Ametek 3Q net income rises, lifts 2012 outlook
BERWYN, Pa. (AP) — Electronic instruments maker Ametek said Tuesday that its third-quarter net income rose 18 percent as revenue improved across its business segments.
The company also lifted its full-year earnings forecast, citing its quarterly performance and expectations for the remainder of the year.
Ametek Inc. earned $115.4 million, or 47 cents per share, for the three months ended Sept. 30. That's up from $98 million, or 40 cents per share, a year earlier.
Analysts surveyed by FactSet expected earnings of 46 cents per share.
Revenue increased 12 percent to $839.4 million from $750.5 million. Wall Street forecast higher revenue of $857.6 million.
Sales for the electronics instruments group climbed 12 percent on strength in its oil and gas, aerospace, and power businesses. The segment also benefited from several recent acquisitions.
In the electromechanical group, sales also rose 12 percent. Its performance was partly helped by the acquisition of Dunkermotoren, which makes motors and other products.
Ametek expects 2012 earnings of $1.85 to $1.87 per share. It previously predicted earnings of $1.83 to $1.85 per share. The Berwyn, Pa. company expects a low double-digit percentage increase in revenue.
Analysts expect full-year earnings of $1.86 per share.
For the fourth quarter, Ametek anticipates earnings of 46 cents to 48 cents per share. Revenue is expected to climb by a mid-teens percentage rate. Wall Street predicts quarterly earnings of 48 cents per share.
Its shares fell 57 cents, or 1.7 percent, to $33.38 in morning trading. They are near the upper end of their 52-week range of $24.97 to $36.56.