Amphenol profit beats estimates; raises full-year forecast
(Reuters) - Electronic connector maker Amphenol Corp (APH.N) reported a better-than-expected profit as declines in its defense and wireless markets were offset by strength in its other sectors, and raised its full-year forecast for the second time.
Amphenol shares rose 16 percent to $59.69, making them one of the top percentage gainers on the New York Stock Exchange.
Shares of rivals TE Connectivity (TEL.N) were up 4 percent at $32.22 while Molex Inc MOLX.O shares rose more than 5 percent to $24.46.
Amphenol, which makes connectors used in information technology, telecommunications, military and aerospace, said a surge in high-technology applications across its markets is expected to boost demand.
"Amphenol executed well in a challenging environment and we believe the company is outperforming its peers," Topeka Capital Markets analyst Brian White said in a research note to clients.
TE Connectivity on Tuesday forecast weaker-than-expected third-quarter revenue, citing a weak euro and lower demand in its networks segment.
Amphenol, known for brands like namesake Amphenol, Times Fiber, Tuchel, and Socapex, expects full-year earnings of $3.38 to $3.44 per share, up from $3.30 to $3.38 per share.
It expects full-year revenue of $4.21 billion to $4.25 billion, up from $4.11 billion to $4.19 billion.
(Reporting by Bijoy Koyitty with Ritika Rai in Bangalore; Editing by Sreejiraj Eluvangal)
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