Ametek Sees Higher Adj. Earnings, Sales In Q1, FY24 - Update

(RTTNews) - Industrial technology solutions provider Ametek Inc. (AME), while reporting higher fourth-quarter results, on Tuesday said it sees increased earnings and sales in its first quarter and in fiscal 2024.

For the first quarter of 2024, adjusted earnings are anticipated to be in the range of $1.56 to $1.60 per share, up 5 percent to 7 percent from last year.

Analysts on average expect the company to earn $1.61 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Overall sales for the quarter are expected to be up low double digits on a percentage basis compared to the same period last year.

Further for fiscal 2024, adjusted earnings per share are expected to be in the range of $6.70 to $6.85, an increase of 5 percent to 7 percent over 2023. For 2024, overall sales would be up low double digits on a percentage basis.

Analysts expect the company to earn $6.83 per share for the year.

In its fourth quarter, Ametek's earnings came in at $342.86 million, or $1.49 per share. This compares with $307.08 million, or $1.34 per share, in last year's fourth quarter.

Adjusted earnings were $1.68 per share for the period. Analysts had expected the company to earn $1.63 per share.

The company's revenue for the quarter rose 6.1 percent to $1.73 billion from $1.63 billion last year.

In pre-market activity on the NYSE, the shares were gaining around 1.14 percent to trade at $168.90.

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