From an Interconnect margin standpoint, about 1/3 of the reduction from last year relates to higher depreciation expense in the 2011 quarter compared to the 2010 quarter. While depreciation expense as a percentage of sales for the full year 2011 is comparable to 2010, the sequential decline in sales in Q4 2011 resulted in higher relative expense levels in the current quarter.The remaining reduction in margin reflects the impacts of increases in material input costs versus the prior year, particularly for precious metals and plastic and, to a lesser extent, cost in the quarter relating to workforce reductions of about 3%. These impacts were partially offset by the positive impact of cost reduction actions and price increases.
Amphenol's CEO Discusses Q4 2011 Results - Earnings Call Transcript
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