Amphenol Amps Up Earnings

The company's profit and guidance top estimates.
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got a lift Wednesday after the company posted better-than-expected third-quarter earnings and guided higher for the fourth quarter.

The company, a maker of electronic and fiber optic connectors, said earnings rose to $66.7 million, or 73 cents a share, from $52.1 million, or 57 cents a share, a year earlier.

Excluding a charge related to flood damage at a New York plant, earnings were 77 cents a share. Analysts polled by Thomson First Call had an average estimate for per-share earnings of 71 cents a share.

Sales rose to $636.4 million from $447 million, surpassing Wall Street's target of $601.3 million.

Amphenol's own guidance had called for earnings of 69 cents to 72 cents a share, before charges, and revenue of $595 million to $605 million.

"This performance was led by particular strength in the communications related markets which had strong sequential growth, and more than absorbed the flood-related sales loss in the quarter in the military and aerospace market," the company said.

For the fourth quarter, Amphenol sees earnings of 80 cents to 82 cents a share, with revenue of $640 million to $650 million. Analysts anticipate earnings of 77 cents a share and revenue of $624.1 million.

Shares recently were trading up $2.74, or 4.2%, to $67.64.