First quarter 2011 results reported by amphenol
corporation
Wallingford, conn.--(business wire)--amphenol corporation (nyse:aph) reported today first quarter 2011 diluted earnings per share of $.72 compared to $.56 per share for the comparable 2010 period. such per share amount for the 2010 period included a $.01 one-time benefit from a reduction in tax expense for tax reserve adjustments relating to the completion of the audits of certain prior year tax returns. excluding this effect, diluted earnings per share was $.55 for the first quarter of 2010. sales for the first quarter 2011 were $941 million compared to $771 million for the 2010 period. currency translation had the effect of increasing sales by approximately $6 million in the first quarter 2011 compared to the 2010 period. amphenol president and chief executive officer r. adam norwitt stated, “we are very pleased to report strong first quarter results with sales up 22 % and eps up 31% over the comparable 2010 quarter (excluding the one-time tax benefit). the 22% sales increase was driven by stronger demand for our interconnect products, offset in part by a moderation in demand for our broadband cable products. in our interconnect business, we experienced strength across nearly all of our served markets, led by mobile devices, industrial, automotive and military/aerospace. 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 particular, despite an extremely challenging cost environment, our entrepreneurial management team executed very well in the quarter, achieving 19.8% operating margins, up 100 basis points from 18.8% last year. in addition, the company continues to be an excellent generator of cash, achieving cash flow of $108 million in the quarter.” “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 our strategy, in early april the company completed the acquisition of a manufacturer of advanced lighting interconnect products for the automotive market with annual sales of approximately $50 million. this acquisition adds to the company’s offering of high technology interconnect products for expanding electronics applications in automobiles, strengthening our position in this important market. 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 3.4 million shares of the company’s stock pursuant to our new stock repurchase plan which was announced in january.” “based on constant currency exchange rates, we expect second quarter 2011 revenues in the range of $985 million to $1 billion and eps in the range of $.76 to $.78. for the full year 2011, we expect to achieve revenues and eps in the range of $3,955 million to $4 billion and $3.05 to $3.11, respectively, an increase of 11% to 13% and 13% to 15% over 2010 revenues and eps (excluding one-time tax items), respectively. the company has not experienced any meaningful negative impact to its business thus far from the recent natural disasters in japan. however, our guidance does not reflect any related potential future disruptions to the electronics supply chain that may occur.” “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 continued changing market environment, to continue to generate strong profitability and to further capitalize on opportunities to expand our market position.” the company will host a conference call to discuss its first quarter results at 1:00 pm (et) april 20, 2011. 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 11:00 p.m. (et) on monday, april 25, 2011. the replay numbers are as follows: toll free dial-in number is 800-333-0467 and international dial-in number is 203-369-3627; 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 communication, industrial, information technology and data communications equipment, mobile 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, 2010, 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. short-term investments noncontrolling interests total equity note 1
