Amphenol Corporation Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Headline Results

  • Q1 2024 sales: $3.256B, up 9% YoY in USD (10% in local currencies, 6% organically). Sequentially down 2%.
  • Adjusted diluted EPS: $0.80, up 16% YoY (from $0.69). GAAP EPS: $0.87, up 23% YoY.
  • Orders: $3.348B, up 16% YoY and 66% sequentially; book-to-bill 1.03.
  • Adjusted operating margin: 21%, up 90 bps YoY, down 20 bps sequentially.
  • Operating cash flow: $599M (120% of adjusted net income). Free cash flow: $506M (101% of adjusted net income).

Segment Performance (vs. Q1 2023)

  • Harsh Environment Solutions: $916M revenue, +7% USD (+3% organic); 26.7% margin.
  • Communications Solutions: $1.266B revenue, +12% USD (+11% organic); 22.6% margin.
  • Interconnect & Sensor Systems: $1.075B revenue, +8% USD (+2% organic); 18.2% margin.

Market Performance and Trends

Defense (11% of sales)
  • +13% YoY (+11% organic), driven by broad-based strength.
  • Sequentially -2%, better than expected.
  • Q2 outlook: modest sequential increase.
Commercial Aerospace (4% of sales)
  • +20% YoY (USD and organic); strong across all aircraft applications.
  • Sequential +11%, much stronger than expected.
  • Q2 outlook: modest pullback from strong Q1 levels.
Industrial (25% of sales)

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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, and you may begin. Craig Lampo: Thank you very much. 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 2024 conference call. Our first quarter 2024 results were released this morning and I will provide some financial commentary, and then Adam will give an overview of the business and current market trends. Then we will take questions. As a reminder, during the call, we may refer to certain non-GAAP financial measures and make some forward-looking statements. So please refer to the relevant disclosures in our press release for further information. The company closed the first quarter with sales of $3.256 billion and adjusted diluted EPS of $0.80. First quarter sales were up 9% in U.S. dollars, 10% in local currencies and 6% organically compared to the first quarter of 2023. Sequentially, sales were down 2% in U.S. dollars, 2% in local currencies and 4% organically. Adam will comment further on trends by market in a few minutes. Orders in the quarter were $3.348 billion, up 16% compared to the first quarter of 2023 and 66% sequentially

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