AMETEK Raises Earnings Guidance

(RTTNews) - AMETEK, Inc. (AME) said, for 2022, the company expects overall sales to be up high single digits compared to 2021. Adjusted earnings per share are now expected to be in the range of $5.46 to $5.54, an increase of 13% to 14% over the comparable basis for 2021. The company noted that this is an increase from previous guidance range of $5.34 to $5.44 per share.

The company expects overall sales in the third quarter to be up mid-single digits versus the prior year. Third quarter adjusted earnings per share are anticipated to be in the range of $1.36 to $1.38, up 8% to 10% compared to the third quarter of 2021.

Second quarter earnings came in at $282.37 million, or $1.23 per share compared with $231.68 million, or $1.00 per share, prior year. Excluding items, adjusted earnings was $1.38 per share for the period. Analysts on average had expected the company to earn $1.29 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. The company's revenue for the quarter rose 8.6% to $1.51 billion from $1.39 billion last year.

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