Amphenol Q1 Profit Up, Results Beat Estimates - Update

(RTTNews) - Fiber optic connector maker Amphenol Corp. (APH) Wednesday reported a higher first-quarter profit, reflecting growth in sales. Earnings per share, as well as revenues topped analysts' expectations.

For the first quarter, net income attributable to the company increased to $158.48 million or $0.98 per share from $153.01 million or $0.94 per share in the prior year.

The company said its recent-quarter earnings included a one-time charge of $0.01 per share related to amortization of value associated with acquired backlog related to an acquisition completed in the fourth quarter of 2013. The prior-year period included an income tax benefit of $0.07 per share.

Excluding one-time items, adjusted earnings were $0.99, while the firm posted $0.87 per share a year ago.

On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.95 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter grew to $1.25 billion from $1.08 billion a year ago. Analysts estimated revenues of $1.21 billion for the quarter. Currency translation had effect of increasing sales by about $7.0 million in the first quarter of 2014.

President and Chief Executive Officer Adam Norwitt said, "The Company achieved strong year-over-year growth in most of our end markets, including the automotive, commercial air, industrial, mobile networks and IT and datacom markets. This growth was driven both organically and through the Company's successful acquisition program."

Looking ahead to the second quarter, the company expects adjusted earnings per share to be in the range of $1.03 to $1.06. Revenues are expected to be between $1.255 billion and $1.285 billion.

Street analysts expect the company to report earnings of $1.05 per share, on revenues of $1.27 billion for the quarter.

For full year 2014, the company sees adjusted earnings to be in the range of $4.25 to $4.34, excluding one-time items. Revenues for the year are projected to be $5.110 billion to $5.200 billion, an increase of 11% to 13% over 2013 revenues.

Analysts are looking for earnings of $4.26 per share, on revenues of $5.11 billion for the year. APH is currently trading at $94.58, down 0.45 percent.