Ametek Acquires IntelliPower; Sees Q1, FY20 Earnings In Line With View

(RTTNews) - While reporting its financial results for the fourth quarter on Wednesday, Ametek, Inc. (AME) said it has acquired IntelliPower, a provider of ruggedized uninterruptable power systems, for about $115 million.

Orange, California-based IntelliPower manufactures a broad portfolio of ruggedized solutions including uninterruptable power systems, external battery packs, power distribution units and power conditioners. These products protect mission-critical applications by utilizing high-efficiency, power-switching technology which can be remotely monitored and managed.

IntelliPower, which has annual sales of about $40 million, joins Ametek as part of its Electronic Instruments Group or EIG.

Separately, Ametek also provided its earnings outlook for the first quarter and fiscal 2020 in line with analysts' estimates.

For the first quarter, Ametrek forecasts overall sales to be up low single digits versus the year-ago period and adjusted earnings in a range of $1.01 to $1.04 per share, up 1 percent to 4 percent over the prior-year quarter.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.03 per share for the quarter on 4.1 percent growth in sales to $1.32 billion. Analysts' estimates typically exclude special items.

For fiscal 2020, Ametek projects overall sales to be up low single digits on a percentage basis compared to 2019, and organic sales to be roughly flat versus the prior year.

The company forecast full-year adjusted earnings in a range of $4.24 to $4.38 per share, an increase of 1 percent to 5 percent over the prior year's comparable basis.

The company's full-year guidance assumes the Reading Alloys business is divested in the first quarter and excludes the gain on the anticipated sale.

The Street expects the company to report earnings of $4.36 per share for the year on 3 percent growth in revenues to $5.35 billion.