Summary
Amphenol Corporation (APH) reported solid financial results for the third quarter and the first nine months of 2013, demonstrating revenue growth and improved profitability. For the third quarter, net sales increased by 5% year-over-year to $1.15 billion, driven by the Interconnect Products and Assemblies segment which grew 3%. The Cable Products segment saw significant growth of 28%, largely due to a 2012 acquisition. The company also experienced positive sales growth in the US, Europe, and Asia. Profitability improved with gross profit margin at 31.6% and operating income up across both segments. Net income attributable to Amphenol Corporation shareholders rose to $160.8 million, or $1.01 per diluted share, compared to $147.5 million, or $0.91 per diluted share, in the prior year. For the first nine months of 2013, net sales increased by 7% to $3.37 billion. Net income attributable to Amphenol Corporation shareholders grew to $467.8 million, or $2.88 per diluted share, up from $415.0 million, or $2.53 per diluted share, in the same period of 2012. The company generated strong operating cash flow of $557.7 million. Amphenol also executed a substantial stock repurchase program, buying back approximately $297 million worth of shares, and increased its quarterly dividend, signaling confidence in its financial health and commitment to returning value to shareholders.
Financial Highlights
50 data points| Revenue | $1.15B |
| Cost of Revenue | $789.21M |
| Gross Profit | $363.80M |
| SG&A Expenses | $136.83M |
| Operating Income | $224.50M |
| Interest Expense | $16.05M |
| Net Income | $160.80M |
| EPS (Basic) | $0.13 |
| EPS (Diluted) | $0.13 |
| Shares Outstanding (Basic) | 1.27B |
| Shares Outstanding (Diluted) | 1.29B |
Key Highlights
- 1Net sales for Q3 2013 increased 5% to $1.15 billion; nine-month sales grew 7% to $3.37 billion.
- 2Net income attributable to Amphenol Corporation shareholders increased to $160.8 million ($1.01/share) for Q3 2013 and $467.8 million ($2.88/share) for the nine months.
- 3Gross profit margin remained strong at approximately 31.6% for Q3 2013.
- 4Operating income for the Interconnect Products and Assemblies segment and Cable Products segment both showed year-over-year increases.
- 5The company repurchased approximately $297 million of its common stock in the first nine months of 2013 under a new authorized program.
- 6The quarterly dividend was increased to $0.20 per share, up from $0.105 per share.
- 7Operating cash flow was robust, reaching $557.7 million for the first nine months of 2013.