Ametek to top views with Q1 results, shares rally
Electronic device manufacturer Ametek (NYSE:AME) said Friday that it now expects it first quarter results to "substantially exceed" its prior forecast, prompting an increase in its full year guidance.
For the first three months of 2011, the company now expects diluted earnings per share to be $0.55 to $0.56, up from its previous estimate of $0.46 to $0.48 per share.
Similarly, first quarter sales are now anticipated to be roughly $718.14 million, roughly 29% higher than the $556.7 million recorded a year earlier.
Analysts had forecast earnings of $0.48 per share for the first quarter, on revenue of $669.81 million. Shares of Ametek rose nearly 6% on Friday to trade at $44.87 as of 2:56pm EST.
"Orders in the quarter were up approximately 37% with broad-based strength evident in most of our markets. This order strength translated into strong top-line performance and, coupled with a lower cost structure, drove the excellent bottom-line performance," said chairman and CEO Frank S. Hermance.
Due to the strong performance, the company said it has raised its full year 2011 earnings guidance to a range of $2.20 to $2.25 per diluted share, up from the original outlook of $2.00 to $2.07 per diluted share.
Full first quarter results will be released on April 28.
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