Ametek (NYSE: AME) reported Q1 EPS of $0.60, $0.03 better than the analyst estimate of $0.57. Revenue for the quarter came in at $1.01 billion versus the consensus estimate of $961.37 million.

GUIDANCE:

Ametek sees FY2017 EPS of $2.40-$2.48, versus the consensus of $2.44.

"AMETEK achieved excellent results in the first quarter. Sales were up solidly on strong organic growth and the contributions from recently completed acquisitions,\" said David A. Zapico, AMETEK Chief Executive Officer. \"We were pleased with the return to organic growth earlier in the year than anticipated. This growth, combined with outstanding operating performance across our businesses, enabled us to exceed our first quarter earnings expectations and raise our full year 2017 guidance."

2017 Outlook

"I am very pleased with our results to start the year. Our first quarter performance has positioned AMETEK for solid earnings growth in 2017. We believe the investments we are making in our businesses along with our continued execution of our Four Growth Strategies positions us well for long-term growth," commented Mr. Zapico.

"We expect 2017 sales will increase mid-single digits, with organic sales up low-single digits. We are increasing our 2017 earnings guidance range to $2.40 to $2.48 per diluted share, up 4% to 8% over 2016 adjusted diluted earnings per share. This is an increase from our previous guidance range of $2.34 to $2.46 per diluted share," he added.

"We expect second quarter 2017 sales to increase mid-single digits on a percentage basis compared to the same period last year. We estimate our earnings to be approximately $0.60 to $0.62 per diluted share, up 2% to 5% over last year\'s second quarter," concluded Mr. Zapico.

Guidance provided for the second quarter and for full year 2017 does not include the anticipated closure of the MOCON acquisition.

For earnings history and earnings-related data on Ametek (AME) click here.