Amphenol Corp. on Wednesday posted second-quarter earnings that were better than a year ago and what analysts were expecting, due partly to a favorable international tax settlement for the Wallingford maker of electronic cables and connectors.
Amphenol said it earned $129.7 million, or 74 cents a share, in the three months ended June 30, up from $74.9 million, or 43 cents a share, earned the same period last year.
Thomson Reuters had consensus earnings forecast of 61 cents a share. Amphenol also raised its third-quarter outlook.
Revenues were $884.8 million in the latest quarter, up from $685.2 million a year earlier.
The company said the tax settlement contributed $10 million, or 6 cents a share, to second-quarter earnings.
At 11 a.m., Amphenol shares were up 51 cents, or 1.2 percent, to $42.97.
Amphenol President and CEO R. Adam Norwitt said healthy demand from information technology, data communications equipment, automotive and wireless devices markets contributed to strong sales.
Also Wednesday, Amphenol disclosed that it completed earlier this month its purchase of Borisch Manufacturing Corp. in Grand Rapids, Mich., which sells about $100 million a year of interconnect products and electro-mechanical systems to the military/aerospace market. Terms were not disclosed.
Citing those factors, Amphenol raised its third-quarter outlook for revenues in the range of $880 million to $895 million and earnings per share in the range of 67 cents to 69 cents.
