Amphenol Reports Lower 1Q Profit

WALLINGFORD, Conn. (AP) — Amphenol Corp., which makes electronic and fiber optic connectors, said Thursday its first-quarter profit fell 22 percent as the global economic downturn weighed down sales.

Net income dropped to $77.1 million, or 43 cents per share, for the three months ended March 31. That compares with $99.1 million, or 54 cents per share, during the year-earlier period.

Sales dropped 14 percent to $660 million from $770.7 million a year earlier. Currency exchange fluctuations lowered sales by about 3 percent, or $23.1 million, the company said.

The results included a gain of 2 cents per share related to a downward tax reserve adjustment of about $3.6 million.

Analysts surveyed by Thomson Reuters, on average, expected earnings of 40 cents per share on revenue of $654.7 million. Those estimates typically exclude one-time items.

Amphenol said continued low market demand led to significant sales declines in the automotive, industrial and information technology and data communication equipment markets. Those declines were partially offset by sales increases in the global wireless communications markets, particularly in China, and a relatively flat performance in the defense and aerospace market.