Narrowband  |   Broadband  |  2024-01-25

Amphenol Reports Fourth Quarter and Full Year 2023 Results

Source: Amphenol
Curated by: Gert Jan Wolf - Editor-in Chief for The Critical Communications Review

Amphenol Corporation (NYSE: APH) today reported fourth quarter and full year 2023 results.

“We are pleased to have closed 2023 with 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 3%, driven by growth in the commercial air, defense, automotive and IT datacom markets, as well as contributions from the Company’s acquisition program. For the full year, sales were down slightly compared to 2022, with growth in the commercial air, defense and automotive markets as well as contributions from the Company’s acquisition program, offset by moderations in the mobile networks, IT datacom, mobile devices and broadband markets. Despite the moderating demand in the communications-related markets during 2023, we again realized strong profitability with Adjusted Operating Margin of 21.2% and 20.7% in the fourth quarter and full year, respectively. Given the market environment, we are very proud of the Company’s outstanding performance in 2023.”

 

Fourth Quarter 2023 Highlights:

  • Record Sales of $3.33 billion, up 3% in U.S. dollars and down 1% organically compared to the fourth quarter of 2022
  • GAAP Diluted EPS of $0.83, up 1% compared to prior year
  • Record Adjusted Diluted EPS of $0.82, up 5% compared to prior year
  • GAAP Operating Margin of 20.7% and Record Adjusted Operating Margin of 21.2%
  • Record Operating and Free Cash Flow of $842 million and $739 million, respectively
  • Acquired TPC Wire & Cable, Airmar, LID Technologies and PCTEL

Full Year 2023 Highlights:

  • Sales of $12.55 billion, down slightly in U.S. dollars and down 3% organically compared to the full year 2022
  • Record GAAP Diluted EPS of $3.11, up 2% compared to prior year
  • Record Adjusted Diluted EPS of $3.01, up slightly compared to prior year
  • GAAP and Adjusted Operating Margin of 20.4% and 20.7%
  • Record Operating and Free Cash Flow of $2.53 billion and $2.16 billion
  • Completed ten acquisitions
  • Returned nearly $1.1 billion to shareholders