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Exhibit 99.1
Amphenol |
News Release |
World Headquarters
358 Hall Avenue
Wallingford, CT 06492
Telephone (203) 265-8900
FOR IMMEDIATE RELEASE
|
For Further Information: |
|
Craig A. Lampo |
|
Senior Vice President and |
|
Chief Financial Officer |
|
203-265-8625 |
|
www.amphenol.com |
THIRD QUARTER 2018 RECORD RESULTS
REPORTED BY AMPHENOL CORPORATION
Wallingford, Connecticut. October 24, 2018. Amphenol Corporation (NYSE: APH) reported today GAAP Diluted Earnings Per Share (“EPS”) for the third quarter 2018 of $1.01 compared to $0.88 for the comparable 2017 period. GAAP Diluted EPS for the third quarter 2018 includes an excess tax benefit of approximately $7 million ($0.02 per share) related to stock options exercised during the quarter compared to approximately $17 million ($0.05 per share) for the comparable 2017 period. Excluding the effect of this item, Adjusted Diluted EPS1 for the third quarter 2018 was a record $0.99 compared to $0.83 for the third quarter of 2017. Sales for the third quarter 2018 were a record $2.129 billion compared to $1.841 billion for the comparable 2017 period. Currency translation had the effect of decreasing sales by approximately $16 million in the third quarter of 2018 compared to the 2017 period.
For the nine months ended September 30, 2018, GAAP Diluted EPS was $2.76 compared to $2.39 for the comparable 2017 period. GAAP Diluted EPS for the nine months ended September 30, 2018, includes an excess tax benefit of approximately $14 million ($0.04 per share) related to stock options exercised for the nine months ended September 30, 2018. GAAP Diluted EPS for the nine months ended September 30, 2017, includes an excess tax benefit of approximately $46 million ($0.14 per share) partially offset by a charge for acquisition-related transaction costs of approximately $4 million ($0.01 per share). Excluding the effect of these items, Adjusted Diluted EPS for the nine months ended September 30, 2018 and 2017 was $2.72 and $2.26, respectively. Sales for the nine months ended September 30, 2018 were $5.977 billion compared to $5.067 billion for the 2017 period. Currency translation had the effect of increasing sales by approximately $87 million for the first nine months of 2018 compared to the 2017 period.
Amphenol President and Chief Executive Officer, R. Adam Norwitt, stated, “We are pleased to close the third quarter 2018 well above the high end of our guidance, with record sales and Adjusted Diluted EPS in the quarter of $2.129 billion and $0.99, respectively. Compared to the third quarter of 2017, sales increased 16%, driven primarily by strong organic growth across most of the Company’s diversified end markets, including mobile devices, military, IT and data communications, mobile networks, commercial air, industrial, and automotive, together with contributions from the Company’s successful acquisition program. The Company continues to expand its growth opportunities through a deep commitment to developing enabling technologies for customers in all markets, an ongoing strategy of market and geographic diversification, as well as an active and successful acquisition program.”
“The Company’s Adjusted Diluted EPS growth of 19% in the quarter was driven by our superior operating execution, as reflected in the Company’s achievement of another record operating margin of 20.9%. I am very proud of our organization as we continue to execute extremely well.”
“Operating cash flow in the quarter was a strong $339 million, a clear confirmation of the quality of the Company’s earnings. The Company continues to deploy its financial strength in a variety of ways to increase shareholder value. This included the purchase during the third quarter of 2018 of 0.4 million shares of the Company’s stock under our $2 billion 3-year open market stock repurchase plan”.
“We are very pleased with the Company’s superior performance in the continued strong demand environment. Nevertheless, there remain uncertainties in the geopolitical environment, in particular related to global trade policy. Considering this environment and based on current currency exchange rates, we expect fourth quarter 2018 sales in the range of $2.063 billion to $2.103 billion and Adjusted Diluted EPS in the range of $0.96 to $0.98. For the full year 2018, we now expect to achieve sales in the range of $8.040 billion to $8.080 billion, an increase over 2017 of 15%, as well as Adjusted Diluted EPS in the range of $3.68 to $3.70, an increase over 2017 of 18% to 19%. This new guidance represents a year over year organic sales growth of approximately 12% and is an increase from our prior guidance for the full year 2018 of sales in the range of $7.820 billion to $7.900 billion and Adjusted Diluted EPS in the range of $3.57 to $3.61.”
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Amphenol Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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27 The following tables reconcile Adjusted Operating Income, Adjusted Operating Margin, Adjusted Net Income attributable to Amphenol Corporation, Adjusted Effective Tax Rate and Adjusted Diluted EPS (all defined in the Non-GAAP Financial Measures section below) to the most directly comparable U.S. GAAP financial measures for the three and nine months ended September 30, 2018 and 2017: (1) While the terms operating margin and effective tax rate are not considered U.S. GAAP financial measures, for purposes of this table, we derive the reported (GAAP) measures based on GAAP results, which serve as the basis for the reconciliation to their comparable non-GAAP financial measure.
The increase in operating margin for the Interconnect Products and Assemblies segment for the third quarter and first nine months of 2018, compared to the same respective periods of 2017, resulted primarily from higher sales volumes combined with strong operating execution.
Free Cash Flow is an important liquidity measure for the Company, as we believe it is useful for management and investors to assess our ability to generate cash, as well as to assess how much cash can be used to reinvest in the growth of the Company or to return to shareholders through either stock repurchases or dividends.
The increase in the Adjusted Operating Margin for the three and nine months ended September 30, 2018, compared to the same respective periods in 2017, was driven primarily by an increase in operating margin for the Interconnect Products and Assemblies segment.
For the first nine months of 2017, cash used in financing activities was driven primarily by repurchases of the Companys common stock of $555.6, the repayment of the 1.55% Senior Notes in September 2017 of $375.0, dividend payments of $147.1, purchases of and distributions to noncontrolling interests of $22.1, and payments of costs related to the issuances of two senior notes of $5.2, partially 30 offset by borrowings related to the issuances of two senior notes in April 2017 of $749.3, net borrowings of commercial paper of $173.6, and cash proceeds from the exercise of stock options of $134.4.
Net sales in the Interconnect...Read more
Excluding the effect of these...Read more
Accounts receivable increased $139.0 to...Read more
Excluding the effect of the...Read more
The Company believes that its...Read more
The following table summarizes the...Read more
Foreign sales in the third...Read more
Other current assets increased $81.8...Read more
Results of Operations Three and...Read more
Inventories increased $138.6 to $1,245.5,...Read more
Net sales were $5,977.3 in...Read more
Excluding the effect of these...Read more
On July 10, 2018, the...Read more
The Company has not repurchased...Read more
The increase in cash flow...Read more
Accounts payable increased $138.4 to...Read more
(3) Constant Currency Net Sales...Read more
In the first nine months...Read more
Excluding the effect of the...Read more
Financing Activities Cash flows from...Read more
Net sales in the Cable...Read more
The following discussion and analysis...Read more
For purposes of the following...Read more
The sales growth in both...Read more
During the three months ended...Read more
The reconciliations of these non-GAAP...Read more
The comparatively stronger U.S. dollar...Read more
Non-GAAP Financial Measures In addition...Read more
Accrued pension and postretirement benefit...Read more
The non-GAAP financial information contained...Read more
In addition, these non-GAAP financial...Read more
The ECP Notes may be...Read more
Forward-looking statements by their nature...Read more
Operating income for the first...Read more
Intangibles, net and other long-term...Read more
As of September 30, 2018,...Read more
On April 24, 2018, the...Read more
Total accrued expenses, including accrued...Read more
As such, management evaluates the...Read more
Management evaluates the Company?s sales...Read more
In the fourth quarter of...Read more
Cash Flow Summary The following...Read more
Effective January 1, 2018, the...Read more
The table below reconciles Constant...Read more
Days sales outstanding at September...Read more
The amount of ECP Notes...Read more
The Company?s primary ongoing cash...Read more
Adjusted Diluted EPS is calculated...Read more
The 2.55% Senior Notes are...Read more
The forward-looking statements, which address...Read more
Provision for income taxes for...Read more
Other long-term liabilities, including deferred...Read more
In the first nine months...Read more
In October 2018, the Company...Read more
The Commercial Paper Programs are...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Amphenol Corp provided additional information to their SEC Filing as exhibits
Ticker: APH
CIK: 820313
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-18-007927
Submitted to the SEC: Fri Oct 26 2018 6:13:53 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Electronic Connectors