Amphenol Corp., a leading electronics and fiber optics maker based in Wallingford, Conn., has reported better-than-expected revenue for the second quarter. The company’s revenue was boosted by the addition of two new acquisitions and strong performance in its air and military sectors.
Solid Profit Numbers
Amphenol’s profit for the second quarter stood at $461 million, or 74 cents a share, compared to $473 million, or 76 cents a share, in the same period last year. Analysts surveyed by FactSet had predicted per-share earnings of 68 cents.
Sales Decline Offset by Positive Growth
Despite a 3% dip in sales to $3.054 billion, Amphenol managed to surpass analysts’ expectations of $2.951 billion. The decline in sales was primarily due to lower revenue from the company’s IT datacom, mobile networks, and mobile devices businesses. However, the commercial air, military, and automotive markets served as bright spots for the company, showing positive sales growth.
Acquisitions Boost Outlook
Amphenol closed two acquisitions during the quarter, which it expects to contribute to increased sales in the latter half of the year. The company’s previously announced acquisition of RFS, an antenna maker, is anticipated to generate approximately $30 million in additional revenue. Additionally, Amphenol acquired EBY Electro, a manufacturer of terminal block interconnect products with annual sales of approximately $15 million.
Amphenol’s strong performance in Q2 showcases its ability to adapt and thrive amidst challenging market conditions. With strategic acquisitions and a focus on key sectors, the company remains well-positioned for continued growth in the coming months.
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