WASHINGTON (dpa-AFX) - Ametek, Inc. (AME) reported that its net income in the first quarter of 2012 increased 22% to $110.2 million, from $90.4 million in last year's first quarter. Earnings per share increased 21% to $0.68 per diluted share, from the first quarter 2011 level of $0.56 per share.
Ametek's first quarter 2012 sales of $827.2 million were up 15% over the same period of 2011.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share on revenues of $819.37 million for the quarter. Analysts' estimates typically exclude special items.
Second quarter sales are expected to be up approximately 10% over last year's second quarter. The company estimates its earnings to be approximately $0.65 to $0.68 per share, an increase of 12% to 17% over last year's second quarter of $0.58 per share.
Analysts expect the company to report earnings of $0.68 per share on revenues of $850.08 million for the second-quarter.
The company still anticipates 2012 revenue to be up low double digits on a percentage basis from 2011 reflecting mid single digit core growth and contributions from recent acquisitions.
Earnings for 2012 are now expected to be in the range of $2.70 to $2.75 per share, up 14% to 16% over 2011, reflecting the leveraged impact of core growth, operational initiatives and the benefit from recent acquisitions. Previously, the company expected earnings to be in the range of $2.65 to $2.70 per share.
Analysts expect the company to report earnings of $2.73 per share on revenues of $3.34 billion for fiscal 2012.
AMETEK also announced that it has entered into a definitive agreement to acquire the parent company of Dunkermotoren GmbH. The privately held manufacturer has expected 2012 sales of approximately euro 155 million (about $200 million) and is headquartered in Bonndorf, Germany.
AMETEK is acquiring the business from Triton, a European private equity firm. The acquisition, which is subject to German government approval as well as normal closing conditions, is expected to be completed during the second quarter.
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