WASHINGTON (dpa-AFX) - Industrial technology solutions provider Ametek Inc. (AME), while reporting higher second-quarter results, said it expects increased third-quarter earnings above market estimates. Further, the frm lifted earnings outlook for fiscal 2023, also above the Street view.
For the third quarter, adjusted earnings per share are anticipated to be in the range of $1.56 to $1.58, up 8 percent to 9 percent from last year. Overall sales in the third quarter would be up mid-single digits on a percentage basis versus the prior year.
On average, 13 analysts polled by Thomson Reuters expect earnings of $1.53 per share for the quarter. Analysts' estimates typically exclude special items.
Further, for fiscal 2023, adjusted earnings per share are now expected to be in the range of $6.18 to $6.26, an increase of 9 percent to 10 percent from last year. The previous guidance range was $5.96 to $6.10 per share.
The Street is looking for earnings of $6.11 per share for the year.
For 2023, the company projects overall sales to be up mid-to-high single digits compared to 2022.
In the second quarter, Ametek's earnings increased from the same period last year and beat the Street estimates.
The company's earnings came in at $324.24 million, or $1.41 per share. This compares with $282.37 million, or $1.23 per share, in last year's second quarter.
Excluding items, Ametek Inc. reported adjusted earnings of $1.57 per share for the period. Analysts expected the company to earn $1.51 per share.
The company's revenue for the quarter rose 9.3 percent to $1.65 billion from $1.51 billion last year.
In pre-market activity on the NYSE, AMETEK shares were gaining around 2.1 percent to trade at $162.
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