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Amphenol Corporation reported first quarter 2022 results.
“We are pleased to have closed the first quarter of 2022 with sales and Adjusted Diluted EPS exceeding the high end of our guidance,” said Amphenol President and Chief Executive Officer, R. Adam Norwitt. “Sales increased from prior year by a strong 24%, supported by robust growth across all of our end markets, as well as contributions from the Company’s acquisition program. Despite facing substantial inflationary pressures and supply chain disruptions, we realized strong profitability, with operating margins reaching 20.0% and Adjusted Diluted EPS growing by an impressive 29% from prior year. We are very proud of the Company’s outstanding performance in this most challenging and dynamic quarter.”
New Segment Reporting
As previously announced, beginning this quarter, the Company is reporting its financial results in three new segments: Harsh Environment Solutions (HES), Communications Solutions (CS) and Interconnect and Sensor Systems (ISS). The accompanying financial data reflects these new segments, as well as the recasting of relevant prior year period segment information in order to enable year-over-year segment comparisons.
Second Quarter 2022 Outlook
The current market environment remains highly uncertain, with continued supply chain and inflationary challenges as well as ongoing disruptions associated with the COVID-19 pandemic. Assuming conditions do not meaningfully worsen and assuming constant exchange rates, for the second quarter of 2022, Amphenol expects sales to be in the range of $2.890 billion to $2.950 billion, representing 9% to 11% growth over the second quarter of 2021. Adjusted Diluted EPS is expected to be in the range of $0.66 to $0.68, representing 8% to 11% growth over the second quarter of 2021.
“Despite the ongoing challenges and uncertainties around the world, we are very pleased with the Company’s strong First Quarter results,” Norwitt continued. “The revolution in electronics continues to accelerate, creating exciting and dynamic long-term growth opportunities for Amphenol across each of our diversified end markets. Our ongoing drive to leverage our competitive advantages and create sustained financial strength, as well as our initiatives to expand our product offerings, both organically and through our acquisition program, have created an excellent base for the Company’s future performance. I am confident in the ability of our outstanding 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. Most importantly, I remain truly grateful to our team for their extraordinary efforts in navigating the myriad of challenges around the world and continuing to strongly support our customers and drive outstanding operating performance.”