Amphenol (APH) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 and full-year 2024 sales, operating income, and EPS, with both sales and adjusted EPS exceeding guidance high end.

• Sales growth driven by strong organic performance in IT/datacom, mobile networks, commercial air, mobile devices, broadband, and defense, plus acquisitions.

• Completed major acquisitions (Carlyle Interconnect Technologies, Lutze US/Europe) and announced pending Andrew business acquisition from CommScope.

• Returned nearly $1.3 billion to shareholders via buybacks and dividends in 2024.

Financial highlights

• Q4 sales: $4,318M, up 30% YoY and 7% sequentially; full-year sales: $15,223M, up 21% YoY.

• Q4 GAAP operating income: $954M (22.1% margin); adjusted: $966M (22.4% margin).

• Full-year GAAP operating income: $3,157M (20.7% margin); adjusted: $3,303M (21.7% margin).

• Q4 GAAP diluted EPS: $0.59 (up 44% YoY); adjusted EPS: $0.55 (up 34% YoY).

• Full-year GAAP diluted EPS: $1.92 (up 24% YoY); adjusted EPS: $1.89 (up 25% YoY).

• Q4 operating cash flow: $847M; free cash flow: $648M. Full-year operating cash flow: $2,815M; free cash flow: $2,157M.

• Q4 net income attributable: $746.2M; full-year: $2.42B.

Outlook and guidance

• Q1 2025 sales expected at $4.0–$4.1B, up 23–26% YoY; adjusted diluted EPS guidance: $0.49–$0.51, up 23–28% YoY.

• Effective tax rate expected to rise to 24.5% in 2025.

• Continued elevated capital spending in Q1 2025 to support IT/data comms and AI growth.

• Guidance excludes impact of pending acquisitions.