(Reuters) – Industrial technology solutions provider Ametek beat estimates for first-quarter profit on Thursday, as it benefited from a boom in the aerospace and defense sectors.
Robust air travel demand and simmering geopolitical tensions have driven up demand from the sectors, one of the biggest contributors to Ametek’s revenue.
Ametek also noted solid growth in its business segment focused on manufacturing medical components and devices.
Sales in the company’s Electronic Instruments Group (EIG), which manufactures analytical, testing and measurement instruments for the aerospace, medical, power, and industrial markets, rose 4% to $1.16 billion in the reported quarter.
This helped the company’s net sales to jump 8.7% to $1.74 billion, compared with Wall Street expectations of $1.78 billion.
It reported a first-quarter adjusted profit of $1.64 per share, compared with analysts’ average estimate of $1.59, according to LSEG data.
The company also raised its annual profit forecast and now expects its 2024 adjusted earnings in the range of $6.74 to $6.86 per share, up from its previous target of $6.70 to $6.85.
(Reporting by Shivansh Tiwary in Bengaluru; Editing by Shinjini Ganguli)
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