Ametek Lifts Guidance

Revenue will rise about 35%.
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Ametek (AME) - Get Report expects third-quarter earnings to "substantially" exceed prior estimates, as sales will grow by more than one-third.

The electronic instrument maker now expects third-quarter earnings of 66 cents to 67 cents a share, up from its previous guidance of 59 cents to 61 cents a share. Third-quarter sales are expected to grow 35% to about $464 million

"Ametek had an outstanding quarter that surpassed our expectations," said Chairman and CEO Frank S. Hermance in a press release. "Strong internal growth of approximately 12%, combined with the contributions from acquired businesses drove our top-line growth. Excellent performance in our long-cycle aerospace and power businesses and continued strong results in our process and analytical instrument business drove the internal growth."

The company also raised full-year EPS expectations to $2.52 to $2.54 a share from $2.42 to $2.46 a a share.

Shares of Ametek rose $2.07, or 4.4%, to $48.80 in recent after-hours trading.