Ametek, an industrial services provider, exceeds profit estimates

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Ametek, an industrial services provider, exceeds profit estimates
Ametek, an industrial services provider, exceeds profit estimates

Ametek Inc., an industrial technology solutions provider, reported a higher-than-expected fourth-quarter profit owing to profitable acquisitions in its aerospace and military businesses.

Ametek Inc., an industrial technology solutions provider, announced a higher-than-expected fourth-quarter profit on Tuesday, thanks to productive acquisitions and strong sales growth in its aerospace and defense divisions, which resulted in a margin increase.

The business, which distributes goods to a wide range of markets, including oil and gas and medical device manufacturers, also forecasts full-year 2024 adjusted earnings of $6.70 to $6.85 per share, a 5% to 7% increase over the previous year.

In the reporting quarter, Ametek’s Electronic Instruments section saw a 7% increase in revenue, while its Electromechanical Group segment increased by 6%.

The Berwyn, Pennsylvania-based company reported adjusted earnings per share of $1.68 for the fiscal quarter ended December 31, exceeding analysts’ expectations of $1.63.

According to LSEG data, it reported quarterly sales of $1.73 billion, a 6.5% increase over the same period last year and in line with expectations.

The company’s shares rose 1.13% in pre-market trading.

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