Ametek's 4Q net income rises 18 percent

Ametek's 4Q net income rises 18 percent; 2013 outlook in line with Wall Street expectations

Associated Press

BERWYN, Pa. (AP) -- Ametek's fourth-quarter net income jumped 18 percent on strong demand from energy and aerospace companies for its electronic instruments.

After the company posted new bests for the quarter and year in orders, sales, operating margins and profit, shares of the Berwyn, Pa., company hit an all-time high.

Ametek earned $119.9 million, or 49 cents per share, in the three months that ended Dec. 31. That's up from the $101.9 million, or 42 cents per share, it earned in the same quarter last year.

That edged out the 48-cent profit Wall Street was looking for, according to FactSet.

Revenue rose 10.4 percent $841.8 million, though that fell short of analyst estimates for $868.7 million.

Sales by the electronic instruments unit, which makes up the majority of the company's net income, rose 12 percent to $494.5 million in the fourth quarter and sales in its electromechanical unit rose 8 percent to $347.2 million.

For 2013, the company expects earnings between $2.07 per share to $2.12 per share and revenue to rise in the single digits. Analysts expect earnings of $2.11 per share in 2013, according to FactSet.

Ametek CEO Frank Hermance said that he expects solid growth in 2013.

"Our higher margin, longer cycle, oil and gas, power, and aerospace businesses should show particular strength," Hermance said..

For all of 2012, the company earned $459 million, or $1.88 per share, compared with $384.5 million, and $1.60 per share last year. Revenue rose to $3.3 billion from $3 billion.

Shares of Ametek Inc. rose 78 cents, or 2 percent, to $40.48 in afternoon trading, after hitting a new high of $41.03.

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