Ametek Q3 Profit Rises, Meets View - Quick Facts

(RTTNews) - Ametek, Inc. (AME), a manufacturer of electronic instruments and electromechanical devices, Tuesday reported third-quarter net income of $127.86 million or $0.52 per share, higher than $115.4 million or $0.47 per share in the previous year.

On average, 12 analysts polled by Thomson Reuters expected earnings per share of $0.52 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the quarter grew 6% to $890.01 million from $839.37 million a year ago, while analysts estimated $886.04 million.

Operating margins improved 60 basis points to 23.0% in the third quarter of 2013.

Looking ahead, for the fourth quarter, Ametek expects earnings to be around $0.54 per share, an increase of 10% over last year's fourth quarter of $0.49 per share. Analysts estimate earnings of $0.54 per share for the quarter.

Fourth quarter sales are expected to be up high single digits on a percentage basis over the prior-year's fourth quarter, with organic sales up mid-single digits on a percentage basis.

For full-year 2013, the company expects earnings to be about $2.09 per share, up 11% from last year. It anticipates full year revenues to be up mid-single digits on a percentage basis from 2012.

Analysts are looking for earnings of $2.09 per share for the full year.

Separately, Ametek announced that it has acquired Creaform, Inc., a developer and manufacturer of innovative portable 3D measurement technologies and a provider of 3D engineering services for about $120 million.

Based near Quebec City, Canada, the privately held company has annual sales of about $52 million.