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Amphenol Corporation reported record fourth quarter and full year 2024 results.
Fourth Quarter 2024 Highlights:
- Sales of $4.3 billion, up 30% in U.S. dollars and 20% organically compared to the fourth quarter of 2023
- GAAP Diluted EPS of $0.59, up 44% compared to prior year
- Adjusted Diluted EPS of $0.55, up 34% compared to prior year
- GAAP and Adjusted Operating Margin of 22.1% and 22.4%, respectively
- Operating and Free Cash Flow of $847 million and $648 million, respectively
Full Year 2024 Highlights:
- Sales of $15.2 billion, up 21% in U.S. dollars and 13% organically compared to the full year 2023
- GAAP Diluted EPS of $1.92, up 24% compared to prior year
- Adjusted Diluted EPS of $1.89, up 25% compared to prior year
- GAAP and Adjusted Operating Margin of 20.7% and 21.7%, respectively
- Operating and Free Cash Flow of $2.8 billion and $2.2 billion, respectively
- Completed two acquisitions: Carlisle Interconnect Technologies and Luetze
- Returned nearly $1.3 billion to shareholders
“We are pleased to have closed 2024 with record fourth quarter 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 30%, driven by robust organic growth in the IT datacom, mobile networks, commercial air, mobile devices, broadband and defense markets, as well as contributions from the Company’s acquisition program. For the full year, sales increased by 21%, with robust organic growth in the IT datacom, commercial air, mobile devices and defense markets as well as contributions from the Company’s acquisition program. For both the quarter and full year we realized strong profitability with Adjusted Operating Margin reaching a record 22.4% and 21.7%, respectively. We are extremely proud of the Company’s outstanding performance in 2024.”
Throughout 2024, the Company continued to deploy its financial strength in a variety of ways to increase shareholder value. During the fourth quarter, the Company purchased 2.4 million shares of its common stock for $169 million and paid dividends of $199 million, resulting in total capital returned to shareholders of nearly $1.3 billion in 2024.
Amphenol remains focused on expanding its growth opportunities through a deep commitment to developing enabling technologies for customers across our served markets, an ongoing strategy of market and geographic diversification as well as an active and successful acquisition program. To that end, we continue to expect to close on the acquisition of CommScope’s OWN and DAS businesses during the first quarter of 2025.
First Quarter 2025 Outlook
Assuming the continuation of current market conditions as well as constant exchange rates, for the first quarter of 2025, Amphenol expects sales to be in the range of $4.00 billion to $4.10 billion, representing a 23% to 26% increase over the prior year quarter. Adjusted Diluted EPS is expected to be in the range of $0.49 to $0.51, representing a 23% to 28% increase from the first quarter of 2024. This guidance does not include the impact of acquisitions that have not yet closed.
Mr. Norwitt continued, “I am very pleased with the Company’s strong finish to 2024. 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 expanding 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.”
