UPDATE 1-Ametek raises FY profit forecast, sees more acquisitions

Tue Jul 24, 2012 7:52am EDT

* Sees FY12 EPS $1.83-$1.85 vs $1.80-$1.83 prior view

* Q2 EPS $0.47 vs est $0.46

* Q2 rev $825.9 mln vs est $861.5 mln

July 24 (Reuters) - Diversified manufacturer Ametek Inc reported a better-than-expected quarterly profit on growth at its aerospace and oil and gas businesses, and the company raised its full-year profit forecast.

The quarter was also helped by recent acquisitions of O'Brien Corp, Technical Manufacturing Corp, EM Test and Reichert Technologies, CEO Frank Hermance said in a statement.

"We will remain an active acquirer," Hermance said.

The company expects to earn between $1.83 and $1.85 per share, for the full year, up from its prior forecast of between $1.80 and $1.83 per share.

Net income rose to $113.7 million, or 47 cents per share, in the second quarter, from $94.1 million, or 39 cents per share, a year earlier.

Net sales rose 9 percent to $825.9 million.

Sales at its electronic instruments segment - which makes devices for the aerospace, industrial, power and medical markets - g r ew 11 percent to $452.1 million.

Analysts on average expected the company to earn 46 cents per share on revenue of $861.5 million, according to Thomson Reuters I/B/E/S.

Ametek's shares, which have gained about 60 percent in value in the last nine months, closed at $33.32 on the New York Stock Exchange on Monday.

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