AMETEK Raises 2023 Guidance; To Acquire Paragon Medical

(RTTNews) - AMETEK, Inc. (AME) said, for 2023, the company now expects adjusted earnings per share to be in the range of $6.31 to $6.33, an increase of approximately 11% over the comparable basis for 2022. This is an increase from previous guidance range of $6.18 to $6.26 per share. The company continues to expect overall sales to be up mid-to-high single digits compared to 2022.

AMETEK expects fourth quarter adjusted earnings per share to be in the range of $1.61 to $1.63, up 6% to 7% compared to the fourth quarter of 2022. Overall sales are projected to be up mid-single digits on a percentage basis versus the prior year.

Third quarter earnings totaled $340.37 million, or $1.47 per share compared with $297.64 million, or $1.29 per share, prior year. Adjusted earnings were $1.64 per share, up 13% from the third quarter of 2022. Analysts on average had expected the company to earn $1.58 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. Third quarter sales were $1.62 billion, a 5% increase over the third quarter of 2022. Analysts on average had estimated $1.66 billion in revenue.

Separately, AMETEK announced that it has entered into a definitive agreement to acquire Paragon Medical, a provider of highly engineered medical components and instruments, from affiliates of American Securities LLC in an all-cash deal valued at approximately $1.9 billion.

AMETEK, Inc. also announced the acquisition of Amplifier Research Corp., a manufacturer of radio frequency and microwave amplifiers and electromagnetic compatibility testing equipment.

Shares of AMETEK are up 2% in pre-market trade on Tuesday.

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