Aug 1 (Reuters) - Industrial technology solutions

provider Ametek ( AME ) cut its annual profit forecast on

Thursday, as high borrowing costs and sticky inflation force its

customers to delay project expenses.

The company manufactures industrial solutions including

testing and measurement instruments, medical devices and

automation solutions.

Heightened borrowing costs have curtailed corporate

expenditure and have resulted in a demand slowdown for the

Berwyn, Pennsylvania-based company.

It now anticipates its 2024 profit per share to be in the

range of $6.70 to $6.80, compared with its previous forecast of

$6.74 to $6.86.

"We now expect the impact of inventory normalization within

our OEM customer base will continue through the balance of 2024.

Additionally, customers are turning more cautious leading to

some short-term delays in project spending," CEO David Zapico

said.

Ametek ( AME ) posted an adjusted profit per share of $1.66 for

second quarter ended June 30, compared with analysts' average

estimates of $1.64, according to LSEG data.

Its net sales rose 4.8% to $1.73 billion, but fell below

analysts' expectations of $1.78 billion.

(Reporting by Shivansh Tiwary in Bengaluru; Editing by Anil

D'Silva)