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

Exhibit 99.1

World Headquarters

358 Hall Avenue

Wallingford, CT 06492

Telephone (203) 265-8900

FOR IMMEDIATE RELEASE

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

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