Summary
Amphenol Corporation reported a solid second quarter and first half of 2013, demonstrating revenue growth driven by both organic expansion and strategic acquisitions. Net sales increased by 7% in Q2 2013 and 8% for the first six months of 2013 compared to the prior year periods, supported by strong performance in the Interconnect Products and Assemblies segment, particularly in the commercial aerospace, automotive, and mobile network markets. The company also saw growth in its Cable Products segment due to a 2012 acquisition. Profitability remained robust, with gross profit margins stable year-over-year. Operating income showed improvement, reflecting volume leverage and cost reduction initiatives. The company also executed a significant share repurchase program, returning capital to shareholders while maintaining a healthy cash flow from operations. Amphenol's liquidity position remains strong, with ample availability under its revolving credit facility, supporting ongoing operational needs, potential acquisitions, and shareholder returns.
Financial Highlights
50 data points| Revenue | $1.14B |
| Cost of Revenue | $776.28M |
| Gross Profit | $359.80M |
| SG&A Expenses | $135.78M |
| Operating Income | $224.00M |
| Interest Expense | $15.62M |
| Net Income | $154.00M |
| EPS (Basic) | $0.12 |
| EPS (Diluted) | $0.12 |
| Shares Outstanding (Basic) | 1.28B |
| Shares Outstanding (Diluted) | 1.30B |
Key Highlights
- 1Net sales increased by 7% year-over-year to $1,136.1 million in Q2 2013 and by 8% for the first six months of 2013 to $2,215.9 million.
- 2Interconnect Products and Assemblies segment, the largest revenue contributor, saw sales grow 6% in Q2 and 8% in the first six months, driven by commercial aerospace, automotive, and mobile network markets.
- 3Gross profit margin remained strong at approximately 31.7% for Q2 2013 and 31.5% for the first six months, consistent with the prior year.
- 4Operating income increased in the Interconnect Products and Assemblies segment due to higher volumes and cost controls.
- 5The company repurchased approximately 2.5 million shares of common stock for $181.1 million during the first six months of 2013.
- 6Cash flow from operations increased to $360.8 million for the first six months of 2013, up from $291.6 million in the prior year.
- 7Amphenol's liquidity is supported by a $1,000.0 million unsecured credit facility, with $405.9 million available at the end of Q2 2013, which was subsequently increased and extended.