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Amphenol Corp (APH) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Amphenol Corp

CIK: 820313 Ticker: APH

Exhibit 99.1

Amphenol

News Release

World Headquarters

358 Hall Avenue

Wallingford, CT 06492

Telephone (203) 265-8900

AMPHENOL REPORTS FIRST QUARTER 2021 RESULTS

AND ANNOUNCES NEW STOCK REPURCHASE PROGRAM

First Quarter 2021 Highlights:

Sales of $2.377 billion, up 28% in U.S. dollars and 23% organically1 compared to the first quarter 2020
GAAP diluted EPS of $0.53, up 33% compared to the prior year period
Adjusted Diluted EPS1 of $0.52, up 49% compared to the prior year period
Operating margin of 19.6%
Operating Cash Flow of $321 million and Free Cash Flow1 of $243 million
Announces closing of two new acquisitions during the quarter, Euromicron and Cabelcon
Closed on the acquisition of MTS Systems Corporation
Announces a new three-year, $2 billion open market stock repurchase program

Wallingford, Connecticut, April 28, 2021. Amphenol Corporation (NYSE: APH) today reported first quarter 2021 results and announced a new three-year, $2 billion stock repurchase program.

“I am very proud that our team drove results that significantly exceeded our expectations in the first quarter 2021, while still prioritizing the safety and health of our employees worldwide amidst the ongoing COVID-19 pandemic,” said Amphenol President and Chief Executive Officer, R. Adam Norwitt.

“We are pleased to have closed the first quarter with sales and Adjusted Diluted EPS exceeding the high end of our guidance. Sales increased by a strong 28% in the quarter, with growth in nearly all markets, driven in particular by the automotive, mobile devices, industrial and IT datacom markets.”

“Amphenol continued to deploy its financial strength in a variety of ways to increase shareholder value in the first quarter. To that end, the Company purchased 2.4 million shares of its common stock for $153 million, bringing total share repurchases under the 2018 stock repurchase program to 40.3 million shares, or $1.95 billion. The Company also paid dividends of $87 million, resulting in total capital returned to shareholders during the first quarter of $240 million.”

“We remain focused on expanding our growth opportunities through a deep commitment to developing enabling technologies for customers in all markets, an ongoing strategy of market and geographic diversification and an active and successful acquisition program. To that end, and as previously announced on April 7, 2021, we are excited to have closed the acquisition of MTS Systems Corporation (“MTS”), and look forward to closing the sale of the MTS Test & Simulation business to Illinois Tool Works Inc. (NYSE: ITW) following the receipt of all required regulatory approvals and satisfaction of other customary closing conditions.”

“In addition to the MTS acquisition, we are excited to have closed two new acquisitions since January, Euromicron and Cabelcon. In February, we closed on the acquisition of Euromicron Werkzeuge GmbH and its sister company LWL-Sachsenkabel GmbH (collectively, “Euromicron”) from the Gustav Zech Foundation. Based in Germany and with annual sales of approximately $25 million, Euromicron is a manufacturer of highly engineered fiber optic interconnect solutions for the mobile networks and IT datacom markets. In March, we closed on the acquisition of the Cabelcon business of Corning Incorporated (NYSE: GLW). Based in Denmark with annual sales of approximately $25 million, Cabelcon is a designer and manufacturer of high-technology connectors and interconnect assemblies primarily for the broadband market. The five acquisitions we have completed so far this year strengthen the Company’s global capabilities and enhance our product offerings, while adding talented management teams to the Amphenol family. With our long-term, successful acquisition program, we look forward to creating more value in the future by bringing additional outstanding businesses into Amphenol.”

New Stock Repurchase Program

During April 2021, the Company purchased the remaining authorized amount of common stock under its existing three-year, $2 billion stock repurchase plan. As a result, on April 27, 2021, the Company’s Board of Directors approved a new three-year, $2 billion open market stock repurchase plan.


The following information was filed by Amphenol Corp (APH) on Wednesday, April 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Amphenol Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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Inside Amphenol Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flow
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical)
Condensed Consolidated Statements Of Income
Acquisitions
Acquisitions (Details)
Basis Of Presentation And Principles Of Consolidation
Basis Of Presentation And Principles Of Consolidation (Narrative) (Details)
Benefit Plans And Other Postretirement Benefits
Benefit Plans And Other Postretirement Benefits (Tables)
Benefit Plans And Other Postretirement Benefits, Defined Contribution Plans (Details)
Benefit Plans And Other Postretirement Benefits, Net Pension Expense (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Tables)
Debt, Commercial Paper (Details)
Debt, Euro Senior Notes (Details)
Debt, Revolving Credit Facility (Details)
Debt, Schedule Of Debt (Details)
Debt, U.S. Senior Notes (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share, Reconciliation (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets, Amortization (Details)
Goodwill And Other Intangible Assets, Goodwill (Details)
Goodwill And Other Intangible Assets, Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes, Provision And Effective Tax Rate (Details)
Income Taxes, Unrecognized Tax Benefits (Details)
Inventories
Inventories (Details)
Inventories (Tables)
New Accounting Pronouncements
New Accounting Pronouncements (Details)
Reportable Business Segments
Reportable Business Segments (Tables)
Reportable Business Segments, Reconciliation Of Segment Operating Income To Consolidated Income Before Income Taxes (Details)
Reportable Business Segments, Segment Results (Details)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)
Revenue Recognition, Disaggregation Of Net Sales (Details)
Shareholders' Equity And Noncontrolling Interests
Shareholders' Equity And Noncontrolling Interests (Details)
Shareholders' Equity And Noncontrolling Interests (Tables)
Shareholders' Equity And Noncontrolling Interests, Dividends (Details)
Shareholders' Equity And Noncontrolling Interests, Stock Repurchase (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation, Non-Vested Stock Option Activity (Details)
Stock-Based Compensation, Option Plans (Details)
Stock-Based Compensation, Restricted Shares (Details)
Stock-Based Compensation, Stock Option Activity (Details)
Stock-Based Compensation, Stock Options (Details)
Stock-Based Compensation, Stock-Based Comp Expense (Details)
Subsequent Events
Subsequent Events, Acquisition And Planned Divestiture (Details)
Ticker: APH
CIK: 820313
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-21-005338
Submitted to the SEC: Fri Apr 30 2021 8:55:54 AM EST
Accepted by the SEC: Fri Apr 30 2021
Period: Wednesday, March 31, 2021
Industry: Electronic Connectors

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