Dépêches

Second Quarter 2011 Record Results Reported by Amphenol Corporation

Dépèche transmise le 20 juillet 2011 par Business Wire

WALLINGFORD, Conn.--(BUSINESS WIRE)--Amphenol Corporation (NYSE:APH) reported today second quarter 2011 diluted earnings per share of $.85 compared to $.74 per share for the comparable 2010 period. Such per share amount for the 2011 quarter includes an $18 million ($11 million after tax), or $.06 per share gain related to the adjustment of a contingent purchase price obligation for a 2010 acquisition. Such per share amount for the 2010 quarter included a $10 million, or $.06 per share, net tax benefit relating to a reduction in international tax expense due primarily to the favorable settlement of certain tax positions and the completion of prior year audits. Excluding these effects, diluted earnings per share were a record $.79 for the quarter ended June 30, 2011 compared to $.68 for the 2010 period. Sales for the second quarter 2011 were a record $1,018 million compared to $885 million for the 2010 period. Currency translation had the effect of increasing sales by approximately $29 million in the second quarter 2011 compared to the 2010 period.

For the six months ended June 30, 2011, diluted earnings per share were $1.57 compared to $1.30 for the 2010 period. Sales for the six months ended June 30, 2011 were $1,958 million compared to $1,656 million for the 2010 period. Currency translation had the effect of increasing sales by approximately $35 million for the six month 2011 period compared to the 2010 period.

Amphenol President and Chief Executive Officer R. Adam Norwitt stated, “The second quarter results established a new record of performance for Amphenol with sales of $1,018 million and EPS of $.79 (excluding one-time items). We are especially excited that we achieved a significant new milestone for the Company with quarterly sales in excess of $1 billion. Sales growth of 15% over last year was driven by strength across most of our served markets, led by Mobile Devices, Industrial and Automotive. We continue to perform well in a dynamic electronics market due to our leading technology, broad and increasing positions with our customers across all of our diverse markets, worldwide presence and lean cost structure. In addition, despite what continues to be an extremely challenging cost environment, our entrepreneurial management team executed well in the quarter, achieving industry leading operating margins of 19.4%, net income margins of 13.4% (both excluding one-time items) and operating cash flow of $105 million.”

“Our ongoing strategy of market and geographic diversification combined with a steadfast 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 opportunities for growth. In addition, the Company continues to deploy its financial strength in a variety of ways to increase shareholder value including, in this quarter, the purchase of 3 million shares of the Company’s stock pursuant to our new stock repurchase plan announced in January.”

“Based on constant currency exchange rates, we expect third quarter 2011 revenues in the range of $1 billion to $1.015 billion and EPS in the range of $.77 to $.79. For the full year 2011, we expect to achieve revenues and EPS in the range of $3.975 billion to $4.005 billion and $3.13 to $3.17 as reported ($3.07 to $3.11 excluding one-time items), respectively, an increase of 12% to 13% and 14% to 15% over 2010 revenues and EPS (excluding one-time items), respectively. We continue to be extremely excited about the future. The accelerating proliferation of new electronics in all of our end markets presents a unique expansion opportunity for Amphenol. Our ongoing 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 constantly changing market environment, to continue to generate strong profitability and to further capitalize on opportunities to expand our market position.”

The Company will host a conference call to discuss its second quarter results at 1:00 PM (ET) July 20, 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, July 22, 2011. The replay numbers are as follows: toll free dial-in number is 800-284-7027 and international dial-in number is 402-220-9738; 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, 2010, 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 BALANCE SHEETS
(Unaudited)
(dollars in thousands)
                   
June 30, December 31,
2011 2010
ASSETS
 
Current Assets:
Cash and cash equivalents $ 611,208 $ 525,888
Short-term investments   85,347     98,341  
Total cash, cash equivalents and short-term investments 696,555 624,229
Accounts receivable, less allowance
for doubtful accounts of $13,188
and $14,946, respectively 793,418 718,545
Inventories, net 642,273 549,169
Other current assets   114,434     100,187  
 
Total current assets 2,246,680 1,992,130
 
Land and depreciable assets, less
accumulated depreciation of
$668,621 and $611,008, respectively 379,731 366,996
Goodwill 1,576,987 1,533,299
Other long-term assets   119,337     123,432  
 
$ 4,322,735   $ 4,015,857  
 
LIABILITIES & EQUITY
 
Current Liabilities:
Accounts payable $ 426,184 $ 384,963
Accrued salaries, wages and employee benefits 74,463 75,183
Accrued income taxes 69,581 65,311
Accrued acquisition-related obligations - 39,615
Other accrued expenses 77,822 89,566
Short-term debt   328     352  
 
Total current liabilities 648,378 654,990
 
Long-term debt 1,157,589 799,640
Accrued pension and post employment
benefit obligations 171,613 176,636
Other long-term liabilities 35,751 41,876
 
Equity:
Common stock 170 176
Additional paid-in capital 168,661 144,855
Accumulated earnings 2,170,142 2,260,581
Accumulated other comprehensive loss   (42,521 )   (84,757 )
 
Total shareholders' equity attributable to Amphenol Corporation 2,296,452 2,320,855
 
Noncontrolling interests   12,952     21,860  
 
Total equity   2,309,404     2,342,715  
 
$ 4,322,735   $ 4,015,857  
 
 
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(dollars in thousands, except per share data)
                       
 
 
Three Months Ended Six Months Ended
June 30, June 30,
2011 2010 2011 2010
 
Net Sales $ 1,017,738 $ 884,798 $ 1,958,323 $ 1,655,752
 
Cost of sales   696,516     595,499     1,332,977     1,117,261  
 
Gross profit 321,222 289,299 625,346 538,491
 
Change in contingent acquisition related obligations (17,813 ) - (17,813 ) -
 
Selling, general and administrative
expense   124,161     113,674     242,200     217,822  
 
Operating income 214,874 175,625 400,959 320,669
 
Interest expense (11,371 ) (9,968 ) (21,387 ) (19,981 )
Other income (expenses), net   2,130     764     3,834     1,223  
 
Income before income taxes 205,633 166,421 383,406 301,911
 
Provision for income taxes   (56,739 )   (35,412 )   (105,627 )   (70,764 )
 
Net income 148,894 131,009 277,779 231,147
Less: Net income attributable to noncontrolling interests   (1,143 )   (1,338 )   (2,070 )   (3,123 )
 
Net income attributable to Amphenol Corporation $ 147,751   $ 129,671   $ 275,709   $ 228,024  
 
 
Net income per common share - Basic $ 0.86   $ 0.75   $ 1.59   $ 1.32  
 
Weighted average common shares outstanding - Basic   171,194,474     173,519,882     173,170,408     173,393,698  
 
Net income per common share - Diluted (1) (2) $ 0.85   $ 0.74   $ 1.57   $ 1.30  
 
Weighted average common shares outstanding - Diluted   173,592,458     175,885,465     175,707,345     175,731,091  
 
Dividends declared per common share $ 0.015   $ 0.015   $ 0.030   $ 0.030  
 
Note 1       Earnings per share for the 2011 quarter includes a $17.8 million ($11.2 million after tax), or $.06 per share, gain related to the adjustment of a contingent purchase price obligation for a 2010 acquisition. Excluding this effect, diluted earnings per share was $.79 for the quarter ended June 30, 2011.
 
Note 2 Earnings per share for the 2010 quarter includes a $10 million, or $.06 per share, net tax benefit relating to a reduction in international tax expense due primarily to the favorable settlement of certain tax positions and the completion of prior year audits. Excluding this effect, diluted earnings per share was $.68 for the quarter ended June 30, 2010.
 

Business Wire

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AMPHENOL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
(dollars in thousands)
           
 
Six months ended
June 30,
2011 2010
 
Cash flow from operating activities:
Net income $ 277,779 $ 231,147
Adjustments for cash flow from operating activities:
Depreciation and amortization 57,208