Amphenol Corporation (NYSE-APH) reported today first quarter 2012 diluted earnings per share of $.77 compared to $.72 per share for the comparable 2011 period. Sales for the first quarter 2012 were $982 million compared to $941 million for the 2011 period. Currency translation had the effect of decreasing sales by approximately $4 million in the first quarter 2012 compared to the 2011 period.
Amphenol President and Chief Executive Officer, R. Adam Norwitt, stated “We are pleased to report a strong start to 2012 with first quarter sales of $982 million, operating income margin of 18.9% and diluted earnings per share of $.77. Sales were up approximately 4% year-over-year and 3% sequentially. On a year-over-year basis, strength in automotive, commercial aerospace, broadband communications and industrial markets offset declines in the defense and wireless markets, reflecting the significant benefits of the Company’s diversity. We are especially encouraged to have achieved record orders of $1.028 billion in the first quarter. In addition, it is extremely rewarding that the Company’s unique entrepreneurial culture continues to drive an unwavering focus on profitability, resulting in a sequential operating margin improvement of 40 basis points to 18.9% in Q1 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 early April, the Company completed the acquisition of Nelson-Dunn, a U.S. manufacturer of high-technology, value-added interconnect assemblies for the oil and gas market with annual sales of approximately $45 million. This acquisition complements and strengthens the Company’s industry-leading offering of harsh environment products for the fast-growing energy markets. The Company continues to deploy its financial strength in a variety of ways to increase shareholder value including, in this quarter, the purchase of 1.5 million shares of the Company’s stock pursuant to our stock repurchase plan. In addition, as previously announced, the Company’s Board of Directors has approved an increase in the quarterly dividend to $.105 per share effective for dividends paid after March 2012.”
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