Financial Report Quick View | Amphenol's third quarter performance in 2024 hit a record high

Latest update time：2024-10-30

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Amphenol

Third quarter of 2024

R. Adam Norwitt, President and CEO of Amphenol Corporation, said:

We are pleased to see that we ended the third quarter of 2024 with record sales and adjusted diluted earnings per share, both exceeding our guidance targets. Sales increased 26% year-on-year, mainly driven by strong organic growth in IT data communications, mobile networks, mobile devices, commercial aviation and defense markets, as well as the company's acquisition program. This quarter, we once again achieved strong profitability, with adjusted operating profit margin reaching 21.9%, a record high. The company's outstanding performance this quarter makes us proud.

Amphenol continues to deploy its financial strength in a variety of ways to increase shareholder value. During the quarter, Amphenol repurchased 2.7 million shares of common stock for $ 176 million and paid $ 132 million in dividends, returning a total of $ 308 million of capital to shareholders.

Amphenol will continue to be committed to developing innovative technologies and serving customers in the market; continuously expanding markets, adopting a geographical diversification strategy, and actively carrying out successful acquisition programs to seek growth opportunities. To this end, the company is pleased to complete the previously announced acquisition of Lütze Europe in early October 2024. Lütze Europe, headquartered in Germany, has annual sales of approximately $100 million and is a value-added supplier of harsh environment cables and cable assembly solutions for high-tech applications in the industrial market. This acquisition, as well as the previously acquired Lutze US business, will be included in our Harsh Environment Solutions segment and reported. In addition, we are optimistic about the progress of the previously announced acquisition of OWN and DAS businesses from CommScope, and expect the acquisition project to be completed in the first quarter of 2025.

Fourth quarter and full year 2024 outlook

Assuming current market conditions and exchange rates remain constant, Amphenol expects fourth quarter 2024 sales to be between $3.94 billion and $4.05 billion , up 19% to 22% year-over-year. Adjusted diluted earnings per share are expected to be between $0.48 and $0.50 , up 17% to 22% year-over-year. For the full year 2024, Amphenol expects sales to be between $14.85 billion and $14.95 billion , up 18% to 19% year-over-year, and adjusted diluted earnings per share to be between $1.82 and $1.84, up 21% to 22% year-over-year. This guidance does not include the impact of pending acquisitions.

R. Adam Norwitt, President and CEO of Amphenol Corporation, said:

I am very pleased with the company's third quarter 2024 results. The revolution in the field of electronic products is still accelerating, and continuous innovation has created exciting growth opportunities for Amphenol in various diversified end markets. At the same time, Amphenol has expanded its high-tech interconnect product range through its own efforts and successful acquisition programs. The expanded technological advantages combined with our unique corporate culture have enhanced our competitive advantage. We continue to work hard to leverage this competitive advantage, thereby creating sustained financial strength and laying a good foundation for the company's future performance. I am confident in our outstanding and growing corporate management team, who have the ability to flexibly respond to market changes, seize various growth opportunities that appear in all market cycles, and continue to create sustainable long-term value for our shareholders and other stakeholders.