Amphenol Corporation (NYSE-APH) reported today third quarter 2012 record diluted earnings per share of $.90 compared to $.79 per share for the comparable 2011 period. Such per share amount for the 2011 quarter includes the effect of a $13 million ($8 million after tax), or $.05 per share one-time charge relating to flood damage at the Company’s Sidney, New York facility and a $4 million, or $.03 per share, net benefit relating to a reduction in tax expense due primarily to the completion of prior year audits. Excluding these effects, diluted earnings per share was $.81 for the 2011 period. Sales for the third quarter 2012 were a record $1.103 billion compared to $1.033 billion for the 2011 period. Currency translation had the effect of decreasing sales by approximately $19 million in the third quarter 2012 compared to the 2011 period.
For the nine months ended September 30, 2012, diluted earnings per share were $2.53 compared to $2.36 for the 2011 period on an as reported basis and $2.32 for the 2011 period excluding one-time items. One–time items in the 2011 period of $.04 include the $.02 net third quarter charge described above and a $.06 per share gain related to the adjustment of a contingent purchase price obligation for a 2010 acquisition. Sales for the nine months ended September 30, 2012 were $3.146 billion compared to $2.991 billion for the 2011 period. Currency translation had the effect of decreasing sales by approximately $42 million for the nine month 2012 period compared to the 2011 period.
Amphenol President and Chief Executive Officer, R. Adam Norwitt, stated “We are pleased to report new records of performance in the third quarter of 2012 with sales and EPS of $1.103 billion and $.90, respectively. Sales increased by approximately 7% year-over-year and 4% sequentially. On a year-over-year basis, we experienced strength in the automotive, industrial, commercial aerospace and telecommunications and data communications equipment markets. On a sequential basis the Company saw strong growth in mobile devices primarily related to ramp ups of new mobile computing devices. Our strong growth is once again confirmation of the significant benefits of the Company’s diversity, especially given the increasing level of uncertainty in many of the world’s economies. In addition, it is extremely rewarding that the Company’s unique entrepreneurial culture continues to drive an unwavering focus on profitability and cash flow, resulting in another sequential operating margin improvement to 19.5% and strong operating cash flow in the quarter of $176 million. I am very proud of our organization as we continue to execute well.”
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