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October 23, 2024

CT manufacturer reports record quarterly sales amid acquisition spree; stock price up 45% since start of year

Photo | Michelle Tuccitto Sullo Amphenol headquarters in Wallingford.
By Greg Bordonaro

Wallingford-based manufacturer Amphenol Corp., which has been on an acquisition spree in recent years, has closed its latest deal, the company announced Wednesday. 

Amphenol, a maker of electronic and fiber optic connectors, said it finalized the purchase this month of Lutze Europe, a German-based company with $100 million in annual sales that makes harsh environment cable and cable assembly products for high-technology applications in the industrial market. 

Amphenol previously acquired Lutze’s U.S. business as well. 

Financial terms of the deal weren’t disclosed.

This is the latest acquisition for Amphenol, which has been aggressively expanding through M&A activity. 

Its other acquisitions have included Illinois-based PCTEL Inc., a publicly traded global provider of antennas; Oregon-based Connor Manufacturing Services; Q Microwave of California; and New Hampshire-based XMA Corp.

It also is working to finalize its previously announced purchase of CommScope’s mobile networks businesses for $2.1 billion. 

That deal, which is expected to close in the first quarter of 2025, includes the purchase of CommScope’s outdoor wireless networks and distributed antenna systems businesses.

Amphenol on Wednesday also announced it posted record sales of $4.04 billion during the third quarter of 2024, up 23% from a year earlier. 

Its profits for the quarter totaled $604.4 million, or 48 cents per share, up 17.6% from the year-ago period. 

Amphenol President and CEO R. Adam Norwitt said the higher sales were “driven by robust organic growth in the IT datacom, mobile networks, mobile devices, commercial air and defense markets, as well as contributions from the company’s acquisition program.”

The company said it also conducted a share repurchase during the third quarter, buying 2.7 million shares of its common stock for $176 million. It also paid dividends of $132 million.

Amphenol’s stock price in early morning trading was up 3.9% as of 9:50 a.m. to $70.93. The company’s stock price began the year at around $48.99. 

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