Amphenol Beats On Q1 Earnings, Issues Strong Q2 Guidance, Announces $2B Stock Buyback

Amphenol Corp’s APH first-quarter FY21 sales rose 28% year-on-year to $2.4 billion, exceeding the consensus estimate of $2.18 billion. Organic revenue growth was 23% Y/Y.
Sales from Interconnect Products and Assemblies rose 28.2% to $2.3 billion. Cable Products and Solutions Sales rose 17% to $97.1 million.
The operating margin expanded 260 basis points to 19.6%.
Adjusted EPS rose 49% to $0.52, beating the analyst estimate of $0.47.
The company generated $321 million in operating cash flow. It held $2.3 billion in cash and equivalents.
Amphenol purchased 2.4 million shares for $153 million, bringing total share buyback under the 2018 stock repurchase program to 40.3 million shares, or $1.95 billion. The board approved a new three-year, $2 billion repurchase plan.
The company paid $87 million in dividends, returning a total capital of $240 million for the quarter.
Guidance: Amphenol’s second-quarter FY21 sales estimate lies between $2.415 billion to $2.475 billion, representing 22% to 25% growth, above the analyst estimate of $2.31 billion. Adjusted EPS estimates lie between $0.53 to $0.55, representing 33% to 38% growth, above the consensus estimate of $0.52.
Price action: APH shares traded lower by 0.37% at $68.01 on the last check Wednesday.

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