Amphenol Corporation Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Quarterly Performance Highlights

  • Q4 sales reached $3.327 billion, up 3% year-over-year (YoY) in USD and up 4% sequentially.
  • Organic sales declined 1% YoY, but grew 2% sequentially.
  • Record adjusted diluted EPS of $0.82, up 5% YoY compared to $0.78 in Q4 2022.
  • GAAP diluted EPS was $0.83, up 1% YoY.
  • Record adjusted operating margin of 21.2%, up 30 bps YoY and 40 bps sequentially.
  • Orders were $3.164 billion, up 10% YoY; book-to-bill was 0.95.
  • Record operating cash flow of $842 million (162% of adjusted net income) and record free cash flow of $739 million.

Full-Year 2023 Highlights

  • Sales of $12.555 billion, down 0.5% YoY in USD and down 3% organically.
  • Adjusted operating margin was 20.7%, flat versus 2022’s record level.
  • Record operating cash flow of $2.529 billion and record free cash flow of $2.160 billion.
  • GAAP EPS was a record $3.11, up 2% YoY; adjusted EPS was a record $3.01, up slightly from $3.00 in 2022.
  • The company repurchased 7.2 million shares in 2023 and returned $1.86 billion to shareholders.

Segment Performance (Q4 YoY)

  • Harsh Environment Solutions: Sales $900 million, up 13% (6% organic); operating margin 26.5%.
  • Communications Solutions: $1.345 billion, down 6% (down 7% organic); operating margin 23.1%.

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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 introduce your conference host, Mr. Craig Lampo, 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 wish everyone a Happy New Year, and welcome you to our fourth quarter of 2023 conference call. Our fourth quarter and full year 2023 results were released this morning. 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. The company closed the fourth quarter with sales of $3,327 million and record adjusted diluted EPS of $0.82. Fourth quarter sales were up 3% in U.S. dollars, 2% in local currencies and down 1% organically compared to the fourth quarter of 2022. Sequentially, sales were up 4% in U.S. dollars, 4% in local currencies and 2% organically. Adam will comment

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