment operating income

149,316

96,767

526,581

399,457

    Corporate administrative and other expenses

(13,792)

(7,574)

(44,423)

(33,407)

        Consolidated operating income

$        135,524

$          89,193

$        482,158

$        366,050

AMETEK, Inc.

Condensed Consolidated Balance Sheet

(In thousands)

December 31,

December 31,

2010

2009

(Unaudited)

ASSETS

Current assets:

    Cash, cash equivalents and marketable securities

$          168,853

$          251,350

    Receivables, net

399,913

331,383

    Inventories

335,253

311,542

    Other current assets

77,214

75,155

         Total current assets

981,233

969,430

Property, plant and equipment, net

318,126

310,053

Goodwill

1,573,645

1,277,291

Other intangibles, investments and other assets

951,235

689,258

         Total assets

$       3,824,239

$       3,246,032

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

    Short-term borrowings and current portion of long-term debt    

$            97,152

$            85,801

    Accounts payable and accruals

456,651

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