Electronic and fiber optic connector company Amphenol Corporation (NYSE:APH) reported a fiscal second-quarter 2024 sales increase of 18% year-on-year to $3.61 billion, beating the analyst consensus estimate of $3.38 billion.

Adjusted EPS of 44 cents topped the analyst consensus estimate of $0.41. The stock price slid after the print in sympathy with the semiconductor sector following mixed Tesla Inc (NASDAQ:TSLA) results. Amphenol stock lost 6% in the last 7 days driven by the broader semiconductor selloff following geopolitical tensions between U.S. and China and Presidential candidate Donald Trump's comments.

The adjusted operating margin for the quarter was 21.3% versus 20.4% a year ago.

Amphenol held $1.3 billion in cash and equivalents as of June 30.

Dividend: On July 23, Amphenol's board approved a 50% increase in its quarterly dividend from $0.11 to $0.165 per share.

CEO R. Adam Norwitt said, "Sales increased from prior year by 18%, primarily driven by growth in the IT datacom, defense, commercial air, mobile devices, mobile networks and automotive markets, as well as contributions from the Company's acquisition program, partially offset by organic moderations in the broadband and industrial markets."

Outlook: Amphenol expects third-quarter sales of $3.7 billion to $3.8 billion. This represents a 16% to 19% increase over the prior-year quarter, and the street view pegs expectations at $3.396 billion.

The company sees adjusted EPS of $0.43 – $0.45, representing a 10% – 15% increase Y/Y. The analyst consensus stands at $0.41.

Amphenol stock gained 59% in the last 12 months.