Ametek 3rd-quarter profit declines 39 percent

Ametek posts 39 pct decline in 3rd-quarter profit on lower demand, narrows 2009 outlook

• On 1:52 pm EDT, Tuesday October 27, 2009

PAOLI, Pa. (AP) -- Ametek Inc. said Tuesday its third-quarter profit tumbled 39 percent on lower demand for its electric motor and aircraft monitoring equipment.

For the quarter ended Sept. 30, net income dropped to $43 million, or 40 cents per share, from $70.9 million, or 66 cents per share. Excluding restructuring costs, the company's adjusted earnings were 42 cents per share.

Analysts polled by Thomson Reuters expected profit of 40 cents per share, excluding items.

Revenue fell 23 percent to $497.1 million from $647.4 million. Analysts predicted revenue of $496.5 million.

Sales in both electronic instruments and electromechanical divisions fell.

Ametek narrowed its 2009 earnings guidance to a range of $1.87 to $1.92 from a prior forecast of $1.85 to $2. Excluding restructuring costs, the company expects profit of $1.89 to $1.94 per share. Analysts expect profit of $1.92 per share.

Ametek said it expects sales to decline by a percentage in the high teens.

"2009 continues to be a very challenging year though we believe our overall business has stabilized," said Frank Hermance, Ametek chairman and CEO, in a statement.

The company anticipates fourth-quarter earnings in a range of 44 cents to 49 cents per share with sales down by a percentage in the high teens from the prior-year quarter. Wall Street projects profit of 49 cents per share.

In afternoon trading, shares fell 22 cents to $35.48.

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