Fri, Jul 26, 8:35 PM (43 days ago)
Amphenol Corporation's financial performance for Q2 2024 shows a robust growth trajectory. Net sales rose to $3,609.7 million, an 18% increase YoY, driven by strong organic growth in the Communications Solutions segment and contributions from recent acquisitions, including the significant CIT acquisition. The Harsh Environment Solutions and Interconnect and Sensor Systems segments also saw growth, though at a more moderate pace. Operating income was $698.8 million, or 19.4% of net sales, slightly down from 20.3% in Q2 2023, impacted by $70 million in acquisition-related expenses. Adjusted operating income, excluding these costs, was $768.8 million, or 21.3% of net sales. The effective tax rate decreased to 20.4% from 21.9% due to favorable tax benefits from stock-based compensation. Net income attributable to Amphenol was $524.8 million, with diluted EPS at $0.41. Excluding non-recurring items, adjusted net income was $553.8 million, with adjusted diluted EPS at $0.44. The company maintains strong liquidity with $1,302.2 million in cash and equivalents, supported by solid free cash flow of $1,033.4 million.