Amphenol Corporation Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • Record Q2 sales of $3.137B, up 18% year-over-year (YoY) in USD and 18% organically. Sequentially up 6%.
  • Record GAAP EPS of $0.76 (+29% YoY) and adjusted EPS of $0.75 (+23% YoY).
  • Record quarterly orders of $3.449B; book‑to‑bill of 1.1.
  • Operating margin of 20.7%, up 280 bps YoY and 70 bps sequentially (GAAP).
  • Record operating cash flow ($543M) and free cash flow ($452M).
  • Completed acquisition of NPI Solutions, adding ~$65M in annual sales and strengthening industrial/semicap exposure.
  • Repurchased 2.7M shares for ~$70/share; total capital returned to shareholders was $305M.

Segment Performance (YoY)

  • Harsh Environment Solutions: $790M, +14% USD, +16% organic; 26.1% margin.
  • Communications Solutions: $1.378B, +24% USD, +19% organic; 22% margin.
  • Interconnect & Sensor Systems: $968M, +15% USD, +19% organic; 18.3% margin.

End-Market Performance and Commentary

  • Military (9% of sales): Down 2% YoY, flat organically. Sequential +3%. Expect modest growth in Q3.
  • Commercial Aerospace (3%): +32% YoY, +36% organic. Sequential +11% (above expectations). Expect seasonal decline in Q3 but strong YoY growth.

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Operator: Hello, and welcome to the second quarter earnings conference call for Amphenol Corporation. [Operator Instructions]. I would now like to introduce today's conference host, Mr. Craig Lampo. Sir, you may begin. Craig Lampo: Thanks. 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 2022 Conference Call. Our second quarter 2022 results were released this morning, and I will provide some financial commentary, and then Adam will give an overview of the business and current trends. 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, all data discussed during this call is on a continuing operations basis, including prior year comparative information. The company closed the second quarter with record sales of $3.137 billion and record GAAP and adjusted diluted EPS of $0.76 and $0.75, respectively. Second quarter sales were up 18% in U.S. dollars, 21% in local currencies and 18% organically compared to the second quarter of 2021. Sequentially, sales were up 6% in U.S. dollars, 8% in local currencies and 8% organically. Adam will comment further on trends by market in a few minutes. Orders in the quarter were a record $3.449 billion, which was up 11% compare

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