Ametek (NYSE: AME) reported Q1 EPS of $1.00, $0.04 better than the analyst estimate of $0.96. Revenue for the quarter came in at $1.29 billion versus the consensus estimate of $1.27 billion.

"AMETEK started 2019 with outstanding performance," said David A. Zapico, AMETEK Chairman and Chief Executive Officer. "Continued solid organic growth, strong contributions from recent acquisitions and excellent operating performance enabled us to exceed our expectations and deliver robust sales and earnings growth with excellent core margin expansion. Given the quarter's strong results, we have raised our guidance for 2019."

Electronic Instruments Group (EIG)EIG sales in the quarter were $806.9 million, up 13% over the first quarter of 2018. EIG's operating income increased 11% over the same period to $203.1 million, and operating income margins were 25.2%.

"EIG delivered outstanding results in the quarter," noted Mr. Zapico. "Solid organic sales growth and contributions from the recent acquisitions of Soundcom, Motec, Forza, Telular and Spectro Scientific led to an impressive 13% increase in sales. EIG continues to capitalize on our Operational Excellence initiatives, which led to excellent operating performance in the quarter."

Electromechanical Group (EMG)EMG sales in the first quarter were a record $480.8 million, up 5% over the same period in 2018. Operating income in the quarter for EMG was a record $98.8 million, up 9% over last year's first quarter, and operating income margins were 20.6%, up 70 basis points over the prior year.

"EMG also delivered tremendous operating performance in the quarter with excellent organic sales growth," commented Mr. Zapico. "Operating margins increased nicely on higher sales and continued execution of our Operational Excellence initiatives."

GUIDANCE:

Ametek sees FY2019 EPS of $3.98-$4.08, versus the consensus of $4.02.

Ametek sees Q2 2019 EPS of $1.00-$1.02, versus the consensus of $1.02.

2019 Outlook

"I am very pleased with AMETEK's results in the first quarter. Our businesses are performing at a very high level. We remain well positioned to drive continued strong growth given our record backlog, our leadership position across attractive niche market segments and the strength of the AMETEK Growth Model," noted Mr. Zapico.

"For 2019, we continue to expect overall sales to be up high single digits on a percentage basis compared to 2018, driven by contributions from recent acquisitions, and 3% to 5% organic sales growth. Adjusted earnings are now expected to be in the range of $3.98 to $4.08 per diluted share, an increase of 9% to 11% over the prior year's comparable basis. This is an increase from our previous adjusted guidance range of $3.95 to $4.05 per diluted share," he added.

"Overall sales in the second quarter are expected to be up high single digits on a percentage basis compared to the same quarter of 2018. Adjusted earnings are expected to be in the range of $1.00 to $1.02 per diluted share, up 9% to 11% on a comparable basis over last year's second quarter," concluded Mr. Zapico.

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