Amphenol 3Q results beat Wall St. expectations
WALLINGFORD, Conn. -- Amphenol, which makes fiber optic cables, said Wednesday that its third-quarter net income climbed 10 percent, driven by strength across a variety of markets.
The Wallingford, Conn., company's quarterly results beat Wall Street expectations, and the company lifted its full-year earnings and revenue forecasts. Its stock gained more than 2 percent in morning trading.
For the three months ended Sept. 30, Amphenol earned $147.5 million, or 90 cents per share. That compares with $134.6 million, or 79 cents per share, a year ago.
Analysts surveyed by FactSet expected earnings of 89 cents per share.
Revenue rose 7 percent to $1.1 billion from $1.03 billion, topping Wall Street's estimate of $1.09 billion.
Amphenol Corp. shares climbed $1.43, or 2.4 percent, to $61.60. The shares are near their 52-week high of $63.70.
The company said that it saw strength in its automotive, industrial, commercial aerospace and telecommunications and data communications equipment markets.
Going forward, the company now foresees full-year earnings of $3.41 to $3.44 per share on revenue in a range of $4.24 billion to $4.26 billion. Its prior guidance was for earnings of $3.38 to $3.44 per share on revenue between $4.21 billion and $4.25 billion.
Analysts predict earnings of $3.41 per share on revenue of $4.23 billion.
Amphenol expects fourth-quarter earnings of 88 cents to 91 cents per share on revenue between $1.1 billion and $1.12 billion.
Wall Street expects earnings of 90 cents per share on revenue of $1.09 billion.