Ametek sets record in 3rd quarter

Ametek Inc. of Berwyn Thursday announced its financial results for the three-month period ended Sept. 30.

Third quarter sales were a record $1.08 billion, an increase of 15 percent compared to the third quarter of 2016. Operating income increased 16 percent to $232.8 million versus the prior year and operating margins were 21.5 percent, up 20 basis points compared to the same period last year, the company said.

Diluted earnings per share were a record 66 cents, an 18 percent increase compared to the third quarter of 2016. Orders also were up 16 percent in the quarter.

“Ametek’s businesses delivered another exceptional quarter with record-level performance,” said David A. Zapico, chairman and Chief Executive Officer. “Strong organic sales growth and contributions from recent acquisitions allowed us to achieve double-digit sales and earnings growth, exceeding our expectations for the quarter. As a result, we are again increasing our full year 2017 guidance.

“In addition to the excellent sales and earnings performance, Ametek continues to generate strong cash flow reflecting the strength of our business model, with third quarter operating cash flow of $239 million, up 41 percent over the same period of 2016,” Zapico added.

Ametek is a global manufacturer of electronic instruments and electromechanical devices with annual sales of about $4 billion.