Ametek (NYSE:), a leading global manufacturer of electronic instruments and electromechanical devices, reported a year-on-year (YoY) revenue increase of 4.6% in the third quarter of 2023, reaching $1.62 billion. The company’s earnings per share (EPS) also rose to $1.64, marking an improvement from last year’s $1.45.
These figures revealed a -1.55% and +3.80% surprise respectively against Zacks Consensus Estimates. The Electronic Instruments division contributed significantly to the earnings with net sales of $1.14 billion, reflecting a 7.8% YoY increase. However, the Electromechanical division reported net sales of $486.71 million, a decrease of 2.2% YoY.
In terms of operating income, the Electronic Instruments division recorded $335.17 million while the Electromechanical division reported $127.53 million, which fell short of the three-analyst average estimate. Corporate administrative expenses also impacted the operating income negatively at -$24.57 million.
Despite these mixed results, Ametek’s shares have returned -5% over the past month, underperforming when compared to the composite’s -2.8%. However, Zacks Rank #2 (Buy) suggests potential outperformance for Ametek in the future.
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