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Amphenol Corporation (NYSE: APH) is a global industry leader in the design, manufacture, and marketing of electrical, electronic, and fiber optic connectors, as well as interconnect systems, antennas, sensors, and sensor-based products. Founded in 1932 and headquartered in Wallingford, Connecticut, Amphenol is a Fortune 500 company with over 80,000 employees across 40 countries.
Amphenol products are embedded in a multitude of electronic devices used daily, from mobile phones and automobiles to network equipment and aerospace applications. With operations spanning diverse end markets such as automotive, broadband communications, commercial aerospace, defense, industrial, IT and data communications, mobile devices, and mobile networks, Amphenol holds the second-largest connector market share globally.
In 2023, Amphenol reported record sales of $12.55 billion, and achieved a GAAP Diluted EPS of $3.11, reflecting a 2% increase over the prior year. The company also achieved a record Adjusted Diluted EPS of $3.01. The fourth quarter of 2023 saw record sales of $3.33 billion, a 3% increase year-over-year, with a GAAP Diluted EPS of $0.83. Amphenol's impressive financial performance is complemented by strategic acquisitions, such as TPC Wire & Cable, Airmar Technology Corporation, LID Technologies, and PCTEL, Inc., enhancing its product offerings and market reach.
Looking ahead, Amphenol anticipates first quarter 2024 sales between $3.04 billion and $3.10 billion, with an Adjusted Diluted EPS range of $0.71 to $0.73. Despite global market challenges, Amphenol remains committed to expanding its portfolio of enabling technologies and maintaining its competitive edge through innovation and strategic acquisitions.
In April 2024, Amphenol announced a new three-year, $2 billion stock repurchase program, reflecting its ongoing commitment to returning capital to shareholders. The company's strong financial health, evidenced by $2.53 billion in operating cash flow and $2.16 billion in free cash flow for 2023, supports these initiatives.
Additionally, Amphenol's recent acquisition of Carlisle Interconnect Technologies (CIT) is expected to be accretive to earnings per share in 2024. This acquisition bolsters Amphenol's capabilities in harsh environment interconnect solutions, further strengthening its market position in commercial air, defense, and industrial sectors.
Amphenol's strategic focus on market and geographic diversification, coupled with its robust acquisition strategy, positions it well for sustained growth and long-term shareholder value creation.
HealthEdge Investment Partners has completed the sale of LifeSync to Amphenol (NYSE: APH). LifeSync, a developer and manufacturer of patient monitoring devices, has shown remarkable growth under HealthEdge's ownership, increasing revenues from $5 million to approximately $100 million.
During HealthEdge's ownership, the company implemented several strategic initiatives, including: appointing new management, completing four acquisitions for complementary products and manufacturing integration, and reorganizing into neuro, cardio, and contract manufacturing divisions. LifeSync's products have impacted millions of patients in hospitals and high acuity settings.
Amphenol (NYSE: APH) has completed the acquisition of CommScope's Outdoor Wireless Networks (OWN) and Distributed Antenna Systems (DAS) businesses. The acquisition brings innovative technologies for communications networks and adds nearly 4,000 employees to Amphenol. The OWN and DAS businesses are expected to generate approximately $1.3 billion in sales for full-year 2025 and add approximately $0.06 to Amphenol's 2025 earnings per share, excluding acquisition-related expenses.
Additionally, Amphenol announced the completion of its acquisition of Lifesync , a provider of interconnect products for medical applications with annual sales of approximately $100 million. The OWN and DAS businesses will be integrated into the Communications Solutions Segment, while Lifesync will be part of the Harsh Environment Solutions Segment.
CommScope (NASDAQ: COMM) has completed the sale of its Outdoor Wireless Networks (OWN) segment and Distributed Antenna Systems (DAS) business to Amphenol (NYSE: APH), following the definitive agreement announced on July 18, 2024.
The proceeds will be allocated to:
- Pay transaction fees and expenses
- Repay all outstanding amounts under the asset-backed revolving credit facility
- Partially repay 4.750% Senior Secured Notes due 2029
- Fully repay 6.000% Senior Secured Notes due 2026
The company's asset-backed revolving credit facility committed amount will be reduced to $750.0 million, subject to borrowing base limitations. The Senior Secured Term Loan's applicable margin is expected to decrease by 25 basis points. Additional details about the transaction's impact on fiscal year 2025 outlook will be provided during the next quarterly earnings call.
Amphenol (NYSE: APH) has announced its first quarter 2025 dividend payment. The Board of Directors approved a dividend of $0.165 per share during their meeting on January 29, 2025. The dividend will be paid on April 9, 2025 to shareholders who are on record as of March 18, 2025.
Amphenol (APH) reported record results for Q4 and full year 2024. Q4 sales reached $4.3 billion, up 30% year-over-year, with organic growth of 20%. Q4 GAAP Diluted EPS increased 44% to $0.59, while Adjusted Diluted EPS rose 34% to $0.55.
Full-year 2024 sales totaled $15.2 billion, representing a 21% increase, with organic growth of 13%. The company achieved GAAP Diluted EPS of $1.92 (up 24%) and Adjusted Diluted EPS of $1.89 (up 25%). Operating margins were strong, with GAAP at 20.7% and Adjusted at 21.7%.
During 2024, Amphenol completed two acquisitions (Carlisle Interconnect Technologies and Luetze) and returned nearly $1.3 billion to shareholders. For Q1 2025, the company expects sales between $4.00-4.10 billion and Adjusted Diluted EPS of $0.49-0.51, representing increases of 23-26% and 23-28% respectively.
CommScope (NASDAQ: COMM) has announced a comprehensive refinancing transaction, securing $4.15 billion in new debt financing, consisting of a $3.15 billion first-lien term loan maturing in 2029 and $1 billion in first-lien notes maturing in 2031. The transaction will address the company's 2025 and 2026 debt maturities.
The refinancing, supported by Apollo and Monarch Alternative Capital, will be complemented by the previously announced $2.1 billion sale of CommScope's Outdoor Wireless Networks and DAS business units to Amphenol , expected to close in Q1 2025. These proceeds will be used to repay senior secured notes due 2026 and partially redeem notes due 2029.
The company expects its total debt to Adjusted EBITDA ratio to fall below 6.00:1.00 by the end of 2026.
Amphenol (NYSE: APH) has announced its fourth quarter 2024 dividend payment. The Board of Directors has approved a dividend of $0.165 per share on its Common Stock. The dividend will be paid on January 8, 2025 to shareholders of record as of December 17, 2024.
Amphenol (NYSE: APH) has announced the pricing of its senior notes offering, totaling $1.5 billion across three tranches: $250 million due 2027 at 5.050%, $750 million due 2035 at 5.000%, and $500 million due 2054 at 5.375%. The 2027 Notes are an extension of existing notes issued in April 2024. The offering is expected to close on October 31, 2024. The proceeds will primarily fund the acquisition of CommScope's mobile networks businesses, specifically their Outdoor Wireless Networks and Distributed Antenna Systems divisions. The 2035 and 2054 Notes include a special mandatory redemption clause if the CommScope acquisition fails to complete.
Amphenol (NYSE: APH) reported record third quarter 2024 results with sales of $4.04 billion, up 26% year-over-year and 15% organically. The company achieved record GAAP Diluted EPS of $0.48 (up 17%) and Adjusted Diluted EPS of $0.50 (up 28%). Operating margin reached record levels at 20.3% GAAP and 21.9% adjusted. Growth was driven by robust performance in IT datacom, mobile networks, mobile devices, commercial air, and defense markets. The company returned $308 million to shareholders through share repurchases and dividends. For Q4 2024, Amphenol expects sales of $3.95-4.05 billion and Adjusted EPS of $0.48-0.50.
CommScope reported its Q2 2024 results with consolidated net sales of $1.39 billion, down 12.7% year-over-year. Core net sales decreased 17% to $1.05 billion. The company reported GAAP income from continuing operations of $74.8 million, or $0.27 per share, compared to a loss in Q2 2023. Non-GAAP adjusted EBITDA increased 19.5% to $302.1 million.
The Connectivity and Cable Solutions (CCS) segment showed strength, while Access Network Solutions (ANS) and NICS segments experienced weakness. CommScope has entered an agreement to sell its Outdoor Wireless Networks segment and DAS business unit for approximately $2.1 billion in cash. The company's full-year Core adjusted EBITDA guidance is $700 to $800 million.
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