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July 22, 2015

Sales, acquisitions drive Amphenol’s 2Q profit growth

Wallingford connector and cable manufacturer Amphenol Corp. said sales growth across its core customer markets drove a 2.3 percent increase in its second-quarter profits.

Profits for the quarter ended June 30 totaled $179 million, or 56 cents per diluted share, up from $174.9 million, or 54 cents, in the second quarter of 2014.

Net sales grew more than 3 percent, to $1.35 billion, fueled by growth in its largest business — interconnect products and assemblies — and offset by the impact of a strong U.S. dollar.

The company also had $5.7 million in expenses during the quarter related to its late June acquisition of European antenna supplier ProCom and Chinese interconnect assemblies manufacturer DoCharm Plastic Company Ltd.

Amphenol also announced that it has finalized its previously disclosed agreement to purchase FCI Asia Pte Ltd for $1.28 billion, a deal which it expects to close by December.

The company revised upward the lower end of its previous 2015 earnings guidance. Amphenol now expects full-year diluted earnings per share of $2.43 to $2.47, up from a previous range of $2.41 to $2.47. It also said it will increase its quarterly dividend from 12.5 cents per share to 14 cents, to be paid Oct. 2 to shareholders of record as of Sept. 9.

CFO transition complete

Along with its earnings, Amphenol also announced Wednesday that it has officially appointed Craig A. Lampo as chief financial officer and senior vice president.

The company announced in May that Lampo, who was previously controller, would transition into the role.

He succeeds Diana G. Reardon, who will continue as a senior advisor to the company, and who will also take a newly created 10th seat on its board of directors.

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