Amphenol Profit Tops Estimates - Update

(RTTNews) - Fiber optic connector maker Amphenol Corp. (APH), Wednesday reported an increase in fourth-quarter profit, due mainly on increased sales and lower income tax expense, with results topping Wall Street estimates.

Amphenol detailed some weak adjusted earnings outlook for the first quarter while its fiscal 2014 earnings guidance is indicated to come in line with Wall Street expectations.

The guidance comes amid Amphenol predicting continued volatility on the global economic front.

Amphenol provides electrical, electronic, and fiber optic connectors; interconnect systems; and coaxial and specialty cables.

The Wallingford, Connecticut-based company posted quarterly net income of $168 million or $1.04 per share, compared with $140 million or $0.86 per share last year.

Excluding items, adjusted earnings for the quarter were $1.05 per share, compared with $0.94 per share a year ago.

On average, 15 analysts polled by Thomson Reuters expected earnings of $0.99 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the fourth quarter climbed to $1.25 billion from $1.15 billion a year ago. Analysts expected sales of $1.17 billion for the quarter.

Currency translation favorably impacted sales by $7.5 million in the recent quarter, the company said.

Income tax expense for the quarter was lower at $60 million, compared with about $67 million last year.

During the quarter, Amphenol closed four acquisitions aggregating $455 million, including the purchase of the Advanced Sensors business of General Electric (GE).

For the first quarter, Amphenol expect adjusted earnings in the range of of $0.93 to $0.96 per share and sales of $1.18 billion to $1.21 billion. Analysts currently estimate earnings of $0.97 per share on sales of $1.16 billion for the quarter.

For fiscal year 2014, the company expects adjusted earnings in the range of $4.15 to $4.27 per share and sales of $5 billion to $5.12 billion. Analysts currently expect earnings of $4.21 per share on sales of $4.90 billion for the year.

Amphenol stock is trading at $90.29, down $0.75 or 0.82%, on a volume of 283 thousand shares on the NYSE.S