AMETEK Anticipates Very Strong Third Quarter.Increases Third Quarter Earnings Guidance to $.66 - $.67 Per Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. Share Raises Full Year 2006 Estimate to $2.52 to $2.54 per Diluted Share PAOLI, Pa. -- AMETEK Inc. (NYSE NYSE See: New York Stock Exchange :AME See AIT. ) 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 diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of 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. Corporate Profile AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices Noun 1. electromechanical device - a mechanical device that is operated by electricity mechanical device - mechanism consisting of a device that works on mechanical principles with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. 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 mid·cap adj. 1. Or or relating to corporations whose retained earnings and outstanding shares of common stock have a value between those of small cap companies and large cap corporations. 2. 400 Index and the Russell 1000 Index The Russell 1000 Index is a stock market index of US stocks. The ticker is "RUI" or similar. See Russell Indexes page for main discussion. See also the iShares Russell 1000. External links
Forward-looking Information Statements in this news release that are not historical are considered "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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. |
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