AMETEK Inc. (ticker: AME, exchange: New York Stock Exchange (.N))
News Release -
AMETEK Anticipates Very Strong Third Quarter
Raises Full Year 2006 Estimate to $2.52 to $2.54 per Diluted Share
Business Editors/Defense Writers
PAOLI, Pa.--(BUSINESS WIRE)--Oct. 12, 2006--AMETEK Inc. (NYSE:AME)
today announced it expects its third quarter and full year 2006
results to substantially exceed its prior estimates.
The Company now expects third quarter diluted earnings per share
to be approximately $.66 to $.67, up from its previous guidance of
$.59 to $.61 per diluted share. Third quarter sales are expected to be
approximately $464 million, up 35% from the $344.5 million for the
third quarter of 2005.
"AMETEK had an outstanding quarter that surpassed our
expectations," stated Frank S. Hermance, AMETEK Chairman and Chief
Executive Officer. "Strong internal growth of approximately 12%,
combined with the contributions from acquired businesses drove our
top-line growth. Excellent performance in our long-cycle aerospace and
power businesses and continued strong results in our process and
analytical instrument business drove the internal growth. Earnings are
expected to be up sharply as well, with diluted earnings per share up
35% to 37% over last year's third quarter," he commented.
"Given our strong year-to-date results and the expectation of
continued strength in our markets, we have raised our full year 2006
estimated earnings to a range of $2.52 to $2.54 per diluted share, up
from our previous guidance of $2.42 to $2.46 per diluted share,"
stated Mr. Hermance.
Earnings Release and Conference Call
AMETEK will issue its Third Quarter Earnings release before the
market opens on Thursday October 19, 2006 and will Web cast its
investor conference call beginning at 8:30 AM ET that same morning.
The live audio Web cast will be available at www.ametek.com and at
www.streetevents.com. To access the Web cast from ametek.com, click on
"Investors" and a link will be provided to access the Web cast. The
call will also be archived at www.ametek.com/investors.
AMETEK is a leading global manufacturer of electronic instruments
and electromechanical devices with annualized sales of approximately
$1.8 billion. AMETEK's Corporate Growth Plan is based on Four Key
Strategies: Operational Excellence, Strategic Acquisitions &
Alliances, Global & Market Expansion and New Products. AMETEK's
objective is double-digit percentage growth in earnings per share over
the business cycle and a superior return on total capital. The common
stock of AMETEK is a component of the S&P MidCap 400 Index and the
Russell 1000 Index.
Statements in this news release that are not historical are
considered "forward-looking statements" and are subject to change
based on various factors and uncertainties that may cause actual
results to differ significantly from expectations. Those factors are
contained in AMETEK's Securities and Exchange Commission filings.
CONTACT: AMETEK Inc.
William J. Burke, 610-889-5249
SOURCE: AMETEK Inc.