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AMETEK profit misses consensus by 19.2% in Q1

AMETEK Inc. said its normalized net income for the first quarter was 51 cents per share, compared with the S&P Capital IQ consensus estimate of 63 cents per share.

In the prior-year period, the per-share result came in at a profit of 50 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $123.0 million, a decrease from $124.3 million in the prior-year period.

The normalized profit margin rose to 13.5% from 12.7% in the year-earlier period.

Total revenue came to $984.1 million, compared with $975.3 million in the year-earlier period, and total operating expenses rose from the prior-year period to $763.1 million from $753.7 million.

Reported net income grew year over year to $143.3 million, or 59 cents per share, from $140.9 million, or 57 cents per share.