Amphenol Corporation Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Record Q1 2026 sales of $7.6 billion, up 58% year-over-year (YOY) and 18% sequentially. Organic growth was 33% YOY and 4% sequentially.
  • Adjusted diluted EPS reached a new record at $1.06, up 68% YOY (from $0.63).
  • GAAP diluted EPS was $0.72, up 24% YOY.
  • Record quarterly orders of $9.435 billion, up 78% YOY and 12% sequentially. Book-to-bill ratio: 1.24.
  • Adjusted operating margin was 27.3%, up 380 bps YOY and down 20 bps sequentially.
  • CommScope acquisition was incorporated this quarter, contributing to substantial growth and a modest margin dilution.

Financial Performance Highlights

  • GAAP operating income: $1.8 billion; adjusted operating income: $2.1 billion.
  • Acquisition-related costs totaled $249 million, including $179 million amortization and $70 million transaction costs.
  • Adjusted effective tax rate: 27%, compared to 24.5% in Q1 2025. Increase primarily due to unfavorable rulings in a China tax matter.
  • Operating cash flow: $1.1 billion (120% of net income). Free cash flow: $831 million (89% of net income).
  • Share repurchases: 1.3 million shares for ~$140 average price. Total shareholder return including dividends: $485 million.
  • Net debt: $14.2 billion; total liquidity: $7.6 billion.

Segment Results (vs. Q1 2025)

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Operator: Hello, and welcome to the First Quarter 2026 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 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 2026 conference call. Our first quarter 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, and then, of course, we'll take your 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. The company closed the first quarter of 2026 with record sales of $7.6 billion and GAAP and adjusted diluted EPS of $0.72 and $1.06, respectively. First quarter sales were up 58% in U.S. dollars, 57% in local currencies, and 33% organically compared to the first quarter of 2025. Sequentially, sales were up 18% in U.S. dollars and in local currencies and up 4% organically. Adam will comment further on trends by market in a few minutes. Orders in the quarter were a record $9.435

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