Gabelli Comments On Ametek Fourth Quarter 2010 Results

According to Gabelli, Ametek (NYSE: AME) fourth quarter 2010 results established quarterly records for orders, revenues, operating income and diluted earnings per share.

Gabelli reported that operating income jumped 52% yoy, to $135 mm, and EPS increased 56% to $0.50, driven by higher volume, cost reductions and operational improvements including global sourcing and strategic procurements. “ Over a business cycle, Ametek is committed to double-digit earnings growth. Ametek's vision is to double the size and profitability of the company in five years. We calculate a 2012 PMV of $37.”

Ametek closed yesterday at $41.84.