Amphenol's 1st-quarter profit up 21 percent

WALLINGFORD, Conn. (AP) -- Amphenol Corp., which makes fiber-optic cables, reported Thursday that its first-quarter net income jumped nearly 21 percent with help from stronger sales and a tax benefit.

The company, based in Wallingford, Conn., earned $153 million, or 94 cents per share, for the period that ended March 31. That is compared with $126.6 million, or 77 cents per share, earned in the same quarter of the prior year. After adjusting for a tax benefit, it earned 87 cents per share in the most recent quarter.

Amphenol's revenue increased 10 percent to $1.08 billion from $982 million. Unfavorable currency exchange rates hurt its revenue by $2 million for the most recent quarter.

Analysts polled by FactSet expected the company to earn 86 cents per share on revenue of $1.07 billion.

Amphenol President and CEO R. Adam Norwitt said sales growth during the quarter was driven by gains in nearly all of its markets — in particular by demand from the mobile device, commercial aerospace, broadband communications and industrial markets — and despite the continuing high levels of uncertainty in most of the world's economies.

The company forecast second-quarter adjusted earnings of 92 to 95 cents per share on revenue between $1.12 billion to $1.14 billion. Analysts had forecast earnings of 94 cents per share on revenue of $1.15 billion.

Amphenol also increased its full-year forecast. It now expects to earn between $3.76 and $3.85 per share on an adjusted basis for 2013 on revenue between $4.58 billion and $4.66 billion. This is up from its prior guidance of earnings between $3.72 and $3.84 per share on revenue between $4.56 billion and $4.66 billion. Analysts had forecast earnings of $3.83 per share on revenue of $4.63 billion for the year.

Shares of Amphenol added 56 cents to reach $72.82 in afternoon trading amid a broader market drop. Its stock remains at the higher-end of its 52-week trading range of $50.89 to $74.92.