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Ametek raises FY profit forecast on strong quarterly sales, EMG segment growth
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Ametek raises FY profit forecast on strong quarterly sales, EMG segment growth
Nov 3, 2024 3:34 PM

Oct 31 (Reuters) - Industrial technology solutions

provider Ametek ( AME ) raised its full-year profit forecast on

Thursday, as third-quarter sales exceeded expectations, due to

strong performance in its electromechanical (EMG) segment.

Ametek ( AME ) shares rose 3% in pre-market trading.

The company now expects full-year profit per share to be

between $6.77 and $6.82, after previously lowering its forecast

in August to a range of $6.70 to $6.80 per share due to

customers delaying projects amid higher borrowing costs and

persistent inflation.

The company manufactures electronic equipment for power,

industrial and aerospace markets, while its EMG segment designs

and manufactures medical components, devices and automation

solutions, among other products.

Ametek's ( AME ) earnings per share of $1.66 in the quarter came in

above average analysts' estimates of $1.62, according to data

compiled by LSEG.

Its third-quarter revenue of $1.71 billion was 5% higher

than last year and in line with analysts' estimates.

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