10-K/APeriod: FY2012

AMPHENOL CORP /DE/ Annual Report (Amendment), Year Ended Dec 31, 2012

Filed March 11, 2013For Securities:APH

Summary

Amphenol Corporation (APH) filed its Annual Report (10-K/A) for the fiscal year ended December 31, 2012. This filing is an amendment to correct a previously filed report by adding the electronic signature of its independent registered public accounting firm. The financial results themselves remain unchanged from the original filing. The company demonstrated robust financial performance, with net sales increasing to $4.29 billion in 2012 from $3.94 billion in 2011, and net income attributable to Amphenol Corporation growing to $555.3 million from $524.2 million. This growth was supported by strategic acquisitions and continued demand across its key markets, particularly in the Interconnect Products and Assemblies segment. Key financial metrics indicate a healthy operational performance, with operating income rising and a strong balance sheet. The company also continued its share repurchase program and dividend payments, signaling confidence in its financial position and commitment to shareholder returns. Management's assessment of internal controls over financial reporting was also affirmed.

Financial Highlights

54 data points
Beta

Revenue

$4.29B

31.3% Gross Margin

Net Income

$555.30M

12.9% Net Margin

EPS (Diluted)

$0.42

Total Assets

$5.22B

Cash & Equivalents

$690.80M

Free Cash Flow

$545.60M

Financial Statements
Beta
Revenue$4.29B
Cost of Revenue$2.95B
Gross Profit$1.34B
R&D Expenses$92.50M
SG&A Expenses$512.90M
Operating Income$828.30M
Interest Expense$59.60M
Net Income$555.30M
EPS (Basic)$0.43
EPS (Diluted)$0.42
Shares Outstanding (Basic)1.29B
Shares Outstanding (Diluted)1.31B

Key Highlights

  • 1Net sales grew by 8.9% year-over-year, reaching $4.29 billion in 2012.
  • 2Net income attributable to Amphenol Corporation increased by 5.9% to $555.3 million in 2012.
  • 3Operating income showed a healthy increase, reaching $828.3 million in 2012.
  • 4The company repurchased approximately $380 million of its common stock in 2012.
  • 5Total equity attributable to Amphenol Corporation increased to $2.43 billion as of December 31, 2012.
  • 6Goodwill increased by $186.6 million due to acquisitions, reflecting strategic growth initiatives.
  • 7The company maintained compliance with financial covenants under its Revolving Credit Facility.

Frequently Asked Questions

The primary reason for filing Amendment No. 1 was to add the electronic signature of Amphenol Corporation's independent registered public accounting firm, Deloitte & Touche LLP, to the Report of Independent Registered Public Accounting Firm for the consolidated financial statements and internal control over financial reporting, which was inadvertently omitted from the original filing.

Amphenol Corporation experienced growth in both revenue and net income. Net sales increased from $3.94 billion in 2011 to $4.29 billion in 2012. Net income attributable to Amphenol Corporation rose from $524.2 million in 2011 to $555.3 million in 2012.

The company actively pursues acquisitions as a growth strategy. In 2012, goodwill increased by approximately $186.6 million, primarily due to five business acquisitions. The company performs annual impairment tests for goodwill and reported that in 2012, the estimated fair value of its reporting units significantly exceeded their carrying values, indicating no goodwill impairment.

In 2011, Amphenol incurred a charge of approximately $21.5 million due to flood damage at its Sidney, New York facility. Additionally, the company recorded a gain related to a contingent acquisition consideration adjustment due to revised performance expectations of an acquired company.