Amphenol Corporation Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Q1 2022 sales reached $2.95B, up 24% year-over-year (YoY) in USD and 17% organically compared to Q1 2021.
  • GAAP diluted EPS: $0.68, up 28% YoY; Adjusted diluted EPS: $0.67, up 29% YoY.
  • Record quarterly orders of $3.441B (up 26% YoY), yielding a strong book-to-bill ratio of 1.17.
  • Operating margin: 20.0%, up 40 bps YoY despite inflation and supply chain disruptions.
  • Free cash flow: $274M, or 65% of adjusted net income.
  • Amphenol repurchased 2.6M shares for $78 average price; total shareholder returns exceeded $320M.
  • Net leverage ratio remained low at 1.3x EBITDA.

Segment Performance (vs. Q1 2021)

  • Harsh Environment Solutions
    • Sales: $728M, up 16% (USD and organic).
    • Operating margin: 25.2%.
  • Communications Solutions
    • Sales: $1.32B, up 28% USD / 21% organic.
    • Operating margin: 21.4%.
  • Interconnect & Sensor Systems
    • Sales: $904M, up 25% USD / 13% organic.
    • Operating margin: 17.7%.

End Market Results

  • Military (10% of sales)
    • Sales +7% YoY, +1% organic.
    • Slight sequential decline (-2%).
    • Q2 outlook: modest growth.

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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: 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 2022 conference call. Our first quarter results were released this morning. I will provide some financial commentary and then Adam will give an overview of the business and current strategies, then we will take questions. As a reminder, during the call, we may refer to certain non-GAAP financial measures and make certain forward-looking statements, so please refer to the relevant disclosures in our press release for further information. In addition, as previously announced, effective January 1, 2022, we aligned our businesses into three new reportable segments. Effective for the first quarter of 2022, we are reporting results for these new segments as well as the relevant comparable historical financial data. The company closed the first quarter with sales of $2.95 billion and GAAP and adjusted diluted EPS of $0.68 and $0.67, respectively. First quarter sales were up 24% in US dollars, 25% in local currencies and 17% organically compared to the first quarter o

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