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Amphenol Reports Q1 2024 Results, Announces New Stock Repurchase Program
April 26, 2024 | BUSINESS WIREEstimated reading time: 2 minutes
Amphenol Corporation reported first quarter 2024 results. In addition, the Company is announcing a new three-year, $2 billion stock repurchase program.
“We are pleased to have closed the first quarter of 2024 with sales and Adjusted Diluted EPS both exceeding the high end of our guidance,” said Amphenol President and Chief Executive Officer, R. Adam Norwitt. “Sales increased from prior year by 9%, driven by growth in the IT datacom, commercial air, automotive and defense markets as well as contributions from the Company’s acquisition program, partially offset by moderations in the mobile networks, broadband and industrial markets. During the quarter, we again realized strong profitability with Adjusted Operating Margin of 21.0%, a first-quarter record. We are very proud of the Company’s outstanding performance during the quarter.”
During the first quarter of 2024, Amphenol continued to deploy its financial strength in a variety of ways to increase shareholder value. During the quarter, the Company purchased 1.4 million shares of its common stock for $154 million and paid dividends of $132 million, resulting in total capital returned to shareholders of $286 million.
New Stock Repurchase Program
In April 2024, the Company purchased the remaining authorized amount of common stock under the existing three-year, $2 billion stock repurchase plan. On April 23, 2024, the Company’s Board of Directors approved a new three-year, $2 billion open market stock repurchase plan.
Second Quarter 2024 Outlook
The current economic environment remains uncertain. Assuming the continuation of current market conditions as well as constant exchange rates, for the second quarter of 2024, Amphenol expects sales to be in the range of $3.24 billion to $3.30 billion. This represents a 6% to 8% increase over the prior year quarter. Adjusted Diluted EPS is expected to be in the range of $0.79 to $0.81, representing a 10% to 13% increase from the second quarter of 2023.
Mr. Norwitt continued, “I am pleased with the Company’s first quarter 2024 results. The revolution in electronics continues to accelerate, with new innovations creating exciting growth opportunities for Amphenol across each of our diversified end markets. In turn, we have expanded our range of high-technology interconnect products, both through our organic innovation efforts as well as through our successful acquisition program. This expanded technology position coupled with our unique entrepreneurial culture has strengthened our competitive advantage. Our ongoing drive to leverage that competitive advantage and thereby create sustained financial strength has established an excellent base for the Company’s future performance. I am confident in the ability of our outstanding and growing entrepreneurial management team to continue to dynamically adjust to changing market conditions, to capitalize on the wide array of growth opportunities that arise in all market cycles and to continue to generate sustainable long-term value for our shareholders and other stakeholders.”
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