Amphenol Corporation Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Record quarterly sales of $2.654 billion, up 34% year-over-year (YoY) and 12% sequentially.
  • Organic growth of 22% YoY and 7% sequentially.
  • Record orders of $3.120 billion, 50% above Q2 2020 and 14% above Q1 2021, resulting in a strong book-to-bill ratio of 1.18.
  • GAAP diluted EPS of $0.59 (up 40% YoY); adjusted diluted EPS of $0.61 (up 53% YoY), a new company record.
  • Adjusted operating margin of 20%, an improvement of 200 basis points YoY and 40 basis points sequentially.
  • Free cash flow of $307 million (81% of adjusted net income).

Segment Performance

  • Interconnect segment (96% of sales): Sales up 34% YoY in USD; operating margin improved to 22% (from 20% YoY).
  • Cable segment (4% of sales): Sales up 27% YoY in USD; margins declined to 6.1% (from 9.4% YoY) due to commodity and logistics cost pressures.

Market Performance

  • Military (11% of sales): Up 45% YoY; strong sequential growth of 12%. Expected to remain at elevated levels.
  • Commercial Aerospace (2%): Up 7% YoY due to acquisitions but down 14% organically. Sequential growth of 19%. Slight seasonal moderation expected.
  • Industrial (27%): Up 54% YoY and 28% organically. Strength across most subsegments. Sequential growth of 26%. Expected to remain strong despite seasonal trends.

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Operator: Hello and welcome to the Second Quarter Earnings Conference Call for Amphenol Corporation. Following today’s presentation, there will be a formal question-and-answer session. Until then, all lines will remain in a listen-only mode. At the request of the company, today’s conference is being recorded. If anyone has any objections, you may disconnect at this time. Now, I would 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 second quarter 2021 conference call. Our second 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. And then we’ll take some questions. As a reminder, during the call, we may refer to certain non-GAAP financial measures and may make certain forward-looking statements. So please refer to the relevant disclosures in our press release for further information. In addition, all data discussed during this call will be on a continuing-operations basis unless otherwise noted. The company closed the second quarter with record sales of $2.654 billion, and GAAP and adjusted diluted EPS of $0.59 and $0.61 respectively. Sales were up 34% in U.S. dollars, 30% in local currencies and 22% organically compared to the second quarter of 202

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