Amphenol Q3 Results Top Estimates; Lifts Dividend, FY16 Forecast
WASHINGTON (dpa-AFX) - Amphenol Corp. (APH), a manufacturer of electrical, electronic and fiber optic connectors, antennas, and sensors, reported Wednesday that its third-quarter net income attributable to the company was $224.3 million, higher than last year's $204.5 million. Earnings per share grew to $0.71 from $0.65 a year ago.
The latest results included a charge for acquisition-related transaction costs of $6 million or $0.02 per share. Excluding this, third quarter 2016 adjusted earnings per share were $0.73.
On average, 13 analysts polled by Thomson Reuters expected earnings of $0.68 per share. Analysts' estimates typically exclude special items.
Net sales for the quarter were $1.636 billion, 12 percent higher than last year's $1.460 billion. Analysts expected sales of $1.58 billion.
The sales were driven by organic growth in all markets except mobile devices together with contributions from the Company's successful acquisition program.
Currency translation had the effect of decreasing sales by approximately $12 million.
Further, the Board of Directors has approved a 14 percent increase in quarterly dividend to $0.16 per share, to be paid on or about January 57 to holders of record of the Company's Class A Common stock as of December 13.
Looking ahead, the company said the current global economic environment remains volatile and uncertain.
For the fourth quarter, the company expects sales in the range of $1.585 billion to $1.625 billion and reported earnings per share in the range of $0.71 to $0.73. Analysts expect sales of $1.61 billion and earnings per share of $0.71 for the fourth quarter.
For the full year 2016, the company now expects to achieve sales in the range of $6.220 billion to $6.260 billion, an increase over 2015 of 12 percent. Reported earnings per share is expected to be $2.57 to $2.59, an increase of 7 percent over 2015. Adjusted earnings per share is expected to be $2.68 to $2.70, an increase of 10 percent to 11 percent over 2015.
The company's previous estimates were sales of $6.120 billion to $6.200 billion, reported earnings per share of $2.51 to $2.55 and adjusted earnings per share of $2.60 to $2.64.
Analysts now expect sales of $6.17 billion and earnings per share of $2.63 for the year.
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