Oct 23 Diversified manufacturer Ametek Inc
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
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.