UPDATE 1-Ametek raises profit outlook, buys Paragon Medical in $1.9 bln deal
(Recasts throughout with background, details from earnings release)
Oct 31 (Reuters) - Ametek, which makes electronic instruments, raised its full-year forecast on Tuesday and announced its fifth and sixth acquisitions for 2023 as it expands into different markets and drives earnings growth.
Ametek, whose instruments and equipment are used in industries ranging from aerospace to food packaging, said it would buy medical components maker Paragon Medical in a $1.9 billion deal and Amplifier Research for an undisclosed amount.
The company also reported better-than-expected quarterly results and raised its full-year profit forecast to $6.31 to $6.33 per share, from $6.18 to $6.26 per share.
The Berwyn, Pennsylvania-based company's adjusted profit of $1.67 per share for the third quarter ended Sept. 30 beat Wall Street expectations of $1.61 per share, according to LSEG data.
Its net sales rose 5% year-over-year to $1.62 billion, helped by strong demand in its EIG segment, which makes electronics for the aerospace industry, amongst others.
Strong travel demand across the globe has led to an aviation boom creating high demand for parts and components used in manufacturing jets. (Reporting by Abhinav Parmar in Benagluru; Editing by Shinjini Ganguli and Savio D'Souza)
