Dépêches

Record 2010 Fourth Quarter and Full Year Results Reported by Amphenol Corporation

Dépèche transmise le 19 janvier 2011 par Business Wire

WALLINGFORD, Conn.--(BUSINESS WIRE)--Amphenol Corporation (NYSE-APH) reported today fourth quarter 2010 diluted earnings per share of $.74 compared to $.50 per share for the comparable 2009 period. Such per share amount for the 2009 period included a one-time charge of $.02 per share relating to the termination of certain interest rate swap agreements as part of the refinancing associated with the Company’s $600 million senior note issuance in November of 2009. Excluding this effect, diluted earnings per share was $.52 for the fourth quarter of 2009. Sales for the fourth quarter 2010 were $949.9 million compared to $758.3 million for the 2009 period. Currency translation had the effect of decreasing sales by approximately $4.2 million in the fourth quarter 2010 compared to the 2009 period.

For the full year ended December 31, 2010, diluted earnings per share, was $2.82 compared to $1.83 for 2009. 2010 diluted earnings per share included a net benefit of approximately $.12 per share ($20.7 million), relating primarily to a reduction in international tax expense due to reserve adjustments and refunds from the favorable settlement of certain tax positions. 2009 diluted earnings per share included offsetting adjustments of $.02 each, relating to a favorable tax adjustment and the one-time charge relating to the refinancing referenced above. Excluding the effects of these items, diluted earnings per share was $2.70 and $1.83 for the full year periods ended December 31, 2010 and 2009, respectively. Sales for the full year ended December 31, 2010 were $3,554.1 million compared to $2,820.1 million for 2009. Currency translation had the effect of increasing sales by approximately $1.1 million for the full year 2010 period when compared to 2009.

Amphenol President and Chief Executive Officer R. Adam Norwitt stated “We are pleased to close 2010 with strong fourth quarter results with sales up 25% and EPS up 42% over the comparable 2009 quarter. Sales and EPS exceeded the high end of the Company’s guidance and reached record levels of $950 million and $.74, respectively. The 25% sales increase was driven by stronger demand in nearly all of our served markets, led by Industrial, Mobile Devices and Military Aerospace. It is especially rewarding that these results reflect a significant enhancement of our market position in essentially all of our served markets in 2010. Our ongoing strategy of market and geographic diversification combined with our strong commitment to developing enabling technologies for our customers in all markets, both through organic product development and through our acquisition program, continues to expand the Company’s growth opportunities. In addition, the Company’s unique entrepreneurial culture drives an unwavering focus on profitability and cash flow, producing excellent operating leverage and a high quality of earnings. Operating margins in the quarter were a record 20.1%, up 180 basis points from 18.3% last year; for the full year operating margins were 19.7%, up 240 basis points from 17.3% last year. I am especially proud of this excellent accomplishment of our management team, particularly given the current challenging cost environment.

“During the last several quarters we have seen an improvement in global demand levels as well as a stabilization of demand patterns in all of our major served markets. As such, in 2011, we expect to see a return to more traditional seasonality. Accordingly, based on constant currency exchange rates, we expect Q1 2011 revenues in the range of $925 million to $940 million and EPS in the range of $.70 to $.72. For the year 2011, we expect to achieve revenues and EPS in the range of $3,885 million to $3,960 million and $3.00 to $3.10, respectively, an increase of 9% to 11% and 11% to 15% over 2010 revenues and EPS (excluding one-time tax items), respectively. We believe we can perform well in the dynamic electronics market due to our leading technology, increasing positions with our customers in diverse markets, worldwide presence, lean cost structure, and agile, experienced and entrepreneurial management team.”

“We continue to be excited about the future. The accelerating proliferation of new electronics in all of our end markets presents a unique expansion opportunity for Amphenol. Our significant actions to enhance our competitive advantages and build sustained financial strength have created a solid base for future performance. I am confident in the ability of our outstanding management team to dynamically adjust to the continued changing market environment, to generate strong profitability and to capitalize on opportunities to expand our market position.”

The Company will host a conference call to discuss its fourth quarter results at 1:00 PM (ET) January 19, 2011. The toll free dial-in number to participate in this call is 888-395-9624; International dial-in number is 517-623-4547; Passcode: Reardon. There will be a replay available until 11:00 P.M. (ET) on Friday, January 21, 2011. The replay numbers are as follows: toll free dial-in number is 866-383-2973 and International dial-in number is 203-369-0375; Passcode: 5137.

A live broadcast as well as a replay will also be available on the Internet at http://www.amphenol.com/investors/webcasts.php.

Amphenol Corporation is one of the world’s leading producers of electronic and fiber optic connectors, cable and interconnect systems. Amphenol products are engineered and manufactured in the Americas, Europe, Asia and Africa and sold by a worldwide sales and marketing organization. Amphenol has a diversified presence as a leader in high growth areas of the interconnect market including: Military, Commercial Aerospace, Automotive, Broadband Communication, Industrial, Information Technology and Data Communications Equipment, Mobile Devices and Wireless Infrastructure.

Statements in this press release which are other than historical facts are intended to be “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 and other related laws. While the Company believes such statements are reasonable, the actual results and effects could differ materially from those currently anticipated. Please refer to [Part I, Item 1A] of the Company’s Form 10-K for the year ended December 31, 2009, for some factors that could cause the actual results to differ from estimates. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise.

 
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(dollars in thousands)
       
 
Twelve months ended
December 31,
  2010     2009  
 
Cash flow from operating activities:
Net income $ 502,413 $ 327,216
Adjustments for cash flow from operating activities:
Depreciation and amortization 102,846 98,524
Net change in receivables sold under Receivables Securitization Facility. (82,000 ) (1 ) (3,000 )
Stock-based compensation expense 25,385 20,240
Excess tax benefits from stock-based payment arrangements (14,692 ) (16,085 )
Net change in components of working capital (120,072 ) 144,654
Net change in other long-term assets and liabilities   11,013     10,748  
 
Cash flow provided by operating activities   424,893     582,297  
 
Cash flow from investing activities:
Capital additions, net (107,607 ) (59,834 )
Purchase of short term investments (60,216 ) (33,342 )
Investments in Acquisitions   (180,402 )   (280,014 )
 
Cash flow used in investing activities   (348,225 )   (373,190 )
 
Cash flow from financing activities:
Long-term borrowings under credit facilities 793,406 (1 ) 609,648
Repayments of long-term debt (748,017 ) (1,241,582 )
Borrowings under senior notes - 598,878
Settlement of interest rate swap agreements - (4,575 )
Payments of fees and expenses related to debt financing (6,975 ) (4,650 )
Proceeds from exercise of stock options 46,616 25,481
Excess tax benefits from stock-based payment arrangements 14,692 16,085
Payments to noncontrolling interests (24,588 ) (23,328 )
Dividend payments   (10,413 )   (10,279 )
 
Cash flow provided (used) in financing activities 64,721 (34,322 )
 
 
Effect of exchange rate changes on cash and cash equivalents (114 ) (5,159 )
 
Net change in cash and cash
equivalents 141,275 169,626
 
Cash and cash equivalents
balance, beginning of period   384,613     214,987  
 
Cash and cash equivalents
balance, end of period $ 525,888   $ 384,613  
 
NOTE 1   The Company has a $100 million receivables securitization program. In accordance with previous accounting guidance, this facility was accounted for off balance sheet as a sale of receivables. Effective January 1, 2010, the Company adopted the amendments to the Transfers and Servicing and Consolidation Topics of the Accounting Standards Codification. As a result of the adoption transfers of receivables occurring on or after January 1, 2010 are reflected as debt issued in the Company’s Condensed Consolidated Statements of Cash Flow. Excluding the impact of adoption, long-term borrowings under credit facilities would be $711,406 resulting in cash flows used in financing activities of ($17,279) and cash flows provided by operating activities of $506,893.
           
AMPHENOL CORPORATION
SEGMENT INFORMATION
(dollars in thousands)
 
 
 
Three months ended Twelve months ended
December 31, December 31,
  2010     2009     2010     2009  
 
Trade Sales:
Interconnect Products $ 891,035 $ 695,127 $ 3,293,119 $ 2,566,578
Cable Products   58,851     63,169     260,982     253,487  
Consolidated $ 949,886   $ 758,296   $ 3,554,101   $ 2,820,065  
 
 
Operating income:
Interconnect Products $ 199,357 $ 142,866 $ 725,946 $ 505,772
Cable Products 7,232 9,798 35,472 38,751
Stock-based compensation expense (6,805 ) (4,981 ) (25,385 ) (20,241 )
Other operating expenses   (9,230 )   (9,223 )   (35,676 )   (35,369 )
Consolidated $ 190,554   $ 138,460   $ 700,357   $ 488,913  
 
 
ROS%:
Interconnect Products 22.4 % 20.6 % 22.0 % 19.7 %
Cable Products 12.3 % 15.5 % 13.6 % 15.3 %
Stock-based compensation expense -0.7 % -0.7 % -0.7 % -0.7 %
Other operating expenses -1.0 % -1.2 % -1.0 % -1.3 %
 
 
Consolidated 20.1 % 18.3 % 19.7 % 17.3 %
 
       
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
 
 
December 31, December 31,
  2010     2009  
 
ASSETS
 
Current Assets:
Cash and cash equivalents $ 525,888 $ 384,613
Short-term investments   98,341     37,770  
Total cash, cash equivalents and short-term investments 624,229 422,383
Accounts receivable, less allowance
for doubtful accounts of $14,946
and $18,785, respectively 718,545 (1 ) 449,591
Inventories 549,169 461,750
Other current assets   100,187     86,671  
 
Total current assets 1,992,130 1,420,395
 
Land and depreciable assets, less
accumulated depreciation of
$611,008 and $575,187, respectively 366,996 332,875
Goodwill 1,533,299 1,368,672
Other long-term assets   123,432     97,242  
 
$ 4,015,857   $ 3,219,184  
 
LIABILITIES & SHAREHOLDERS' EQUITY
 
Current Liabilities:
Accounts payable $ 384,963 $ 292,122
Accrued salaries, wages and employee benefits 75,183 64,143
Accrued income taxes 65,311 57,272
Accrued acquisition-related obligations 39,615 7,244
Other accrued expenses 89,566 81,979
Short-term debt   352     399  
 
Total current liabilities 654,990 503,159
 
Long-term debt 799,640 (1 ) 753,050
Accrued pension and post employment
benefit obligations 176,636 172,235
Other long-term liabilities 41,876 27,922
 
Shareholders' Equity:
Common stock 176 174
Additional paid-in capital 144,855 71,368
Accumulated earnings 2,260,581 1,774,625
Accumulated other comprehensive loss   (84,757 )   (100,090 )
 
Total shareholders' equity attributable to Amphenol Corporation 2,320,855 1,746,077
 
Noncontrolling interests   21,860     16,741  
 
Total equity   2,342,715     1,762,818  
 
$ 4,015,857   $ 3,219,184  
 
NOTE 1   The Company has a $100 million receivables securitization program that e

Business Wire

Les plus belles photos d'avions
Boeing 767-330/ER (4X-EAJ) CASA C-212-100 Aviocar (T.12B-58) Airbus A321-211 (CS-TJG) Embraer ERJ-190LR (ERJ-190-100LR) (CS-TPP) Boeing 747-4R7F/SCD (LX-WCV) Airbus A330-222 (CS-TOF)