Amphenol is benefiting from improved end-market demand in automotive, mobile networks and military markets. The diversification in end markets with a consistent focus on technology innovation and customer support through all phases of the economic cycle further enable the company to post strong results. A balanced organic and inorganic growth model, a lean and flexible cost structure, and an agile and entrepreneurial management team remain positives. The company has historically returned significant cash through a combination of share repurchases and dividend to reward shareholders with risk-adjusted returns. Management raised its earlier guidance and has bullish revenue and earnings expectations for 2017. Amphenol has also outperformed the industry in the last three months. However, Amphenol is susceptible to volatility in foreign exchanges, which undermines its growth potential to some extent.