Amphenol Corporation Q4 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • Record quarterly sales of $2.426 billion, up 13% year-over-year (11% organically) and up 4% sequentially.
  • Record GAAP diluted EPS of $1.15 (up 12% YoY) and adjusted diluted EPS of $1.13 (up 15% YoY).
  • Order intake of $2.512 billion, up 14% YoY, producing a book-to-bill ratio of 1.04.
  • Record quarterly operating cash flow of $441 million; free cash flow of $371 million.
  • Announced 2-for-1 stock split effective March 4, 2021.

Full Year 2020 Highlights

  • Total sales of $8.599 billion, up 5% YoY (2% organically).
  • Full-year GAAP diluted EPS of $3.91 (up 4% YoY); adjusted diluted EPS flat at $3.74.
  • Adjusted operating margin of 19.2%, down 80 bps vs. 2019 due to COVID-19 impacts in the first half.
  • Record full-year free cash flow of $1.328 billion.
  • Repurchased 6 million shares for $641 million.
  • Net leverage at year-end: 1.1x.

Segment Performance

  • Interconnect (96% of sales): up 14% YoY; margins improved to 22.5% (from 22.0% in Q4 2019).
  • Cable (4% of sales): down 4% YoY; margins at 10.3% (up from 10.0% YoY).

Key End-Market Commentary

  • Military (11% of Q4 sales): Up 1% YoY. Strong naval, space, avionics demand; ground and airframe weaker.
  • Commercial Air (2% of Q4 sales): Down ~50% YoY due to depressed travel and aircraft production.

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Operator: Hello, and welcome to the Fourth 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. 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 fourth quarter 2020 conference call. Our fourth quarter and full year 2020 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. Then we will take 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. The Company closed the fourth quarter with record sales of $2.426 billion, and record GAAP and adjusted diluted EPS of $1.15 and $1.13, respectively. Sales were up 13% in U.S. dollars and up 11% in local currencies and organically compared to the fourth quarter of 2019. Sequentially, sales were up 4% in U.S. dollars and 3% in local currencies and organically. Breaking down sales into o

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