Amphenol Sees Q2 Adj. EPS In Line Or Above Market; Plans $2 Bln Buyback; Stock Up In Pre-market

(RTTNews) - Amphenol Corp. (APH), while reporting higher first-quarter results, on Wednesday said it sees higher adjusted earnings in its second quarter, in line or above market estimates.

On April 23, the Company's Board of Directors approved a new three-year, $2 billion open market stock repurchase plan.

In pre-market activity on the NYSE, Amphenol shares were gaining around 4 percent to trade at $118.74.

For the second quarter, the company expects adjusted earnings per share to be in the range of $0.79 to $0.81, representing a 10% to 13% increase from last year.

Amphenol expects second-quarter sales to be in the range of $3.24 billion to $3.30 billion. This represents a 6% to 8% increase over the prior year quarter.

Analysts on average expect the company to report earnings of $0.79 per share on sales of $3.26 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

In its first quarter, Amphenol's profit increased from the same period last year and beat the Street estimates.

The company's earnings came in at $548.7 million, or $0.87 per share. This compares with $439.2 million, or $0.71 per share, in last year's first quarter.

Analysts expected the company to earn $0.73 per share.

The company's revenue for the quarter rose 9.8% to $3.26 billion from $2.97 billion last year.

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