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Ametek Raises Full-Year Profit Guidance on Strong Quarterly Sales and EMG Segment Growth

Umito October 31, 2024

October 31 (Reuters) – Ametek, provider of industrial technology solutions (AMEN)open a new tab The group raised its full-year profit forecast on Thursday as third-quarter sales exceeded expectations, thanks to the strong performance of its electromechanical (EMG) segment.

Shares of Ametek rose 3% in premarket trading.

The company now expects full-year earnings per share to be between $6.77 and $6.82, after lowering its forecast in August to a range of $6.70 to $6. $80 per share due to customers delaying projects due to higher borrowing costs and persistent inflation.

The company manufactures electronic equipment for the energy, industrial and aerospace markets, while its EMG segment designs and manufactures medical components, devices and automation solutions, among other products.

Ametek’s earnings per share of $1.66 for the quarter beat analysts’ average estimates of $1.62, according to data compiled by LSEG.

Its third-quarter revenue of $1.71 billion was 5% higher than last year and in line with analyst estimates.

Reporting by Ananta Agarwal in Bangalore; Editing by Vijay Kishore

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