Ametek beats profit estimates on strong demand from aerospace, defense sectors
02/05/2024 13:15
May 2 (Reuters) - Industrial technology solutions
provider Ametek AME.N beat estimates for first-quarter profit
on Thursday, as it benefited from a boom in the aerospace and
defense sectors.
Robust air travel demand and simmering geopolitical tensions
have driven up demand from the sectors, one of the biggest
contributors to Ametek's revenue.
Ametek also noted solid growth in its business segment
focused on manufacturing medical components and devices.
Sales in the company's Electronic Instruments Group (EIG),
which manufactures analytical, testing and measurement
instruments for the aerospace, medical, power, and industrial
markets, rose 4% to $1.16 billion in the reported quarter.
This helped the company's net sales to jump 8.7% to $1.74
billion, compared with Wall Street expectations of $1.78
billion.
It reported a first-quarter adjusted profit of $1.64 per
share, compared with analysts' average estimate of $1.59,
according to LSEG data.
The company also raised its annual profit forecast and now
expects its 2024 adjusted earnings in the range of $6.74 to
$6.86 per share, up from its previous target of $6.70 to $6.85.
(Reporting by Shivansh Tiwary in Bengaluru; Editing by Shinjini
Ganguli)
((Shivansh.Tiwary@thomsonreuters.com; +91 9708363192; X:
@Shivansh_19_;))