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AMETEK profit misses consensus by 15.3% in Q3

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Investment Banking Essentials: February 21

AMETEK profit misses consensus by 15.3% in Q3

AMETEK Inc. said its third-quarter normalized net income was 55 cents per share, compared with the S&P Capital IQ consensus estimate of 65 cents per share.

EPS rose 6.7% year over year from 51 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $132.3 million, a gain from $127.3 million in the year-earlier period.

The normalized profit margin rose to 13.2% from 12.3% in the year-earlier period.

Total revenue declined year over year to $998.5 million from $1.03 billion, and total operating expenses decreased from the prior-year period to $760.9 million from $800.0 million.

Reported net income rose 11.1% from the prior-year period to $156.8 million, or 65 cents per share, from $141.2 million, or 57 cents per share.