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April 20, 2016

Deal amps Amphenol's 1Q sales, cuts net

Submitted photo Amphenol's oval contact system connector is one of many products it makes.
By Joe Cooper

Wallingford manufacturer Amphenol Corp. posted greater first-quarter sales of its electronic cabling-connector products, thanks to its latest acquisition that also contributed to lowering its net income for the period.

For three months ended March 31, Amphenol said Wednesday it netted $156.6 million, or 50 cents a diluted share, vs. $179.8 million, or 57 cents a share, netted the same quarter last year.

Amphenol’s first-quarter net reflected $30 million in costs incurred in the period associated with its January acquisition of overseas cabling-products rival FCI Asia Pte Ltd. for $1.28 billion, President and CEO R. Adam Norwitt said.

First-quarter revenue climbed to $1.45 billion vs. $1.33 billion a year ago.

FCI and other acquisitions of late contributed to the 9 percent climb in first-quarter sales, Norwitt said.

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