Amphenol beats Q2 revenue on steady demand for defense, communication equipment
July 24 (Reuters) -Electronic equipment maker Amphenol APH.N beat market estimates for second-quarter sales on Wednesday, on the back of growing demand for defense and communication equipment.
Amid the dynamic geopolitical environment, countries across the globe are expanding their investments in next-generation defense technologies.
Amphenol makes equipments such as connectors and sensor systems that are used in automobile, industrial and defense sectors.
Shares of the Wallingford, Connecticut-based company rose 2.5% in premarket trading.
The company posted revenue of $3.61 billion for the three months ended June 30, compared with an estimate of $3.4 billion, according to LSEG data.
With the acquisition of Carlisle Interconnect Technologies and its recent plan to buy outdoor wireless network and antenna systems business from CommScope COMM.O for $2.1 billion, Amphenol has been on an acquisition spree to broaden its existing portfolio.
Amphenol's information technology and data communications segment reported revenue of $1.44 billion in the second quarter, driven by growing demand for products used in artificial intelligence data centers.
It forecast third-quarter revenue in the range of $3.70 billion to $3.80 billion, compared with expectations of $3.71 billion.
On an adjusted basis, Amphenol expects profit in the range of 43 cents to 45 cents, the mid-point of which is in line with analysts' estimates.
Amphenol's board approved a 50% rise in quarterly dividend to 16 cents from 11 cents, which will be paid on Oct. 9.
Reporting by Priyanka.G in Bengaluru; Editing by Krishna Chandra Eluri
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