Benzinga - by Anusuya Lahiri, Benzinga Editor.
Amphenol Corporation (NYSE:APH) reported a fiscal first-quarter 2024 sales increase of 9% year-on-year to $3.256 billion, beating the consensus of $3.097 billion.
Adjusted EPS of $0.80 topped the consensus of $0.73. The stock price gained after the print.
The adjusted operating margin for the quarter was 21.0% versus 20.1% a year ago.
Amphenol held $1.96 billion in cash and equivalents as of March 31, 2024.
Stock Repurchase Program: On April 23, 2024, the Board approved a new three-year, $2 billion open market stock repurchase plan.
Amphenol President and Chief Executive Officer, R. Adam Norwitt said, “Sales increased from prior year by 9%, driven by growth in the IT datacom, commercial air, automotive and defense markets as well as contributions from the Company’s acquisition program, partially offset by moderations in the mobile networks, broadband and industrial markets.”
Outlook: Amphenol expects second-quarter sales of $3.24 billion to $3.30 billion. This represents a 6%—8% increase over the prior-year quarter, and the street view pegs expectations at $3.26 billion.
The company sees adjusted EPS of $0.79 – $0.81, representing a 10% – 13% increase Y/Y. The analyst consensus stands at $0.79.
Amphenol stock gained over 48% in the last 12 months. Investors can gain exposure to the stock via VictoryShares THB Mid Cap ETF (NASDAQ:MDCP) and AdvisorShares Focused Equity ETF (NYSE:CWS).
Price Action: APH shares traded 2.97% higher at $117.65 at the last check on Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.