Amphenol (APH) Q4 2023 earnings summary

Executive summary

• Q4 sales reached a record $3.33B, up 3% reported and down 1% organically YoY; adjusted diluted EPS of $0.82 rose 5% YoY and exceeded the high end of guidance.

• FY23 sales were $12.55B, down slightly reported and 3% organically; record GAAP diluted EPS was $3.11, up 2%, while adjusted diluted EPS of $3.01 edged up YoY.

Financial highlights

• Q4 GAAP net income attributable to shareholders was $514.5M vs. $507.5M; operating income was $690.0M vs. $666.2M.

• FY23 GAAP net income attributable to shareholders was $1.928B vs. $1.902B; operating income was $2.560B vs. $2.586B.

• Q4 operating cash flow was $841.9M and free cash flow was $738.7M; FY23 records were $2.529B and $2.160B, respectively.

Outlook and guidance

• Q1 2024 sales guidance is $3.04B–$3.10B, up 2%–4% YoY, assuming current market conditions continue and exchange rates remain constant.

• Q1 adjusted diluted EPS guidance is $0.71–$0.73, up 3%–6% YoY; GAAP diluted EPS guidance is $0.69–$0.71 and includes $0.02/share of estimated acquisition-related costs.