01—Abstract
Summary
Summary of the 10-K/A filed March 11, 2013. Cited figures are marked; the original filing is the authoritative source.
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 billiona 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.
02—Key points
Key Highlights
- Net sales grew by 8.9% year-over-year, reaching $4.29 billion in 2012.
- Net income attributable to Amphenol Corporation increased by 5.9% to $555.3 million in 2012.
- Operating income showed a healthy increase, reaching $828.3 million in 2012.
- The company repurchased approximately $380 million of its common stock in 2012.
- Total equity attributable to Amphenol Corporation increased to $2.43 billion as of December 31, 2012.
- Goodwill increased by $186.6 million due to acquisitions, reflecting strategic growth initiatives.
- The company maintained compliance with financial covenants under its Revolving Credit Facility.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2012, Amphenol Corp kept $0.13.
- Revenue$4.29B100.0%
- Cost of revenue−$2.95B68.7%
- Gross profit$1.34B31.3%
- Operating costs−$514.9M12.0%
- Operating income$828.3M19.3%
- Interest, other & tax−$273.0M6.4%
- Net income$555.3M12.9%
04—Financials
Financial Highlights
Figures from 10-K/AFY2012filed March 11, 2013Financial Statements
FY2012 against FY2011
| Line item | FY2012FY2011 | Change |
|---|---|---|
| Revenue | $4.29B$3.94B | +8.9% |
| Cost of Revenue | $2.95B$2.70B | +9.4% |
| Gross Profit | $1.34B$1.24B | +8.0% |
| R&D Expenses | $92.50M$88.88M | +4.1% |
| SG&A Expenses | $512.90M$486.32M | +5.5% |
| Operating Income | $828.30M$751.68M | +10.2% |
| Interest Expense | $59.60M$43.03M | +38.5% |
| Net Income | $555.30M$524.19M | +5.9% |
| EPS (Basic) | $0.43$0.39 | +11.3% |
| EPS (Diluted) | $0.42$0.38 | +10.8% |
| Shares Outstanding (Basic) | 1.29B1.36B | −4.8% |
| Shares Outstanding (Diluted) | 1.31B1.37B | −4.6% |
05—Questions
Frequently Asked Questions
What was the primary reason for filing an Amendment No. 1 to the 10-K?
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.
How did Amphenol Corporation's revenue and net income perform in 2012 compared to 2011?
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.
What is the company's approach to acquisitions and goodwill?
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.
What significant events impacted the company's financial results in 2011?
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.
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