Q3 2024 Amphenol Corp Earnings Call Transcript
Key Points
- Amphenol Corp (APH) reported record sales of $4.039 billion for the third quarter of 2024, marking a 26% increase in US dollars and local currencies compared to the same period in 2023.
- The company achieved a record adjusted operating margin of 21.9%, reflecting strong operating leverage on higher sales volumes.
- Amphenol Corp (APH) booked record orders of $4.412 billion, resulting in a robust book-to-bill ratio of 1.09:1.
- The IT datacom market showed significant growth, with sales increasing by 60% in US dollars and 59% organically, driven by demand for products used in AI applications.
- The company generated strong operating and free cash flow of $704 million and $476 million, respectively, demonstrating high-quality earnings.
- The industrial market showed flat organic sales growth, with reduced demand in factory automation, heavy equipment, transportation, and oil and gas sectors.
- Sales in the broadband market declined by 15% in US dollars and 14% organically, with expectations of further reductions in the fourth quarter.
- The automotive market experienced flat organic sales growth, with declines in Europe offsetting growth in North America and Asia.
- The company anticipates continued elevated levels of capital spending in the fourth quarter to support growth in IT datacom and defense markets.
- The commercial air market sales were modestly lower than expectations, despite a 123% increase in US dollars due to the addition of CIT.
Hello, and welcome to the third-quarter earnings conference call for Amphenol Corporation. Following today's presentation, there will be a formal question-and-answer session. (Operator Instructions)
I would now like to introduce today's conference host, Mr. Craig Lampo. Sir, you may begin.
Thank you very much. Good afternoon, everyone. This is Craig Lampo, Amphenol's CFO. And I'm here together with Adam Norwitt, our CEO.
We would like to welcome you to our third-quarter 2024 conference call. Our third-quarter results were released this morning, and I will provide some financial commentary, and then Adam will give an overview of the business and current market trends. And then, of course, we will take questions.
As a reminder, during the call, we may refer to certain non-GAAP financial measures and make certain forward-looking statements, so please refer to the relevant disclosures in our press release for further information. In addition, as a result of our
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