Ametek Q2 Profit Rises; Sees FY13 EPS At Low End Of Prior Range - Quick Facts

(RTTNews) - Ametek, Inc.'s (AME) net income for second quarter of 2013 increased to $128.3 million, or $0.52 per share, from the second quarter 2012 level of $113.7 million, or $0.47 per share.

Operating income for the second quarter of 2013 was $202.6 million, a 10% increase from the $185.0 million recorded in the same period of 2012. Operating margins improved 70 basis points to 23.1% in the second quarter of 2013.

The company's second quarter 2013 sales of $878.8 million were up 6% over the same period of 2012.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.52 per share and revenues of $892.01 million for the second-quarter. Analysts' estimates typically exclude special items.

For the third quarter, sales are expected to be up mid-single digits on a percentage basis over last year's third quarter. The company estimates its earnings to be approximately $0.51 to $0.52 per share, an increase of 9% to 11% over last year's third quarter of $0.47 per share. Analysts expect the company to report earnings of $0.54 per share and revenues of $902.02 million for the third-quarter.

The company expects sluggish market conditions to continue for the balance of 2013. Full year 2013 revenue is expected to be up mid-single digits on a percentage basis from 2012. The company now expects earnings for 2013 to be at the low end of its previous guidance range of $2.08 to $2.12 per share, reflecting the weak economic environment. Analysts expect the company to report earnings of $2.11 per share and revenues of $3.58 billion for fiscal 2013.

The company said it continues to believe that its strong portfolio of businesses, operational excellence initiatives and successful focus on increasing shareholder value through strategic acquisitions will enable it to perform well in 2013 and beyond.

In a separate press release, Ametek announced that it has acquired Controls Southeast, Inc. (CSI), a leading manufacturer of custom-engineered thermal solutions, from Industrial Growth Partners for approximately $160 million. Based near Charlotte, NC, Controls Southeast has annual sales of approximately $50 million.