Amphenol Corp. (APH), founded in 1932 and headquartered in Wallingford, Connecticut, has been built upon a worldwide vision of connecting people with technology. Amphenol is one of the largest manufactures of interconnect products in the world. They manufacture electrical, electronic and fiber optic connectors, interconnect systems, and coaxial and flat-ribbon cable for a diverse group of vital industries.
Served Markets
1. Military and Commercial Aerospace represent 24% of Amphenol’s sales. Amphenol is the world leader in the production of high performance interconnect systems for military and commercial aerospace harsh environment applications. From Amphenol website: “Nowhere is high performance more important than in the extreme condition of outer space. That’s why the International Space Station has relied on Amphenol interconnects since 1998.”
2. Information Technology and Data Communication produces 19% of Amphenol’s sales. Amphenol is a global supplier of interconnect products for internet enabling systems. From Amphenol’s website: “Amphenol knows its way around the corporate datacenter. With expertise in all areas of interconnect solutions for high speed computing and data storage virtually all internet traffic passes through an Amphenol interconnect somewhere along its path.”
3. Mobile Devices generate 16% of Amphenol’s sales. Amphenol manufactures essentially all of the interconnect devices found in mobile phones, PDA’s and other mobile devices. Amphenol states that their components can be found in more than 50% of the world’s mobile phones. From Amphenol’s website: “There is good chance an Amphenol component is helping you make that next phone call. In 2007 more than half of the world’s 1.1 billion produced phones included at least one Amphenol component.”
4. Mobile Networks produce 16% of Amphenol’s sales. Amphenol provides products and solutions to the wireless infrastructure market to include cellular base stations, switches, wireless routers, and antenna systems as well as transceivers, filters, and amplifiers across all standards. From Amphenol’s website: “Amphenol is the only company that can support the entire interconnect requirements of a cellular infrastructure system.”
5. Broadband Communication generates 10% of Amphenol’s sales. Amphenol is a world leader in broadband cable television communication products. They offer coaxial cable, interconnect devices, and fiber optic components, as well as, radio frequency connectors deployed on equipment ranging from digital set-top boxes to cable modems and other devices. Amphenol is a leader in broadband communications. From Amphenol’s website: “In one year, Amphenol Times Fiber Communications produces almost enough cable to reach from the earth to the moon and back.”
6. Industrial Applications produce 9% of Amphenol’s sales. The segment provides interconnect systems for medical equipment, factory automation, heavy equipment, instrumentation, motion control, rail mass transportation and natural resource exploration. From Amphenol’s website: “Lighting the Eiffel tower was no easy task. The job took 3 months, 20 mountain climbers, 800 strings of lights weighing 44,000 lbs. and some seriously high performance connectors.”
7. Automotive Safety devices generate 6% of Amphenol’s sales. Amphenol invented airbag and seatbelt pretensioner interconnect systems. In addition Amphenol provides advanced interconnect solutions for the expanding electronics in automobiles. From Amphenol’s website: “One Amphenol hybrid car connector handles as much electrical power as a small townhouse complex. Bringing this power safely to the road requires complete water tightness, vibration protection and shielding.”
We believe Amphenol is best of breed in the connectors segment of the electronics supply industry. Their two primary business segments are Interconnect Products and Assemblies that account for 91% of revenues and Cable Products make up the remaining 9%. With strong and persistent margins, we believe Amphenol is clearly the best managed company versus their main competitors. Figure 1 depicts Amphenol’s operating excellence via earnings per share growth since calendar year 2000.
In the same time frame and economic environment, Amphenol grew earnings per share from $.65 in 2000 to $1.74 estimate for 2009, for a compounded growth of 18.3%. While Molex saw earnings per share shrink from $1.13 per share in 2000 to only $.30 per share in 2009. This is a clear testament to how well Amphenol is managed.
Figures 3 & 4 overlay stock prices and calculate comparative shareholder returns for both companies. Take special note how stock prices correlate and track earnings for both companies.

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