Amphenol Corp Reports $3.2B in H1 Sales, Approves New Stock Buyback

Ticker: APH · Form: 10-Q · Filed: 2024-07-26T00:00:00.000Z

Sentiment: bullish

Topics: earnings, stock-repurchase, stock-split, financials

Related Tickers: APH

TL;DR

**Amphenol ($APH) H1 sales hit $3.2B, bought back $1.8B stock, and did a 2-for-1 split. Bullish.**

AI Summary

Amphenol Corporation reported its Q2 2024 results, with net sales of $3.205 billion for the six months ended June 30, 2024. The company's stock repurchase program saw activity, with $600 million repurchased under the 2024 program and $1.186 billion under the 2021 program during the first six months of 2024. A 2-for-1 stock split was effective on June 11, 2024.

Why It Matters

Amphenol's financial performance and stock repurchase activities directly impact shareholder value and reflect the company's confidence in its future prospects.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative developments.

Key Numbers

Key Players & Entities

FAQ

What were Amphenol's net sales for the second quarter of 2024?

The filing indicates net sales of $3.205 billion for the six months ended June 30, 2024, but does not explicitly break out Q2 2024 net sales separately in the provided snippet.

How much did Amphenol repurchase under its 2024 stock repurchase program during the first six months of 2024?

Amphenol repurchased $600 million of its stock under the 2024 Stock Repurchase Program during the period from April 1, 2024, to June 30, 2024, and an additional amount as a subsequent event on July 23, 2024.

What was the total value of stock repurchased under the 2021 program in the first half of 2024?

Amphenol repurchased $1.186 billion of its stock under the 2021 Stock Repurchase Program during the six months ended June 30, 2024.

When was the 2-for-1 stock split effective?

The 2-for-1 stock split was effective on June 11, 2024.

What is the company's primary business as indicated by its SIC code?

Amphenol Corporation's Standard Industrial Classification (SIC) code is 3678, which corresponds to 'Electronic Connectors'.

Filing Stats: 4,647 words · 19 min read · ~15 pages · Grade level 7.8 · Accepted 2024-07-26 16:33:58

Key Financial Figures

Filing Documents

Financial Statements (unaudited)

Financial Statements (unaudited) : Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flow for the Six Months Ended June 30, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 4.

Controls and Procedures

Controls and Procedures 46 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 49 Signature 52 1 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements AMPHENOL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (dollars in millions) June 30, December 31, 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 1,252.5 $ 1,475.0 Short-term investments 49.7 185.2 Total cash, cash equivalents and short-term investments 1,302.2 1,660.2 Accounts receivable, less allowance for doubtful accounts of $ 69.7 and $ 68.4 , respectively 2,855.5 2,618.4 Inventories 2,398.8 2,167.1 Prepaid expenses and other current assets 415.3 389.6 Total current assets 6,971.8 6,835.3 Property, plant and equipment, less accumulated depreciation of $ 2,333.8 and $ 2,261.8 , respectively 1,534.0 1,314.7 Goodwill 8,261.8 7,092.4 Other intangible assets, net 1,308.7 834.8 Other long-term assets 510.5 449.2 Total Assets $ 18,586.8 $ 16,526.4 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Current Liabilities: Accounts payable $ 1,521.4 $ 1,350.9 Accrued salaries, wages and employee benefits 423.2 412.8 Accrued income taxes 104.3 166.0 Accrued dividends 132.4 131.7 Other accrued expenses 870.4 737.5 Current portion of long-term debt 404.1 353.8 Total current liabilities 3,455.8 3,152.7 Long-term debt, less current portion 5,035.3 3,983.5 Accrued pension and postretirement benefit obligations 141.4 143.0 Deferred income taxes 445.7 367.0 Other long-term liabilities 458.1 453.7 Total Liabilities 9,536.3 8,099.9 Redeemable noncontrolling interests 19.9 30.7 Equity: Common stock 1.2 1.2 Additional paid-in capital 3,349.2 3,100.6 Retained earnings 6,352.0 5,921.1 Treasury stock, at cost ( 73.8 ) ( 142.8 ) Accumulated other comprehensive loss ( 648.5 ) ( 533.6 ) Total stockholders' equity attributable to Amphenol Corporation 8,980.1 8,346.5 Noncontrolling interests 50.5 49.3 Total Equity 9,030.6 8,395.8 Total L

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