Ametek Q2 Earnings Increases, Expects FY17 Earnings In Line With Analysts

(RTTNews) - Ametek Inc. (AME) Wednesday said its earnings for the second quarter grew to $150.48 million from $138.19 million a year ago. Earnings per share increased to $0.65 from $0.59 in the previous year.

On average, 15 analysts polled by Thomson Reuters expected the company to earn $0.62 per share. Analysts estimates usually exclude special items.

Net sales for the quarter were $1.064 billion, up from $977.71 million in the same period last year. Wall Street analysts were looking for 1.04 billion.

Looking ahead to the third quarter, the company expects sales to increase 10 percent from the prior year and earnings to grow 7 to 11 percent to a range of $0.60 to $0.62 per share. Analysts project $0.61 per share on revenue of $1.02 billion.

For the full year 2017, the company projects sales to increase in high single digits on a percentage basis, while earnings are expected to grow 7 to 10 percent to a range of $2.46 to $2.52 per share. Street expectation is for $2.48 per share on revenue of $4.12 billion.