AMETEK Buys Bison; Increases FY23 Guidance

(RTTNews) - AMETEK, Inc. (AME) announced the acquisition of Bison Gear & Engineering Corp., a manufacturer of highly engineered motion control solutions serving diverse markets and applications. Bison is headquartered in St. Charles, Illinois. It has annual sales of approximately $80 million.

Separately, AMETEK reported that its first quarter adjusted earnings per share increased 12% from the first quarter of 2022. Sales rose 10%, with organic sales growth of 9%. Looking forward, the company increased its sales and earnings guidance for the full year.

First quarter bottom line came in at $305.71 million, or $1.32 per share compared with $272.45 million, or $1.17 per share, in last year's first quarter. Excluding items, Ametek Inc. reported adjusted earnings of $1.49 per share for the period. Analysts on average had expected the company to earn $1.41 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 9.6% to $1.60 billion from $1.46 billion last year.

For 2023, the company now expects overall sales to be up mid to high single digits compared to 2022. Adjusted earnings per share are now expected to be in the range of $5.96 to $6.10, an increase of 5% to 7% over the comparable basis for 2022. This is an increase from the company's previous guidance range of $5.84 to $6.00 per share.

The company expects overall sales in the second quarter to be up mid to high single digits on a percentage basis versus the prior year. Second quarter adjusted earnings per share are anticipated to be in the range of $1.49 to $1.51, up 8% to 9% compared to the second quarter of 2022.

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