Ametek raises full-year profit forecast again
(Reuters) - Diversified manufacturer Ametek Inc (AME.N) raised its full-year earnings forecast for the second time in three months after it reported a higher quarterly profit, helped by acquisitions and strength in its oil and gas, aerospace and power businesses.
Ametex also said it would buy Micro-Poise Measurement Systems, which provides test and measurement equipment for the tire industry, for $170 million.
The company raised its full-year earnings forecast to between $1.85 and $1.87 per share from $1.83 to $1.85.
Chief Executive Frank Hermance said recently acquired Dunkermotoren, O'Brien Corp, TMC, EM Test and Reichert Technologies allowed the company to raise its forecast.
Sales at Ametek's electronic instruments business, which makes testing and display devices for the aerospace, industrial, power and medical markets, rose 12 percent to $457.1 million, accounting for more than half of total revenue in the third quarter.
Net income rose to $115.4 million, or 47 cents per share, from $98 million, or 40 cents per share, a year earlier.
Analysts on average had expected the company to earn 46 cents per share, according to Thomson Reuters I/B/E/S.
Total revenue rose 12 percent to $839.4 million, below analysts expectations of $852.95 million.
Ametek's shares, which have gained about 70 percent in value in the last year, closed at $33.95 on the New York Stock Exchange on Monday.
(Reporting by Mridhula Raghavan in Bangalore; Editing by Don Sebastian)
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