Ametek Inc. (AME) reported a decline in third-quarter net income, reflecting lower sales across its segments. In addition, the company narrowed its fiscal 2009 earnings per share guidance. However, earnings per share, excluding items, beat the Street expectations.
The company said its third-quarter net income slipped to $43.02 million or $0.40 per share from $70.92 million or $0.66 per share a year earlier. Excluding restructuring costs of $0.02 per share, third-quarter earnings were $0.42 per share. On average, 10 analysts polled by Thomson Reuters expected the company to report earnings of $0.40 per share. Analysts' estimates typically exclude special items.
Net sales for the third quarter were $497.06 million, down from $647.42 million in the comparable period. Seven analysts expected revenues of $496.45 million for the quarter.
Third-quarter operating income was $77.47 million compared with $120.06 million in the prior year quarter. Total operating expenses were down to $419.58 million from $527.36 million a year ago.
For the 2009 third quarter, Ametek's Electronic Instruments Group or EIG's sales were down 24% to $271.84 million from $357.59 million in 2008, reflecting the weakness in the Aerospace aftermarket, Process and Industrial businesses. Electromechanical Group or EMG's sales were $225.22 million, a 22% decrease from $289.83 million in the same period of 2008.
For the nine-month period, the company reported a drop in net income to $153.89 million or $1.43 per share from $203.12 million or $1.89 per share last year. Nine-month net sales also slid to $1.57 billion from $1.91 billion in the earlier period.
Looking ahead to the fourth quarter of 2009, the company projects earnings per share to be about $0.44 - $0.49. Nine Street analysts expect fourth-quarter earnings per share of $0.49. Also, Ametek expects fourth-quarter sales to be down in the high teens on a percentage basis from the previous year.
For the year 2009, the company narrowed its earnings per share view to the range of $1.87 - $1.92 from its prior range of $1.85 - $2.00. Excluding the restructuring costs of $0.02 per share in the third quarter, the 2009 earnings per share guidance is $1.89 - $1.94. Ten analysts estimate earnings per share of $1.92 for 2009.
AME is currently down 12 cents or 0.34% trading at $35.58 on a volume of 434K shares on the NYSE.
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