Amphenol Corporation (APH) yesterday reported sales of $716.6 million in the third quarter of 2009, down 17% from a year ago but up 5% sequentially, which surpassed management’s guidance range of $670 million – $685 million. The sequential growth in revenues was attributed to solid demand in the information technology and data communications equipment, mobile devices and automotive market. However, the unfavorable movement in exchange rates negatively impacted the top-line by 1% or $9.9 million in the reported quarter. Operating margin improved to 17.3% from 16.9% in the previous quarter and 19.8% in the year-ago quarter. The sequential improvement was due to cost reduction actions undertaken by the management. Management is taking steps to improve operating performance amidst challenging economic conditions. The company has reduced its headcount by about 6000 or approximately 17% of its workforce. On the cost front, while productivity improvements and ...