Amphenol Corp. (APH: Quote) reported Wednesday a decline in first-quarter profit, while earnings per share increased and beat Street expectations. The fiber-optic cable maker also issued guidance for the second quarter and lifted its full-year 2012 view.
Adam Norwitt, president and chief executive officer of the company said, "On a year-over-year basis, strength in automotive, commercial aerospace, broadband communications and industrial markets offset declines in the defense and wireless markets, reflecting the significant benefits of the Company's diversity."
In the first quarter, net income attributable to the company declined to $126.56 million from $127.96 million in the previous year.
On a per share basis, earnings were $0.77, up from $0.72 per share, on lower share count. On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.76 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter grew 4 percent to $981.6 million from $940.59 million in the prior year, which also exceeded analysts' estimate of $972.14 million. Currency translation decreased sales by around $4 million.
Looking ahead to the second quarter, the company expects earnings per share to be in the range of $0.82 to $0.85. Revenues are expected to be between $1.04 billion and $1.055 billion. Analysts expect the company to earn $0.83 per share, on revenues of $1.03 billion for the second quarter.
For the full year 2012, earnings per share are now expected to be in the range of $3.30 to $3.38, up from the prior forecast of $3.23 to $3.34 per share. Revenues are anticipated to be between $4.105 billion and $4.190 billion, compared to the prior outlook of $4.050 billion to $4.150 billion.
Analysts are looking for earnings of $3.33 per share, on revenues of $4.16 billion for the year.
APH is currently trading at $57.56, down $2.39 or 3.98 percent, on a volume of 610 thousand shares on the Nasdaq.
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by RTT Staff Writer
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