Amphenol Q1 Profit In Line With Market, Projects Slight Decline In Q2 Results

(RTTNews) - Amphenol Corp. (APH) Wednesday announced an increase in the first quarter earnings, supported by a growth in sales, compared to the prior year. Earnings per share were in line with estimates, while revenues surpassed analysts' views. In the pre-market, shares are down 3.75 percent.

Looking ahead to the second quarter, the company projects adjusted earnings to be down 9 - 12 percent and sales to decline 6 - 8 percent, compared to the prior year.

The quarterly earnings attributable to the company were $439.2 million or $0.74 per shares, up from $425.7 million or $0.71 per share last year. On an adjusted basis, earnings were $0.69 per share. On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.67 per share. Analysts' estimates usually exclude special items.

Revenue for the quarter increased to $2.974 billion from $2.951 billion in the previous year. Wall Street expected $2.9 billion.

Looking ahead to the second quarter, the major designer, manufacturer, and marketer of electrical, electronic, and fiber optic connectors expect adjusted earnings to be in the range of $0.66 to $0.68, representing a 9 -12 percent decline over the second quarter last year.

The current projection for second-quarter sales is $2.890 billion to $2.950 billion, down 6 - 8 percent from the previous year's quarter.