Fiber optic connectors and interconnect systems maker Amphenol Corp. (APH) reported Thursday a profit for the first quarter that grew from last year, reflecting improved operating margin and double-digit revenue growth amid improvement across nearly all its served markets.
Both adjusted earnings per share and quarterly revenues topped analysts' expectations. The company also issued earnings and revenue guidance for the first quarter, and raised full-year 2013 earnings outlook.
"These results are a direct result of our management team's ability to react quickly in a dynamic environment, especially given the continuing high levels of uncertainty in most of the world's economies," President and CEO Adam Norwitt said in a statement.
The Wallingford, Connecticut-based company reported net income of $153.01 million or $0.94 per share for the first quarter, higher than $126.56 million or $0.77 per share in the prior-year quarter. Excluding one-time items, earnings per share was $0.87, compared to last year's $0.77.
The results for the latest quarter include an income tax benefit of $0.07 per share resulting from the delay, by the U. S. government, in the reinstatement of certain federal income tax provisions for 2012.
On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.86 per share for the first quarter. Analysts' estimates typically exclude special items.
Sales for the quarter grew 10 percent to $1.08 billion from prior year's $981.60 million in the same quarter last year, and topped twelve Wall Street analysts' consensus estimate of $1.07 billion. Currency translation decreased sales by about $2 million.
The company attributed the sales growth to increases in nearly all served markets led by mobile devices, commercial aerospace, broadband communications and industrial, with contributions from both organic growth and the acquisition program.
Interconnect products and assemblies revenues grew to $995.93 million from $908.04 million in the year-ago quarter, and cable products revenues increased to $83.88 million from $73.57 million in the prior-year quarter.
The company also reported strong operating margins of 19.2 percent, up 30 basis points from the prior-year quarter. The company noted that it achieved strong orders of $1.12 billion in the first quarter, representing a book-to-bill of 1.04 to 1.
Looking ahead for the second quarter, the company expects adjusted earnings between $0.92 and $0.95 per share, on projected revenues in the range of $1.115 billion to $1.14 billion, based on constant currency exchange rates. Analysts project earnings of $0.94 per share, on quarterly revenues of $1.15 billion.
For fiscal 2013, the company currently projects adjusted earnings in the range of $3.76 to $3.85 per share, on anticipated revenues between $4.580 billion and $4.655 billion. Street is currently looking for full-year 2013 earnings of $3.82 per share, on annual revenues of $4.63 billion.
Earlier, the company expected adjusted earnings in the range of $3.72 to $3.84 per share, on revenues between $4.555 billion and $4.655 billion.
"The electronics revolution continues to accelerate, with new applications and higher performance requirements driving increased demand for our leading interconnect technologies in all of our end markets. This creates a significant, long-term growth opportunity for Amphenol. Importantly, our ongoing actions to enhance our competitive advantages and build sustained financial strength have created a solid base for future performance," Norwitt added.
APH closed Thursday's regular trading session at $72.87, up $0.61 on a volume of 0.84 million shares.
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