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Amphenol Reports Q2 2022 Record Results
July 28, 2022 | Business WireEstimated reading time: 2 minutes
Amphenol Corporation reported second-quarter 2022 results.
“We are pleased to have closed the second quarter of 2022 with record sales and Adjusted Diluted EPS, both of which exceeded the high end of our guidance,” said Amphenol President and Chief Executive Officer, R. Adam Norwitt. “Sales increased from prior year by a strong 18%, supported by robust growth across nearly all our end markets, as well as contributions from the Company’s acquisition program which were offset by the impact of the strengthening US dollar. Despite facing continued inflationary pressures and supply chain disruptions, we realized strong profitability, with Operating Margin reaching 20.7% and Adjusted Diluted EPS growing by an impressive 23% from prior year. We are very proud of the Company’s outstanding performance in this challenging and dynamic quarter.”
“During the second quarter, Amphenol continued to deploy its financial strength in a variety of ways to increase shareholder value. The Company purchased 2.7 million shares of its common stock for $186 million. The Company also paid dividends of $119 million, resulting in total capital returned to shareholders during the second quarter of $305 million.”
“We remain focused on expanding our growth opportunities through a deep commitment to developing enabling technologies for customers across our served markets, an ongoing strategy of market and geographic diversification and an active and successful acquisition program. To that end, we are excited to have closed on the acquisition of NPI Solutions, Inc. (“NPI”) in June. Based in Morgan Hill, California and with annual sales of approximately $65 million, NPI is a manufacturer of cable assemblies and value-add interconnect assemblies for industrial applications with a particular focus on semiconductor manufacturing equipment. The acquisition further strengthens our capabilities and enhances our product offerings in the industrial market, while adding another talented management team to the Amphenol family.”
Third 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 third quarter of 2022, Amphenol expects sales to be in the range of $3.040 billion to $3.100 billion, representing 8% to 10% growth over the third quarter of 2021. Adjusted Diluted EPS is expected to be in the range of $0.73 to $0.75, representing 12% to 15% growth over the third quarter of 2021.
“Despite the ongoing challenges and uncertainties around the world, we are very pleased with the Company’s strong second quarter results,” Mr. 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.”
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