Benzinga | Jul 28, 2021 12:48PM EDT

Amphenol Beats On Q2 Earnings, Posts Robust Q3 Guidance

* Amphenol Corp (NYSE:APH) reported second-quarter FY21 sales growth of 33.5% year-on-year to $2.65 billion, beating the analyst consensus of $2.48 billion.

* Sales increased by a substantial 34% in the quarter, with growth driven in particular by the automotive, industrial, military, and broadband markets and contributions from the company's acquisition program, CEO R. Adam Norwitt stated.

* Sales from Interconnect Products and Assemblies grew 33.9% Y/Y to $2.54 billion. The segment operating margin expanded 200 basis points to 22%.

* Cable Products and Solutions sales rose 26.5% Y/Y to $112.6 million. The segment operating margin contracted 330 basis points to 6.1%.

* The consolidated operating margin remained flat at 17.9%.

* Non-GAAP EPS of $0.61 beat the analyst consensus of $0.55.

* Amphenol generated $411 million in operating cash flow and held $1.2 billion in cash and equivalents.

* The company repurchased shares worth $167 million and paid dividends worth $87 million in Q2. It completed the acquisition of Unlimited Services.

* Outlook: Amphenol sees Q3 sales of $2.64 billion - $2.7 billion, above the analyst consensus of $2.57 billion.

* It sees non-GAAP EPS of $0.60 - $0.62, above the analyst consensus of $0.59.

* Price action: APH shares traded higher by 1.21% at $71.24 on the last check Wednesday.