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Amphenol Expects Moderate Demand In 2Q

The Associated Press

WALLINGFORD, Conn. (AP) — Amphenol Corp., which makes electronic and fiber optic connectors, said Thursday it expects second-quarter earnings per share that meet Wall Street expectations and revenue that's slightly lower than expected.

The company said it expects earnings per share of 41 cents to 43 cents per share on revenue of $660 million to $675 million. Analysts surveyed by Thomson Reuters, on average, expect the company to earn 42 cents per share on revenue of $675.1 million.

"While economic conditions remain uncertain, we anticipate a continuation of moderate demand" in the second quarter, the company said.

The outlook came as Amphenol reported a 22 percent decline in first-quarter earnings as the global economic slowdown hurt sales to the automotive, industrial and information technology and data communication equipment markets.

Shares of Amphenol climbed $2.30, or 8 percent, to $31.08 in late morning trading.