Amphenol Beats On Q2 Earnings, Posts Robust Q3 Guidance

Amphenol Corp 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.