Amphenol forecasts upbeat quarterly results on strong demand for electronic equipment
(Reuters) -Amphenol forecast third-quarter results above Wall Street estimates on Wednesday, after seeing strong demand for its products such as cables, sensors and antennas, sending its shares up 4%.
Massive investments by technology and defense firms in new technologies like artificial intelligence, which require significant computing infrastructure, have boosted demand for Amphenol's equipment.
The company's communications solutions segment, which makes high-speed cable and antennas, reported sales of $2.91 billion in the second quarter, more than doubling its sales from a year ago.
Total second-quarter sales were $5.65 billion, above estimates of $5.04 billion, according to data compiled by LSEG.
The Connecticut-based company forecast third-quarter revenue between $5.4 billion and $5.5 billion, a growth of about 34% to 36% from a year ago. Analysts expected $5.25 billion.
Amphenol also projected quarterly adjusted earnings per share between 77 cents and 79 cents, above expectations for 69 cents.
Amphenol provides high-speed cables, sensors and antenna solutions for end markets such as automotive, commercial aerospace, defense, industrial and data communications.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Sahal Muhammed)
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