Amphenol Corp. Q1 FY2024 results: revenue $3.3 billion, up 9.5% on the year

Amphenol Corp. (APH) reported revenue of $3.3 billion for Q1 FY2024, the quarter ended 31 March 2024, up 9.5% on the same quarter a year earlier. Net income was $549 million, up 24.9% on the year, and diluted earnings per share $0.87. The figures are the company's own, from the 10-Q it filed with the SEC on 26 April 2024.

Revenue$3.3 billionup 9.5%

Net income$549 millionup 24.9%

Diluted EPS$0.87

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	3,256	3,328	n/a	n/a
Cost of revenue	2,167	2,227	n/a	n/a
Gross profit	1,089	1,100	n/a	n/a
Gross margin	33.4%	33.1%	n/a
Selling, general and administrative	404	394	n/a	n/a
Operating income	685	690	n/a	n/a
Operating margin	21.0%	20.7%	n/a
Interest expense	38.1	35.0	n/a	n/a
Pre-tax income	663	666	n/a	n/a
Income tax	111	146	n/a	n/a
Effective tax rate	16.7%	22.0%	n/a
Net income	549	514	n/a	n/a
Net margin	16.9%	15.5%	n/a
Diluted EPS	$0.87	$0.83	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	600	842	n/a	n/a
Capital expenditure	94.3	105	n/a	n/a
Free cash flow	505	737	n/a	n/a
Free cash flow margin	15.5%	22.1%	n/a
Depreciation and amortisation	104	115	n/a	n/a
Share-based compensation	23.8	26.6	n/a	n/a
Buybacks	154	115	n/a	n/a
Dividends paid	132	126	n/a	n/a
Dividend per share	$0.22	$0.22	n/a	n/a
Diluted shares, weighted	628m	621m	n/a	n/a
Shares outstanding at period end	601m	599m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	16,722	16,526	n/a	n/a
Cash and equivalents	1,857	1,475	n/a	n/a
Receivables	2,501	2,618	n/a	n/a
Inventory	2,153	2,167	n/a	n/a
Goodwill	7,100	7,092	n/a	n/a
Long-term debt including finance leases	3,557	3,984	n/a	n/a
Operating lease liabilities	n/a	212	n/a	n/a
Shareholders' equity	8,682	8,346	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,199	3,328	3,256	3,610	4,039	4,318	4,811	5,650	6,194	6,439	7,620	8,758
Cost of revenue	2,151	2,227	2,167	2,397	2,682	2,837	3,167	3,597	3,835	3,978	4,820	5,210
Gross profit	1,048	1,100	1,089	1,213	1,357	1,481	1,644	2,053	2,359	2,461	2,800	3,548
Gross margin	33%	33%	33%	34%	34%	34%	34%	36%	38%	38%	37%	41%
SG&A	382	394	404	444	492	515	575	622	657	691	852	940
Operating income	658	690	685	699	820	954	1,025	1,419	1,702	1,723	1,832	2,585
Operating margin	21%	21%	21%	19%	20%	22%	21%	25%	27%	27%	24%	30%
Interest expense	33.6	35.0	38.1	56.3	55.7	66.9	76.5	80.9	80.7	130	208	214
Pre-tax income	634	666	663	664	775	910	963	1,348	1,641	1,649	1,646	2,388
Tax rate	18%	22%	17%	20%	21%	17%	23%	18%	24%	27%	43%	25%
Net income	514	514	549	525	604	746	738	1,091	1,246	1,196	933	1,769
Net margin	16%	15%	17%	15%	15%	17%	15%	19%	20%	19%	12%	20%
Diluted EPS	$0.83	$0.83	$0.87	$0.41	$0.48	n/a	$0.58	$0.86	$0.97	$0.93	$0.72	$1.37
Operating cash flow	618	842	600	664	704	847	765	1,417	1,471	1,722	1,122	1,557
Capital expenditure	74.7	105	94.3	141	230	200	189	297	257	254	292	356
Free cash flow	543	737	505	523	474	647	576	1,120	1,214	1,468	830	1,202
Buybacks	149	115	154	190	176	169	181	160	153	171	178	208
Dividends paid	125	126	132	132	132	199	200	200	201	202	307	307
Shares outstanding	598m	599m	601m	1,204m	1,206m	1,209m	1,210m	1,221m	1,224m	1,227m	1,230m	1,233m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 26 April 2024, accession 0001558370-24-005928: the filing on EDGAR. All of Amphenol Corp.'s filings: EDGAR company page.

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