Amphenol Clocks Weak Revenue Growth In Q1, FY23 Outlook Lags Street View

Amphenol Corp APH reported first-quarter FY23 sales growth of 1% year-on-year to $2.97 billion, beating the consensus of $2.90 billion.
Margin: The consolidated operating margin was flat Y/Y at 20.1%.
Non-GAAP EPS of $0.69 beat the consensus of $0.67.
Amphenol generated $532.4 million in operating cash flow and held $1.5 billion in cash and equivalents.
CEO R. Adam Norwitt said the revenue increase was partially offset by expected declines in other markets and negative currency effects.
Despite the challenges, the company achieved an Adjusted Operating Margin of 20.1%, added Norwitt.
Outlook: Amphenol sees Q2 sales of $2.89 billion - $2.95 billion, below the consensus of $3.07 billion.
It sees non-GAAP EPS of $0.66 - $0.68, below the consensus of $0.72.
Price Action: APH shares traded lower by 1.62% at $73.66 on the last check Wednesday.

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