Ametek Q1 Profit Rises; Lifts 2017 Profit View

(RTTNews) - Ametek Inc. (AME) reported that its net income for the first-quarter increased to $138.93 million from $134.17 million in the prior year. Earnings per share increased 5% to $0.60 from the first quarter of 2016.

Operating income increased 6% to $220.3 million versus the prior year and operating margins were 21.9% in the quarter.

"We were pleased with the return to organic growth earlier in the year than anticipated. This growth, combined with outstanding operating performance across our businesses, enabled us to exceed our first quarter earnings expectations and raise our full year 2017 guidance," said David A. Zapico, AMETEK Chief Executive Officer.

Quarterly sales were $1.01 billion, a 7% increase compared to the first quarter of 2016.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.57 per share and revenues of $961.37 million for the first-quarter. Analysts' estimates typically exclude special items.

The company anticipates second quarter 2017 sales to increase mid-single digits on a percentage basis compared to the same period last year. It estimates its earnings to be approximately $0.60 to $0.62 per diluted share, up 2% to 5% over last year's second quarter. Analysts project second-quarter earnings of $0.62 per share.

The company expects 2017 sales will increase mid-single digits, with organic sales up low-single digits. It increased its 2017 earnings guidance range to $2.40 to $2.48 per share, up 4% to 8% over 2016 adjusted earnings per share. This was an increase from its previous guidance range of $2.34 to $2.46 per share. Analysts expect annual earnings of $2.44 per share.

Guidance provided for the second quarter and for full year 2017 does not include the anticipated closure of the MOCON acquisition.