Market Features

Return to Article

Ametek Expects 2Q, 2009 Profit Below Street Views

The Associated Press

PAOLI, Pa. (AP) — Ametek Inc., a manufacturer of electric motor and aircraft monitoring equipment, on Tuesday offered profit guidance for its second quarter and fiscal 2009 year lower than Wall Street analysts' estimates.

The company said it expects to earn between 45 cents and 50 cents per share in the second quarter with a mid-teen percentage decline in sales. Analysts polled by Thomson Reuters expect 60 cents per share for the quarter.

For the fiscal year, the company said it would likely earn between $2.10 and $2.25 per share, lower than the $2.42 per share estimated by analysts.

The company also said it expects revenue to fall by 10 percent in 2009.

The guidance came as the company said its first quarter profit fell 11 percent due to a big drop in sales. The company, though, was able to meet Wall Street analyst estimates by cutting costs.

Shares fell $3.93, or 11.7 percent, to $28.86 in morning trading.