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Amphenol Corporation Announces Record Fourth Quarter 2012 Results And New Stock Repurchase Program

Stocks in this article: APH

Amphenol Corporation (NYSE-APH) reported today fourth quarter 2012 record diluted earnings per share, before one-time charges, of $.94 compared to $.73 per share for the comparable 2011 period. On an as reported basis, diluted earnings per share were $.86 and $.69 for the fourth quarter of 2012 and 2011, respectively. Such per share amount for the 2012 period includes one-time charges of $.08 per share comprised of acquisition related transaction costs (Acquisition Costs) of $2 million ($2 million after tax) or $.01 per share relating to 2012 acquisitions; and income tax costs of $11 million or $.07 per share resulting from the delay, by the U. S. government, in the reinstatement of certain federal income tax provisions for the year 2012 relating primarily to research and development credits and certain U.S. taxes on foreign income. Such tax provisions were reinstated on January 2, 2013 with retroactive effect to 2012. Under U.S. GAAP, the related benefit to the Company of $11 million or $.07 per share relating to the 2012 tax year will be recorded as a one-time benefit in the first quarter of 2013 at the date of reinstatement; as such, between the two quarters, there is no net impact on the Company from an income statement perspective. Such per share amount for the 2011 period included one-time charges of $.04 comprised of $9 million ($5 million after tax), or a $.03 per share charge relating to the previously reported flood damage at the Company’s Sidney, New York facility (Flood Loss), and a $2 million ($2 million after tax), or $.01 per share charge for Acquisition Costs. Sales for the fourth quarter 2012 were a record $1.146 billion compared to $949 million for the 2011 period. Currency translation had the effect of decreasing sales by approximately $6 million in the fourth quarter 2012 compared to the 2011 period.

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