Ametek Sees Higher Q2 Earnings, Sales; Lifts FY22 Earnings View - Update

(RTTNews) - While announcing higher first-quarter results on Tuesday, Ametek Inc. (AME), a manufacturer of electronic instruments and electromechanical devices, lifted its forecast for fiscal 2022.

For the second quarter, adjusted earnings per share are anticipated to be in the range of $1.27 to $1.30, up 10 percent to 13 percent from last year.

On average, 16 analysts polled by Thomson Reuters expect earnings of $1.32 per share for the quarter. Analysts' estimates typically exclude special items.

Further, the company expects overall sales in the second quarter to be up low to mid-single digits versus the prior year.

For the full year, adjusted earnings per share are now expected to be in the range of $5.34 to $5.44, an increase of 10 percent to 12 percent over the comparable basis for 2021. This is an increase from previous guidance range of $5.30 to $5.42 per share.

Analysts expect earnings of $5.43 per share for the year.

For 2022, the company expects overall sales to be up high-single digits compared to 2021.

David Zapico, AMETEK Chairman and Chief Executive Officer, said, "AMETEK's performance in the first quarter reflects the strength of the AMETEK Growth Model. We remain well positioned to manage successfully in an uncertain environment including supply chain constraints, increased inflation, and the impacts of COVID-19 lockdowns in China."