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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.
Amphenol Corporation (NYSE: APH) announced the pricing of $750 million in senior notes due 2031, carrying an interest rate of 2.200% per annum. The offering will close on September 14, 2021, pending customary conditions. Proceeds from the notes will be used to repay borrowings under its U.S. commercial paper program. The offering is underpinned by an effective shelf registration statement with the SEC. Citigroup Global Markets, MUFG Securities, and TD Securities are the joint book-running managers for this issuance.
Amphenol Corporation (NYSE: APH) has declared a dividend of $0.145 per share for the third quarter of 2021. This decision was made at the Board of Directors meeting on August 4, 2021. Shareholders of record as of September 21, 2021, will receive their dividends on October 13, 2021. As a leading manufacturer in the interconnect market, Amphenol continues to demonstrate strong performance and shareholder commitment.
Amphenol Corporation (NYSE: APH) reported impressive second quarter 2021 results, with sales increasing by 34% year-over-year, driven by growth in automotive, industrial, military, and broadband markets. Adjusted Diluted EPS exceeded guidance, showcasing the company's financial strength. Amphenol returned $254 million to shareholders through stock buybacks and dividends. The company also announced the acquisition of Unlimited Services, enhancing its industrial market capabilities. For Q3 2021, Amphenol expects sales between $2.640 billion and $2.700 billion, representing 14% to 16% growth.
Amphenol Corporation (NYSE: APH) has appointed Nancy Altobello to its board of directors, expanding the board to 10 members. Altobello brings over 30 years of experience in global audit and talent management, previously serving as Global Vice Chair, Talent at Ernst & Young. Her background includes significant roles at EY and board membership at MarketAxess, Cornerstone On Demand, and Wex. Amphenol's leadership expressed confidence in her ability to contribute to the company's growth and corporate culture transformation.
Amphenol Corporation (NYSE: APH) has declared a second quarter 2021 dividend of $0.145 per share, approved in the Board meeting on May 5, 2021. This dividend reflects a two-for-one stock split effective March 4, 2021. Shareholders of record by June 22, 2021 will receive the payment on July 14, 2021. Amphenol is a leading global manufacturer specializing in electrical, electronic, and fiber optic connectors, positioned strongly in high-growth interconnect markets such as Automotive and Data Communications.
Amphenol Corporation (NYSE: APH) reported strong Q1 2021 results, achieving sales growth of 28% and Adjusted Diluted EPS exceeding guidance. The company announced a new $2 billion stock repurchase program, bringing total capital returned to shareholders in Q1 to $240 million, including $87 million in dividends. Amphenol completed five acquisitions this year, enhancing its capabilities in various markets. For Q2 2021, it expects sales between $2.415 and $2.475 billion, with EPS guidance of $0.53 to $0.55. The company remains optimistic about growth driven by technological advancements.
Amphenol Corporation (NYSE: APH) has successfully completed the acquisition of MTS Systems Corporation. With this acquisition, MTS's common stock will no longer trade on NASDAQ. Amphenol anticipates that MTS Sensors will contribute approximately $350 million in sales and be $0.05 accretive to earnings per share within 12 months, excluding acquisition-related costs. Additionally, Amphenol plans to sell the MTS Test & Simulation business to Illinois Tool Works Inc. for $750 million, pending regulatory approvals.
MTS Systems Corporation (Nasdaq: MTSC) announced that its shareholders approved the merger with Amphenol Corporation (NYSE: APH) during a special meeting on March 4, 2021. This merger will turn MTS into a wholly-owned subsidiary of Amphenol. The completion of the merger is contingent upon satisfying customary closing conditions, including regulatory approvals. Following the shareholder approval, final voting results will be reported to the SEC. J.P. Morgan Securities LLC and Evercore are MTS' financial advisors, with Sidley Austin LLP providing legal counsel.
Amphenol Corporation (NYSE: APH) announced a dividend of $0.29 per share for Q1 2021, approved by its Board of Directors on February 3, 2021. The dividend will be distributed on April 14, 2021, to shareholders recorded by March 23, 2021. As a leading global manufacturer of interconnect systems, Amphenol operates across diverse industries, showcasing its significant role in the automotive, aerospace, and communications sectors.
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