Editing Ametek Cuts 2024 Profit Forecast On Slowing Demand

Aug 1 (Reuters) - Industrial technology solutions provider Ametek cut its annual profit forecast on Thursday, as high borrowing costs and  [https://connectify.com.pk/ Smart gadget] sticky inflation force its customers to delay project expenses.<br><br>The company manufactures industrial solutions including testing and measurement instruments, medical devices and automation solutions.<br><br>Heightened borrowing costs have curtailed corporate expenditure and have resulted in a demand slowdown for the Berwyn, Pennsylvania-based company.<br><br>It now anticipates its 2024 profit per share to be in the range of $6.70 to $6.80, compared with its previous forecast of $6.74 to $6.86.<br><br>"We now expect the impact of inventory normalization within our OEM customer base will continue through the balance of 2024. Additionally, customers are turning more cautious leading to some short-term delays in project spending," CEO David Zapico said.<br><br>Ametek posted an adjusted profit per share of $1.66 [https://connectify.com.pk/ Smart lighting for homes]  [https://connectify.com.pk/ Smart house] second quarter ended June 30, compared with analysts' average estimates of $1.64, according to LSEG data.<br><br>Its net sales rose 4.8% to $1.73 billion, but fell below analysts' expectations of $1.78 billion. (Reporting by Shivansh Tiwary in Bengaluru; Editing by Anil D'Silva)<br><br>If you beloved this short article and you would like to obtain extra info regarding [https://connectify.com.pk/ Wireless home automation] kindly visit the web-site.