Electrical and electronics products makers reported strong fourth-quarter results and forecast revenue growth for 2011 as their key markets, including the North American industrial sector, rebound from the lows of the economic slowdown.
Teledyne said it would focus on its core electronics, instrumentation and engineering businesses after selling its aviation products business to an unnamed international buyer.
On a conference call with analysts, Ametek said it expects to see more volume growth on the utility side than the electrical side because of the drag factor of residential and non-residential construction in the segment.
Also on Thursday, U.S. manufacturers such as Caterpillar Inc
Caterpillar reported a stronger-than-expected quarterly profit, lifted by increased sales of its machines in Asia and Latin America and a sharp rebound in demand in North America, especially from mining customers.
The S&P 500 industrial sector index <.GSPI> was up 0.25 percent in late-morning trade while the Dow Jones industrial average <.DJI> was down 0.04 percent. The Standard & Poor's 500 Index <.SPX> was also down 0.06 percent.
Shares of Hubbell were up 3 percent at $61.76 while Teledyne shares were up 1 percent at $48.12, in afternoon trade on the New York Stock Exchange.
(Reporting by Divya Sharma in BANGALORE. Additional reporting by Soham Chatterjee, Editing by Jarshad Kakkrakandy)