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Amphenol Delivers Strong Q2 Results, Provides Q3 Guidance

Amphenol (APH) reported stronger-than-expected Q2 results, topping both earnings and sales estimates driven by strong growth in major markets and a positive impact from acquisitions. Shares of the producer of electronic and fiber-optic connectors gained 0.54% on July 28 to close at $70.77.

The company reported a 53% increase in adjusted earnings to $0.61 per share, beating analysts’ expectations of $0.55 per share. Net Sales of $2.65 billion grew 34% year-over-year and exceeded the consensus estimate of $2.48 billion. The increase was attributable to growth in automotive, industrial, military, and broadband markets. (See APH stock charts on TipRanks)

Amphenol CEO R. Adam Norwitt commented, “We remain focused on expanding our growth opportunities through a deep commitment to developing enabling technologies for customers across our served markets, an ongoing strategy of market and geographic diversification and an active and successful acquisition program.”

Looking ahead, the company provided guidance for the third quarter. The company forecast adjusted earnings in the range of $0.60 to $0.62 per share, while the consensus estimate is pegged at $0.59 per share. Net sales are forecast to grow between 14 and 16% and be in the range of $2.64 – $2.7 billion.

Following the strong Q2 results, Morgan Stanley analyst Craig Hettenbach reiterated a Hold rating and increased the price target on Amphenol from $70 to $75 (6% upside potential).

Overall, the stock has a Moderate Buy consensus rating based on 5 Buys and 2 Holds. The average Amphenol price target of $77.43 implies 9.4% upside potential from current levels. Shares of APH have jumped 33.7% over the past year.

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