Ametek 1Q Profit Falls 11 Percent

PAOLI, Pa. (AP) — Ametek Inc., a manufacturer of electric motor and aircraft monitoring equipment, said Tuesday its first quarter profit fell 11 percent due to a big drop in sales, but the company met Wall Street estimates by cutting costs.

For the quarter ended March 31, net income dropped to $59.1 million, or 55 cents per share, from $66.4 million, or 62 cents per share.

The result matched profit estimates of analysts polled by Thomson Reuters.

The company said it was able meet its expectations for profit by cutting costs. Operating expenses fell about 10 percent.

Revenue fell nearly 10 percent to $552.9 million from $611.2 million. Analysts predicted revenue of $599.7 million.

Sales in both the electronic instruments and electromechanical divisions fell.

Ametek 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 expect 60 cents per share.

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.

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