First Quarter 2011 Results Reported by Amphenol Corporation

Dépèche transmise le 20 avril 2011 par Business Wire

WALLINGFORD, Conn.--(BUSINESS WIRE)--Amphenol Corporation (NYSE:APH) reported today first quarter 2011 diluted earnings per share of $.72 compared to $.56 per share for the comparable 2010 period. Such per share amount for the 2010 period included a $.01 one-time benefit from a reduction in tax expense for tax reserve adjustments relating to the completion of the audits of certain prior year tax returns. Excluding this effect, diluted earnings per share was $.55 for the first quarter of 2010. Sales for the first quarter 2011 were $941 million compared to $771 million for the 2010 period. Currency translation had the effect of increasing sales by approximately $6 million in the first quarter 2011 compared to the 2010 period.

Amphenol President and Chief Executive Officer R. Adam Norwitt stated, “We are very pleased to report strong first quarter results with sales up 22 % and EPS up 31% over the comparable 2010 quarter (excluding the one-time tax benefit). The 22% sales increase was driven by stronger demand for our interconnect products, offset in part by a moderation in demand for our broadband cable products. In our interconnect business, we experienced strength across nearly all of our served markets, led by Mobile Devices, Industrial, Automotive and Military/Aerospace. 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 particular, despite an extremely challenging cost environment, our entrepreneurial management team executed very well in the quarter, achieving 19.8% operating margins, up 100 basis points from 18.8% last year. In addition, the Company continues to be an excellent generator of cash, achieving cash flow of $108 million in the quarter.”

“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. Consistent with our strategy, in early April the Company completed the acquisition of a manufacturer of advanced lighting interconnect products for the automotive market with annual sales of approximately $50 million. This acquisition adds to the Company’s offering of high technology interconnect products for expanding electronics applications in automobiles, strengthening our position in this important market. 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 3.4 million shares of the Company’s stock pursuant to our new stock repurchase plan which was announced in January.”

“Based on constant currency exchange rates, we expect second quarter 2011 revenues in the range of $985 million to $1 billion and EPS in the range of $.76 to $.78. For the full year 2011, we expect to achieve revenues and EPS in the range of $3,955 million to $4 billion and $3.05 to $3.11, respectively, an increase of 11% to 13% and 13% to 15% over 2010 revenues and EPS (excluding one-time tax items), respectively. The Company has not experienced any meaningful negative impact to its business thus far from the recent natural disasters in Japan. However, our guidance does not reflect any related potential future disruptions to the electronics supply chain that may occur.”

“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 continued 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 first quarter results at 1:00 PM (ET) April 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 Monday, April 25, 2011. The replay numbers are as follows: toll free dial-in number is 800-333-0467 and international dial-in number is 203-369-3627; 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.

(dollars in thousands)
March 31, December 31,
2011 2010
Current Assets:
Cash and cash equivalents $   592,999 $   525,888

Short-term investments

    98,422     98,341
Total cash, cash equivalents and short-term investments 691,421 624,229
Accounts receivable, less allowance
for doubtful accounts of $13,214
and $14,946, respectively 744,203 718,545
Inventories, net 602,985 549,169
Other current assets     107,285     100,187
Total current assets 2,145,894 1,992,130
Land and depreciable assets, less
accumulated depreciation of
$641,600 and $611,008, respectively 371,491 366,996
Goodwill 1,536,506 1,533,299
Other long-term assets     117,342     123,432
$   4,171,233 $   4,015,857
Current Liabilities:
Accounts payable $ 414,296 $ 384,963
Accrued salaries, wages and employee benefits 76,201 75,183
Accrued income taxes 76,746 65,311
Accrued acquisition-related obligations 40,000 39,615
Other accrued expenses 74,855 89,566
Short-term debt     329     352
Total current liabilities 682,427 654,990
Long-term debt 949,385 799,640
Accrued pension and post employment
benefit obligations 169,905 176,636
Other long-term liabilities 43,037 41,876
Common stock 176 176
Additional paid-in capital 167,658 144,855
Accumulated earnings 2,385,897 2,260,581
Accumulated other comprehensive loss (61,082) (84,757)
Treasury stock, at cost     (188,503)     -
Total shareholders' equity attributable to Amphenol Corporation 2,304,146 2,320,855

Noncontrolling interests

    22,333     21,860

Total equity

    2,326,479     2,342,715
$   4,171,233 $   4,015,857
(dollars in thousands, except per share data)
Three Months Ended
March 31,
2011 2010
Net sales $ 940,585 $ 770,954
Cost of sales   636,461     521,762  
Gross profit 304,124 249,192
Selling, general and administrative
expenses   118,039     104,148  
Operating income 186,085 145,044
Interest expense (10,016 ) (10,013 )
Other income, net   1,704     459  
Income before income taxes 177,773 135,490
Provision for income taxes   (48,888 )   (35,352 )
Net income 128,885 100,138
Less: Net income attributable to noncontrolling interests   (927 )   (1,785 )
Net income attributable to Amphenol Corporation $ 127,958   $ 98,353  
Net income per common share - Basic $ 0.73   $ 0.57  
Weighted average common shares outstanding - Basic   175,168,297     173,266,113  
Net income per common share - Diluted $ 0.72   $ 0.56  
Weighted average common shares outstanding - Diluted   177,850,932     175,575,002  
Dividends declared per common share $ 0.015   $ 0.015  
(dollars in thousands)
Three months ended
March 31,
2011 2010
Trade Sales:
Interconnect Products and Assemblies $   877,516 $   703,598
Cable Products     63,069     67,356
Consolidated $   940,585 $   770,954
Operating income:
Interconnect Products and Assemblies $ 194,112 $ 148,662
Cable Products 7,459 10,043
Stock-based compensation expense (6,320) (5,443)
Other operating expenses     (9,166)     (8,218)
Consolidated $   186,085 $   145,044
ROS %:
Interconnect Products and Assemblies 22.1% 21.1%
Cable Products 11.8% 14.9 %
Corporate - stock-based compensation -0.7% -0.7%
Corporate - all other -1.0% -1.1%
Consolidated 19.8% 18.8%

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(dollars in thousands)
Three months ended
March 31,
2011 2010
Cash flow from operating activities:
Net income $   128,885 $   100,138
Adjustments for cash flow from operating activities:
Depreciation and amortization 27,357 24,344
Net change in receivables sold under Receivables Securitization Facility - (82,000) (1)
Stock-based compensation expense 6,320 5,443
Excess tax benefits from stock-based compensation payment arrangements (4,625) (582)
Net change in components of working capital (44,065) (14,704)
Net change in other long-term assets and liabilities     (6,134)     (796)
Cash flow provided by operating activities     107,738     31,843