Wallingford electrical products maker Amphenol Corp. today reported fourth-quarter earnings rose 2 percent despite declining sales.
The company earned 56 cents a share in the three months ended Dec. 31, up from 55 cents the same period a year earlier. Sales for the quarter fell 3 percent to $755.3 million from $777.3 million a year earlier.
For all of 2008, Amphenol earned $2.34 a share, up from $1.94 per share in 2007 period. Sales for the full year were $3.2 billion, up from $2.9 billion the previous year.
Amphenol’s customers include those in the automotive and communications markets, which slowed sharply late in 2008, the company said. The sales decline forced the company to reduce its workforce 17 percent in the fourth quarter, Executive Chairman Martin H. Loeffler said.
At 11 a.m., Amphenol shares traded at $23.64, up $1.74, or 8 percent.
