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Amphenol Corp (APH) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Amphenol Corp

CIK: 820313 Ticker: APH

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

 

 

FIRST QUARTER 2019 RESULTS

REPORTED BY AMPHENOL CORPORATION

 

 

Wallingford, Connecticut.  April 24, 2019.  Amphenol Corporation (NYSE: APH) reported today GAAP diluted Earnings Per Share (“EPS”) for the first quarter 2019 of $0.87 compared to $0.84 for the comparable 2018 period.  GAAP diluted EPS for the first quarter 2019 included acquisition-related costs of approximately $17 million ($0.04 per share), partially offset by an excess tax benefit of approximately $7 million ($0.02 per share) related to stock options exercised during the quarter.  First quarter 2018 GAAP diluted EPS included an excess tax benefit of approximately $4 million ($0.01 per share) related to stock options exercised during the quarter.  Excluding the effect of these items, Adjusted Diluted EPS

1 for the first quarter 2019 was $0.89 compared to $0.83 for the first quarter 2018.  Sales for the first quarter 2019 were $1.959 billion compared to $1.867 billion for the comparable 2018 period. Currency translation had the effect of decreasing sales by approximately $47 million in the first quarter 2019 compared to the 2018 period.

 

Amphenol President and Chief Executive Officer, R. Adam Norwitt, stated, “We are very pleased to close the first quarter 2019 with sales and Adjusted Diluted EPS of $1.959 billion and $0.89, respectively.  Compared to the first quarter 2018, sales increased 5%, driven by growth across most of the Company’s diversified end markets, including military, commercial air, IT datacom, industrial and mobile networks, as well as contributions from the Company’s successful acquisition program.  In addition, we continue to be proud of the Company’s leading profitability, with Adjusted Operating Margins of 20.1% in the first quarter.”

 

“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 and an active and successful acquisition program.  Consistent with this strategy, in April 2019, the Company acquired Aorora Technology Co., Ltd. (“Aorora”). Based in Huizhou, China, Aorora designs and manufactures fine pitch and input-output connectors for the automotive and IT datacom markets and is expected to generate annual sales of approximately $20 million.  In addition, we are very pleased that the Company completed the acquisition of Charles Industries, Ltd. (“Charles Industries”) just yesterday.  Based in Schaumburg, Illinois, Charles Industries designs and manufactures fiber optic, power and other outdoor interconnect enclosures and related accessories used primarily in the mobile networks and IT datacom markets, with annual sales expected to be approximately $120 million.  These two excellent acquisitions strengthen the Company’s global capabilities and enhance our product offerings across these important end markets.”

 

“Operating cash flow in the quarter was a strong $344 million, a continued confirmation of the quality of the Company’s earnings.  In addition to these strong operating results, the Company continues to deploy its financial strength in a variety of ways to increase shareholder value.  This included the purchase during the first quarter 2019 of 1.8 million shares of the Company’s stock for approximately $160 million under our open market stock repurchase plan.”

 

“As we look ahead, there continues to be a heightened level of uncertainty in the global economy.  In addition, we now expect a further reduction in our 2019 sales to the mobile devices market beyond our outlook provided last quarter. Considering these factors, together with the contributions from the acquisitions just completed, we expect second quarter 2019 sales to be in the range of $1.980 billion to $2.020 billion and Adjusted Diluted EPS in the range of $0.91 to $0.93.  For the full year 2019, we now expect sales in the range of $8.130 billion to $8.250 billion, a decrease of 1% to an increase of 1% over 2018, and Adjusted Diluted EPS to be in the range of $3.80 to $3.86, an increase of 1% to 2% over 2018.”

 

“We are pleased by the platform of strength that has been created by the Company’s consistent and strong performance.  The electronics revolution continues to generate exciting long term growth opportunities for Amphenol across each of our diversified end markets, with customers driving their products and networks to achieve ever higher levels of performance.  This continues to drive increased demand for our expanded range of high-technology interconnect, sensor and antenna products.  Our ongoing actions to leverage our competitive


The following information was filed by Amphenol Corp (APH) on Wednesday, April 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Amphenol Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
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Earnings Per Share, Reconciliation (Details)
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Fair Value Measurements (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets, Amortization (Details)
Goodwill And Other Intangible Assets, Goodwill (Details)
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Income Taxes (Tables)
Income Taxes, 2017 Tax Cuts And Jobs Act (Details)
Income Taxes, Provision And Effective Tax Rate (Details)
Income Taxes, Unrecognized Tax Benefits (Details)
Inventories
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Inventories (Tables)
Leases
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Leases, Minimum Lease Payments Under Non-Cancelable Operating Leases As Of Prior Year End (Details)
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Leases, Other Supplemental Data Related To Operating Leases (Details)
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Reportable Business Segments, Segment Results (Details)
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Revenue Recognition (Tables)
Revenue Recognition, Disaggregation Of Net Sales (Details)
Shareholders' Equity And Noncontrolling Interests
Shareholders' Equity And Noncontrolling Interests (Details)
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Stock-Based Compensation, Stock-Based Comp Expense (Details)

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: 0001558370-19-003426
Submitted to the SEC: Fri Apr 26 2019 1:13:21 PM EST
Accepted by the SEC: Fri Apr 26 2019
Period: Sunday, March 31, 2019
Industry: Electronic Connectors

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