Amphenol Corporation reported first quarter 2016 diluted earnings per share of $0.59 (excluding one-time items) compared to first quarter 2015 results of $0.57.
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On an as reported basis, first quarter 2016 diluted earnings per share was $0.50.
Such per share amount for the 2016 quarter includes a charge for acquisition-related costs of $30 million ($0.09 per share) relating to the acquisition of FCI Asia Pte Ltd (FCI) on January 8, 2016.
Acquisition-related costs include external transaction costs, amortization related to the value associated with acquired backlog and restructuring charges.
Sales for the first quarter of 2016 were $1.451 billion compared to $1.327 billion for the 2015 period. Currency translation had the effect of decreasing sales by approximately $20 million in the first quarter of 2016 compared to the 2015 period.
Amphenol president and chief executive officer, R. Adam Norwitt, stated, "We are very pleased to report results above the high end of our guidance despite the challenging economic environment, with first quarter 2016 sales and EPS excluding one-time items of $1.451 billion and $0.59, respectively.
"Compared to the first quarter 2015, sales increased by 9%, driven by contributions from the Company’s successful acquisition program, with growth in the mobile networks, information technology and data communications, industrial and automotive markets offset in part by modest declines in the mobile devices and military markets.
"I am particularly pleased that FCI had an excellent first quarter as part of the Amphenol family, and we look forward to continuing to work with the FCI team to capitalize on the wide range of future opportunities to drive stronger performance.
"Our unique entrepreneurial culture continues to enable strong operating results, as reflected in the Company’s operating margins excluding one-time items reaching 18.6% in the first quarter 2016.
"This excellent profitability, especially considering the currently lower operating margins of FCI, is a direct result of our dynamic management team’s ability to drive disciplined operational execution together with an unrelenting focus on all elements of cost.
"Operating cash flow in the quarter was $194 million, an outstanding performance and a clear confirmation of the quality of the Company’s earnings.
"I am very proud of our organization as we continue to execute extremely well, despite an uncertain market environment." ■