Ah, the joys of a well-executed roll-up strategy in a growing but fragmented market. That has been the winning formula for Amphenol (NYSE:APH - News ), a maker of connectors for electronic and fiber-optic systems that has combined internal growth with growth through acquisition to triple sales since 2002. A skilled hand at boosting margins at acquired firms, Amphenol has grown earnings even more swiftly. The firm recently raised earnings estimates for this year to $2.34-$2.38 a share. That's over five times the 46 cents it earned in 2002. Amphenol's connectors, which allow the mating of different elements within a broad range of electronic products, have been in demand. With strong sales to military, commercial aerospace and mobile device customers leading the way, Amphenol posted record sales and profits in the June quarter,...
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