Ametek boosts 1Q, full-year earnings forecast as orders surpass expectations

Ametek boosts 1Q, full-year earnings forecast

PAOLI, Pa. — Ametek Inc., which makes electric motors, battery chargers and products for the aerospace and defense industry, raised its first-quarter and full-year outlook on Wednesday, saying orders have surpassed expectations.

“Order trends have been strong in many of our markets, with particular strength in our shorter cycle businesses,” said Chairman and CEO Frank S. Hermance.

The company now forecasts earnings of 53 cents or 54 cents per share for the quarter ended in March, up from a previous range of 45 cents to 47 cents per share. Analysts surveyed by Thomson Reuters expect 47 cents, on average.

Ametek also predicts earnings of 53 cents to 55 cents per share for the quarter ending in June, in line with the average analyst estimate of 54 cents. For the full year, the company raised its profit estimate to between $2.20 and $2.28 per share, from $2.10 to $2.20. Analysts are looking for $2.18 per share, on average.

Ametek shares rose 12 cents to $41.80 in midday trading.

The company reports full results for the first quarter next Tuesday.