Industrial services provider Ametek beats profit estimates
06/02/2024 12:43
Feb 6 (Reuters) - Industrial technology solutions
provider Ametek Inc AME.N on Tuesday reported a
better-than-expected profit for the fourth quarter, as fruitful
acquisitions and high sales growth in its aerospace and defense
businesses led to margin expansion.
The company, which supplies products to a diverse set of
markets including oil and gas and medical device manufacturers,
also expects full-year 2024 adjusted earnings between $6.70 and
$6.85 per share, a 5% to 7% growth from the year ago.
Ametek posted 7% revenue growth in its Electronic
Instruments segment and 6% growth in its Electromechanical group
segment in the reported quarter.
The Berwyn, Pennsylvania-based company reported adjusted
earnings per share of $1.68 for the quarter ended Dec. 31, above
analysts' estimates of $1.63.
It posted quarterly sales of $1.73 billion, 6.5% higher than
the same period last year, and in line with estimates, according
to LSEG data.
Shares of the company were up 1.13% in pre-market trade.
(Reporting by Ananta Agarwal in Bengaluru; Editing by Shailesh
Kuber)
((Ananta.agarwal@thomsonreuters.com;))