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TheStreet Open House

Second Quarter 2013 Results And Increase In Dividend Reported By Amphenol Corporation

Amphenol Corporation (NYSE-APH) reported today second quarter 2013 diluted earnings per share of $.95 compared to $.86 per share for the comparable 2012 period. Sales for the second quarter 2013 were $1.136 billion compared to $1.061 billion for the 2012 period. Currency translation had the effect of increasing sales by approximately $2.1 million in the second quarter 2013 compared to the 2012 period.

For the six months ended June 30, 2013 diluted earnings per share was $1.89 on an as reported basis and $1.82 excluding a one-time tax benefit compared to $1.63 for the comparable 2012 period. The 2013 period includes an income tax benefit 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 was recorded as a one-time benefit in the first quarter of 2013 at the date of reinstatement. Sales for the six months ended June 30, 2013 were $2.216 billion compared to $2.043 billion for the 2012 period. Currency translation had no significant effect on sales for the six month 2013 period compared to the 2012 period.

In addition, the Company’s Board of Directors has approved an increase in the quarterly dividend from $.105 per share to $.20 per share to be paid on or about October 2, 2013 to holders of record of the Company’s Class A Common stock as of September 11, 2013.

Amphenol President and Chief Executive Officer, R. Adam Norwitt, stated “We are pleased to report strong second quarter sales up 7% over the comparable 2012 quarter and 5% sequentially. The sales growth over last year was driven by increases in nearly all of our served markets led by the commercial aerospace, automotive, mobile networks and broadband markets with contributions from both organic growth and our acquisition program. Sequentially, we grew in the information technology and data communications, mobile networks, broadband, industrial and automotive markets, but experienced modest sequential declines in the mobile device and defense markets. Our strong growth is further confirmation of the significant benefits of the Company’s technology leadership and diversification. We are encouraged to have achieved orders of $1.177 billion in the second quarter, representing a book-to-bill of 1.04 to 1. In addition, it is extremely rewarding that the Company’s unique entrepreneurial culture continues to drive an unwavering focus on profitability, resulting in an operating margin improvement of 30 basis points over the prior year quarter to 19.7%, driving strong 10% EPS growth and record EPS of $.95 in the quarter. These results are a direct result of our management team’s ability to react quickly in a dynamic environment, especially given the continuing high levels of uncertainty in most of the world’s economies. I am very proud of our organization as we continue to execute well.”

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