Amphenol Corporation (NYSE:APH) reported its second quarter earnings results on Wednesday 22nd July 2020 before market open.
The manufacturer of diversified electronic products, reported $ 0.85 income per share for the quarter
On adjusted basis, Amphenol Corporation reported income for the quarter of $ 0.81 per share, beat the consensus estimate of $ 0.63 income per share by $ 0.18 or 28.57 percent.
The quarterly earnings dropped 8.60 percent compared with the same quarter last year.
The firm had revenue of $ 1,987.50 million for the quarter, compared to the consensus estimate of $ 1759.20 million. The revenues outshined analysts estimates by $ 228.30 million or 12.98 percent.
The financial report showed revenues decreased 1.38 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Amphenol President and Chief Executive Officer, R. Adam Norwitt, stated, The COVID-19 pandemic continued to negatively impact our business in the second quarter 2020 as certain customers experienced reduced demand and several of our facilities faced production constraints related to government restrictions adopted to mitigate the spread of the virus. Amidst these very challenging conditions, our team drove results that exceeded our expectations, all while prioritizing the safety and health of our employees worldwide.
As we look ahead, the continued and significant economic and public health uncertainties created by the COVID-19 pandemic make it difficult to accurately forecast our performance in the second half of 2020. Accordingly, we are once again not providing full-year sales and EPS guidance.
However, considering the current demand environment and assuming no new material disruptions from the pandemic as well as constant exchange rates, Amphenol Corporation announced revenue outlook for 3Q20 to a range of $ 1960.00 million ~ $ 2000.00 million, At the same time, earnings estimate in a range of $ 0.84 ~ $ 0.86 per share.
Wall street analysts expected 3Q20 income of $ 0.75 per share on revenue of $ 1903.89 million.
