Second quarter 2012 record results reported by amphenol corporation
Wallingford, conn.--(business wire)--amphenol corporation (nyse-aph) reported today second quarter 2012 record diluted earnings per share of $.86 compared to $.85 per share for the comparable 2011 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. excluding this effect, diluted earnings per share was $.79 for the quarter ended june 30, 2011. sales for the second quarter 2012 were a record $1.061 billion compared to $1.018 billion for the 2011 period. currency translation had the effect of decreasing sales by approximately $19 million in the second quarter 2012 compared to the 2011 period. for the six months ended june 30, 2012, diluted earnings per share were $1.63 compared to $1.57 for the 2011 period. excluding the effect of the adjustment above, diluted earnings per share was $1.51 for the six months ended june 30, 2011. sales for the six months ended june 30, 2012 were $2.043 billion compared to $1.958 billion for the 2011 period. currency translation had the effect of decreasing sales by approximately $23 million for the six month 2012 period compared to the 2011 period. amphenol president and chief executive officer, r. adam norwitt, stated “we are pleased to report new records of performance in the second quarter of 2012 with sales and eps of $1.061 billion and $.86, respectively. sales increased by approximately 4% year-over-year and 8% sequentially. on a year-over-year basis, strength in the automotive, industrial, commercial aerospace and telecommunications and data communications equipment markets offset declines in the defense and wireless markets. this is once again confirmation of the significant benefits of the company’s diversity, especially given the uncertain environment in many of the world’s economies. in addition, it is extremely rewarding that the company’s unique entrepreneurial culture continues to drive an unwavering focus on profitability, resulting in another sequential operating margin improvement of 50 basis points to 19.4% in q2 2012. i am very proud of our organization as we continue to execute well.” “our ongoing strategy of market and geographic diversification combined with our strong 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 growth opportunities. consistent with this strategy, in the second quarter, the company completed the acquisition of the deutgen group, a german manufacturer of high-technology, precision injection molded components primarily for automotive applications with annual sales of approximately $25 million. this acquisition expands the company’s product portfolio, in particular providing new expertise in advanced injection molding technologies for demanding applications in vehicles. in addition to our successful acquisition program, the company continues to deploy its financial strength in a variety of other ways to increase shareholder value. these include the purchase in this quarter of 2.1 million shares of the company’s stock pursuant to our stock repurchase plan as well as the previously announced increase in the quarterly dividend to $.105 per share effective for dividends paid after march 2012.” “based on the assumption of stable economic conditions and current currency exchange rates including a relatively weaker euro, we expect third quarter 2012 revenues in the range of $1.080 billion to $1.100 billion and diluted eps in the range of $.87 to $.90. for the full year 2012, we now expect to achieve revenues and diluted eps in the range of $4.210 billion to $4.250 billion and $3.38 to $3.44, respectively, an increase of 7% to 8% and 11% to 13% over 2011 revenues and diluted eps (excluding 2011 one-time items), respectively. this compares to prior full year 2012 guidance for revenues and diluted eps in the range of $4.105 billion to $4.190 billion and $3.30 to $3.38, respectively. despite the widely reported uncertainties in many global economies, we believe we can perform well in the dynamic electronics market due to our leading technology, increasing positions with our customers in diverse markets, worldwide presence, lean cost structure, and agile, experienced and entrepreneurial management team.” “the electronics revolution continues to accelerate, with new applications and higher performance requirements driving increased demand for our leading interconnect technologies in all of our end markets. this creates a significant, long-term growth opportunity for amphenol. importantly, 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 a constantly changing market environment, to continue to generate strong profitability and to further capitalize on the many opportunities to expand our market position.” the company will host a conference call to discuss its first quarter results at 1:00 pm (est) july 18, 2012. the toll free dial-in number to participate in this call is 888-395-9624; international dial-in number is 517-623-4547; passcode: reardon. there will be a replay available until 11:59 p.m. (est) on friday, july 20, 2012. the replay numbers are toll free 800-839-2290; international toll number is 203-369-3607; passcode: 5137. a live broadcast as well as a replay will also be available on the internet at http://www.amphenol.com/investors/webcasts.php. amphenol corporation is one of the world’s leading producers of electronic and fiber optic connectors, cable and interconnect systems. amphenol products are engineered and manufactured in the americas, europe, asia and africa and sold by a worldwide sales and marketing organization. amphenol has a diversified presence as a leader in high growth areas of the interconnect market including: military, commercial aerospace, automotive, broadband communications, industrial, telecommunications and data communications, wireless devices and wireless infrastructure. statements in this press release which are other than historical facts are intended to be “forward-looking statements” within the meaning of the securities exchange act of 1934, the private securities litigation reform act of 1995 and other related laws. while the company believes such statements are reasonable, the actual results and effects could differ materially from those currently anticipated. please refer to [part i, item 1a] of the company’s form 10-k for the year ended december 31, 2011, for some factors that could cause the actual results to differ from estimates. in providing forward-looking statements, the company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise. note 1 earnings per share for the 2011 quarter includes a $17.8 million ($11.2 million after tax), or $.06 per share, gain related to the adjustment of a contingent purchase price obligation for a 2010 acquisition. excluding this effect, diluted earnings per share was $.79 and $1.51 for the three and six months ended june 30, 2011, respectively.
