Ametek Guides Quarter Higher

Electric component maker Ametek ( AME) jacked up second-quarter profit guidance Monday, citing strong internal growth and the positive impact of acquisitions.

Ametek expects to earn 64 cents or 65 cents a share in the quarter, up from previous guidance for earnings of 57 cents to 59 cents a share. It pegged sales at $450 million, up 28% from a year ago. Analysts surveyed by Thomson First Call were forecasting earnings of 59 cents a share on sales of $428.9 million.

"Ametek had an outstanding quarter which surpassed our expectations," the company said. "Strong internal growth in each of the company's two segments, combined with the contributions from acquired businesses, drove the strong top-line growth. We translated this top-line growth into bottom-line performance, increasing diluted earnings per share 31% to 33% over last year's second quarter."

For the full year, Ametek expects to earn $2.42 to $2.46 a share, up from previous guidance of $2.30 to $2.35 a share. Analysts were expecting $2.35 a share.

Ametek said the Department of Homeland Security didn't select the company as a vendor in its advanced spectroscopic portal monitor program.

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