Amphenol Corporation Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance

  • Q1 sales reached $2.377 billion, up 28% year-over-year (YOY) in USD and 23% organically. Sequentially, sales declined 2%.
  • GAAP diluted EPS: $0.53 (up 33% YOY). Adjusted diluted EPS: $0.52 (up 49% YOY).
  • Orders grew to a record $2.734 billion, up 27% YOY and 9% sequentially, with a strong 1.15 book-to-bill.
  • Operating margin was 19.6%, up 260 bps YOY but down 100 bps sequentially due to lower sequential sales and supply chain/commodity headwinds.
  • Free cash flow: $243 million, representing 74% of net income.
  • Share repurchases totaled 2.4 million shares for $153 million. A new $2 billion, 3-year repurchase authorization was approved.

Segment Performance

  • Interconnect segment (96% of sales): up 28% YOY.
  • Cable segment (4% of sales): up 17% YOY.
  • Interconnect margin: 21.5%, up from 19.1% YOY.
  • Cable margin: 8.8%, up from 7.6% YOY.

Market Trends and End Markets

  • Military (11% of sales): up 3% YOY, flat organically. Sequentially down 3%. Expected to grow double digits in Q2 with MTS Sensors contribution.
  • Commercial Aerospace (2%): down 47% YOY. Sequential decline moderated to 3%. Slight Q2 improvement expected due to acquisitions.

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Operator: Hello, and welcome to the First Quarter Earnings Conference Call for Amphenol Corporation. [Operator Instructions]. At the request of the company, today's conference is being recorded. If anyone has any objections, you may disconnect at this time. I would now like to introduce today's conference host, Mr. Craig Lampo. Sir, you may begin. Craig Lampo: Thank you. Good afternoon, everyone. This is Craig Lampo, Amphenol's CFO. And I'm here together with Adam Norwitt, our CEO. We would like to welcome you to our first quarter 2021 conference call, and our first quarter 2021 results were released this morning. I will provide some financial commentary and then Adam will give an overview of the business as well as current trends. Then we will take questions. As a reminder, during the call, we may refer to certain non-GAAP financial measures and may make certain forward-looking statements. Please refer to the relevant disclosures in our press release for further information. In addition, as a result of our previously announced 2-for-1 stock split effective on March 4, 2021, all share and per share data discussed on this earnings call is on a post-split basis. The company closed the first quarter with sales of $2.377 billion and GAAP and adjusted diluted EPS of $0.53 and $0.52, respectively. Sales were up 28% in U.S. dollars, 25% local currencies and 23% organically compared to the first quarter of 2020. Sequentially, sales were down 2% in U.S. dollars, 3% in local currenc

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