Amphenol Corp. on Wednesday posted increased first-quarter earnings due to a rise in sales for the Wallingford maker’s electronic cabling and connector products.
For three months ended March 31, Amphenol said its net income rose to $265.6 million, or 84 cents a diluted share vs. $224.9 million, or 71 cents a diluted share, in the year-ago period.
After tax-related earnings adjustments, Amphenol reported earnings of $261.5 million, or 83 cents a diluted share vs. 69 cents a share in 2017.
For the quarter, the company’s revenue surged to $1.8 billion, up almost 20 percent, from the $1.5 billion the same quarter a year earlier.
The company also announced its board of directors increased its dividend 21 percent and agreed to a new three-year stock repurchase plan.
Amphenol President and CEO R. Adam Norwitt said the company’s increased revenue reflects its growth across diverse markets in mobile devices, military, industrial, automotive and commercial air.
