WALLINGFORD, CT – Amphenol reported third quarter net sales of $2.3 billion, up 10.6% year-over-year. Currency translation had the effect of increasing sales $17 million.

Net income for the period ended Sept. 30 was $349.5 million, an increase of 23.8% compared to the same quarter of 2019. Operating income was $475.8 million, up 15%.

The Interconnect Products and Assemblies segment reported third quarter net sale of $2.2 billion, up 11.1%. Operating income was $498.4 million, an increase of 14.9% year-over-year.

For the nine months ended Sept. 30, total net sales were $6.2 billion, up 1.6% year-over-year. Net income was $853.1 million, an increase of 1.2% compared to the same period of 2019. Operating income was nearly $1.2 billion, down 3.3% year-over-year.

Currency translation had the effect of decreasing sales $23 million for the first nine months of 2020 compared to 2019.

For the nine-month period, Interconnect Products and Assemblies posted net sales of $5.9 billion, up 1.9%. Operating income was $1.2 billion, down 4.3% year-over-year.

"While the Covid-19 pandemic continued to impact our business in the third quarter 2020, I am very proud that our team drove results that far exceeded our expectations, all while continuing to prioritize the safety and health of our employees worldwide," said Amphenol president and CEO R. Adam Norwitt.

"We are pleased to have closed the third quarter of 2020 with record sales and adjusted diluted EPS of $2.323 billion and $1.09, respectively. Compared to the third quarter of 2019, sales increased by a strong 11%, primarily driven by robust growth in the mobile devices, information technology and data communications and industrial markets. We are especially pleased to have realized sequential sales growth of 17%, a clear reflection of our organization’s agility, which enabled us to take advantage of incremental demand, even in these most dynamic times.

"It is extremely rewarding that even in this challenging environment, the company’s experienced management team continued to react quickly to capitalize on opportunities to reach these new record levels of revenue and earnings. In addition, third quarter operating margins significantly improved from the second quarter, reaching a very strong 20.5%, and operating cash flow was $398 million, a clear confirmation of the quality of the company’s earnings. The company continues to deploy its financial strength in a variety of ways to increase shareholder value. To that end, the company purchased 1.9 million shares of its common stock during the quarter for $202 million and paid dividends of $75 million. In addition, the board of directors has approved a 16% increase in our quarterly dividend, from $0.25 to $0.29 per share.

"As we look ahead, the global economy remains very uncertain, and the continuing Covid-19 pandemic appears to be worsening in some regions of the world. Given the current demand environment and assuming no new material disruptions from the pandemic as well as constant exchange rates for the fourth quarter 2020, we expect sales to be in the range of $2.16 billion to $2.2 billion and adjusted diluted EPS in the range of $0.98 to $1.00. For the full year 2020, we expect sales in the range of $8.333 billion to $8.373 billion, an increase of 1% to 2% over 2019, and adjusted diluted EPS to be in the range of $3.59 to $3.61, which is a decrease of 3% to 4% over 2019."