WALLINGFORD, CT – Amphenol posted second quarter revenues of over $2 billion, up 2% year-over-year.

The company has topped consensus revenue estimates four times over the last four quarters.

“We are pleased to close the second quarter 2019 with sales and adjusted diluted EPS of $2.015 billion and $0.92, respectively,” said president and CEO R. Adam Norwitt. “Compared to the second quarter 2018, sales increased 2%, driven by contributions from the company’s successful acquisition program, as well as growth in the military, commercial air, mobile networks and mobile device markets, offset in part by moderations in the broadband, industrial and information technology and data communications markets.

“…we are excited to have recently closed four new acquisitions, which collectively generate annual sales of approximately $150 million. In June, the company acquired CONEC Elektronische Bauelemente and Kopek Industries. Based in Germany, CONEC designs and manufactures a wide array of connectors, primarily for customers in the industrial market. Kopek, which is based in China, is a supplier primarily to Amphenol of RF passive interconnect components for the broadband market.

“Operating cash flow in the quarter was a strong $322 million, another confirmation of the quality of the company’s earnings. In addition, the company continues to deploy its financial strength in a variety of ways to increase shareholder value. This included the purchase during the second quarter 2019 of 2.6 million shares of the company’s stock for approximately $249 million under our open market stock repurchase plan.

“As we look ahead, the overall demand environment continues to reflect a heightened level of uncertainty in the global economy. In addition, we now see a moderation of demand in certain of our end markets, particularly related to communications equipment. We believe this reduction in demand relates primarily to the current trade environment, including in particular the restrictions imposed by the US government on sales to certain Chinese entities and the resulting impact on overall market demand. Considering this lower demand environment, together with the contributions from the acquisitions just completed, we expect third quarter 2019 sales to be in the range of $1.96 billion to $2 billion. For the full year 2019, we now expect sales in the range of $7.92 billion to $8 billion.”

For the six months ended June 30, sales were nearly $4 billion, an increase of 3.3% compared to the same period in 2018.

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