Wallingford, Connecticut. July 20, 2011. Amphenol Corporation (NYSE-APH) reported today second quarter 2011 diluted earnings per share of $.85 compared to $.74 per share for the comparable 2010 period. Such per share amount for the 2011 quarter includes an $18 million ($11 million after tax), or $.06 per share gain related to the adjustment of a contingent purchase price obligation for a 2010 acquisition. Such per share amount for the 2010 quarter included a $10 million, or $.06 per share, net tax benefit relating to a reduction in international tax expense due primarily to the favorable settlement of certain tax positions and the completion of prior year audits. Excluding these effects, diluted earnings per share were a record $.79 for the quarter ended June 30, 2011 compared to $.68 for the 2010 period. Sales for the second quarter 2011 were a record $1,018 million compared to $885 million for the 2010 period. Currency translation had the effect of increasing sales by approximately $29 million in the second quarter 2011 compared to the 2010 period.
For the six months ended June 30, 2011, diluted earnings per share were $1.57 compared to $1.30 for the 2010 period. Sales for the six months ended June 30, 2011 were $1,958 million compared to $1,656 million for the 2010 period. Currency translation had the effect of increasing sales by approximately $35 million for the six month 2011 period compared to the 2010 period.
Amphenol President and Chief Executive Officer R. Adam Norwitt stated “The second quarter results established a new record of performance for Amphenol with sales of $1,018 million and EPS of $.79 (excluding one-time items). We are especially excited that we achieved a significant new milestone for the Company with quarterly sales in excess of $1 billion. Sales growth of 15% over last year was driven by strength across most of our served markets, led by Mobile Devices, Industrial and Automotive. We continue to perform well in a dynamic electronics market due to our leading technology, broad and increasing positions with our customers across all of our diverse markets, worldwide presence and lean cost structure. In addition, despite what continues to be an extremely challenging cost environment, our entrepreneurial management team executed well in the quarter, achieving industry leading operating margins of 19.4%, net income margins of 13.4% (both excluding one-time items) and operating cash flow of $105 million.”
“Our ongoing strategy of market and geographic diversification combined with a steadfast commitment to developing enabling technologies for our customers in all markets, both through organic product development and through our acquisition program, continues to expand the Company’s opportunities for growth. In addition, the Company continues to deploy its financial strength in a variety of ways to increase shareholder value including, in this quarter, the purchase of 3 million shares of the Company’s stock pursuant to our new stock repurchase plan announced in January.”
“Based on constant currency exchange rates, we expect third quarter 2011 revenues in the range of $1 billion to $1.015 billion and EPS in the range of $.77 to $.79. For the full year 2011, we expect to achieve revenues and EPS in the range of $3.975 billion to $4.005 billion and $3.13 to $3.17 as reported ($3.07 to $3.11 excluding one-time items), respectively, an increase of 12% to 13% and 14% to 15% over 2010 revenues and EPS (excluding one-time items), respectively. We continue to be extremely excited about the future. The accelerating proliferation of new electronics in all of our end markets presents a unique expansion opportunity for Amphenol. Our ongoing actions to enhance our competitive advantages and build sustained financial strength have created a solid base for future performance. I am confident in the ability of our outstanding management team to dynamically adjust to the constantly changing market environment, to continue to generate strong profitability and to further capitalize on opportunities to expand our market position.”
Source: http://www.amphenol.com/
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