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

 

 

FOURTH QUARTER 2018 RECORD RESULTS

REPORTED BY AMPHENOL CORPORATION

 

 

Wallingford, Connecticut.  January 23, 2019.  Amphenol Corporation (NYSE: APH) reported today GAAP Diluted Earnings Per Share (“EPS”) for the fourth quarter 2018 of $1.09 compared to a GAAP diluted loss per share of $0.34 for the comparable 2017 period.  GAAP Diluted EPS for the fourth quarter 2018 includes (i) a benefit of approximately $15 million ($0.04 per share) as a result of the finalization of the provisional income tax charge recorded in the fourth quarter 2017 related to the enactment of the U.S. Tax Cuts and Jobs Act (the “Tax Act”) and (ii) an excess tax benefit of approximately $6 million ($0.02 per share) related to stock options exercised, partially offset by (iii) acquisition-related transaction costs of approximately $9.0 million ($0.02 per share).  Fourth quarter 2017 GAAP diluted loss per share included (i) an estimated provisional income tax charge of approximately $400 million ($1.26 per share) related to the enactment of the Tax Act and (ii) the dilutive share impact due to the reported net loss for the quarter ($0.01 per share) partially offset by (iii) the excess tax benefit of approximately $21 million ($0.07 per share) related to stock options exercised during the quarter.  Excluding the effect of these items, Adjusted Diluted EPS

1 for the fourth quarter 2018 was a record $1.05 compared to $0.86 for the fourth quarter of 2017.

 

Sales for the fourth quarter 2018 were a record $2.225 billion compared to $1.944 billion for the comparable 2017 period. Currency translation had the effect of decreasing sales by approximately $28 million in the fourth quarter 2018 compared to the 2017 period.

 

For the year ended December 31, 2018, GAAP Diluted EPS was $3.85 compared to $2.06 for the full year 2017.  GAAP Diluted EPS for the year ended December 31, 2018, includes (i) the previously mentioned benefit as a result of the finalization of the provisional income tax charge related to the Tax Act and (ii) an excess tax benefit of approximately $20 million ($0.06 per share) related to stock options exercised during such period, partially offset by (iii) the previously mentioned acquisition-related transaction costs.  Full year 2017 GAAP Diluted EPS included the Tax Act charge and related dilutive share impact mentioned above, plus a charge for acquisition-related transaction costs of approximately $4 million ($0.01 per share) partially offset by an excess tax benefit of approximately $67 million ($0.21 per share) related to stock options exercised during the period.  Excluding the effect of these items, Adjusted Diluted EPS for the year ended December 31, 2018 was a record $3.77 compared to $3.12 for the full year 2017.

 

Sales for the year ended December 31, 2018 were a record $8.202 billion compared to $7.011 billion for the full year 2017.  Currency translation had the effect of increasing sales by approximately $60 million for the full year 2018 compared to 2017.

 

Amphenol President and Chief Executive Officer, R. Adam Norwitt, stated, “We are pleased to have achieved new records in sales, Adjusted Operating Margin and Adjusted Diluted EPS for the full year 2018.  These record results were supported by a strong fourth quarter 2018, with sales well above the high end of our guidance due primarily to incremental strength in sales of products into the mobile devices market.  Sales in the fourth quarter 2018 increased 14% from prior year, reflecting strong organic growth across most of the Company’s diversified end markets, including mobile devices, military, IT and datacom, mobile networks, commercial air and broadband.  For the full year 2018, sales grew by a strong 17% in U.S. dollars, with superior organic growth in nearly every market we serve.”

 

“We are also very proud of the Company’s record levels of profitability in the fourth quarter and full year 2018.  Compared to 2017, Adjusted Diluted EPS grew 22% and 21% for the quarter and full year, respectively, and we achieved record adjusted operating margins of 21.0% and 20.7% for those same periods.  Operating cash flow in the quarter and full year 2018 was a strong $378 million and $1.113 billion, respectively.  The Company’s full year operating cash flow was particularly strong considering the $81 million payment made in the first quarter 2018 to fully fund our U.S. defined benefit pension plans, as well as the Company’s higher than normal tax-related payments during 2018 resulting from the Tax Act.  Our strong operating cash flow generation is a clear confirmation of the quality of the Company’s earnings.”

 


The following information was filed by Amphenol Corp (APH) on Wednesday, January 23, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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