WALLINGFORD, CT – Amphenol Corp. posted third quarter net sales of $2.8 billion, an increase of 21.3% year-over-year.
Operating income was $571.2 million, up 20% compared to the third quarter of 2020.
The Interconnect Products and Assemblies segment posted third quarter net sales of $2.7 billion, up 21.5% year-over-year. Operating income was $603.3 million, an increase of 21%.
“We are pleased to have closed the third quarter with sales and adjusted diluted EPS2 exceeding the high end of our guidance,” said Amphenol president and CEO R. Adam Norwitt. “Sales increased by a strong 21% in the quarter, with broad-based growth across most of our end markets, including contributions from the company’s acquisition program.
“During the third quarter, Amphenol continued to deploy its financial strength in a variety of ways to increase shareholder value. To that end, the company purchased 2.3 million shares of its common stock for $171 million. The company also paid dividends of $87 million, resulting in total capital returned to shareholders during the third quarter of $258 million.”
For the first nine months of 2021, total net sales were $7.8 billion, growth of 27.2% year-over-year. Operating income was $1.5 billion, an increase of 31.5% compared to the same nine-month period last year.
The Interconnect Products and Assemblies segment reported net sales for the January to September period of $7.5 billion, up 27.5% year-over-year. Operating income was $1.7 billion, an increase of 35.7%.
The current market environment remains highly uncertain, with significant supply chain and inflationary challenges, as well as the ongoing pandemic, the company says. In the fourth quarter, Amphenol expects sales in the range of $2.69 billion to $2.75 billion. For 2021, the company expects sales in the range of $10.54 billion to $10.6 billion.
“Despite the ongoing challenges and uncertainties we continue to face around the world, we are pleased with the platform of strength that has been created by the company’s performance. The revolution in electronics is accelerating, thereby creating exciting and dynamic long-term growth opportunities for Amphenol across each of our diversified end markets. We believe these opportunities will enable a further long-term increase in the demand for our ever-expanding range of high-technology interconnect, sensor and antenna products. Our ongoing drive to leverage our competitive advantages and create sustained financial strength, as well as our initiatives to expand our product offerings, both organically and through our acquisition program, have created an excellent base for the company’s future performance. I am confident in the ability of our outstanding entrepreneurial management team to continue to dynamically adjust to changing market conditions, to capitalize on the wide array of growth opportunities that arise in all market cycles and to continue to generate sustainable long-term value for our shareholders and other stakeholders. Most importantly, I remain truly grateful to our team for their extraordinary efforts to protect the safety and health of our employees around the world throughout the ongoing pandemic, all while continuing to strongly support our customers and drive outstanding operating performance.”
