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Amphenol Corp. (NYSE:APH)

This company has been moved to the archive! The financial data has not been updated since April 26, 2024.

Common-Size Income Statement
Quarterly Data

Amphenol Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -66.56 -66.93 -67.23 -67.53 -68.28 -67.97 -67.83 -67.99 -68.61 -68.90 -68.43 -68.23 -69.40 -68.44 -68.37 -69.62 -69.94 -68.45 -68.49 -67.87 -67.94
Gross profit 33.44% 33.07% 32.77% 32.47% 31.72% 32.03% 32.17% 32.01% 31.39% 31.10% 31.57% 31.77% 30.60% 31.56% 31.63% 30.38% 30.06% 31.55% 31.51% 32.13% 32.06%
Acquisition-related expenses 0.00 -0.49 -0.28 -0.13 -0.18 -0.29 -0.36 0.00 0.00 -0.50 0.00 -2.09 0.00 -0.47 0.00 0.00 0.00 0.00 0.00 -0.44 -0.84
Selling, general and administrative expenses -12.41 -11.85 -11.93 -12.04 -11.64 -11.17 -11.13 -11.33 -11.41 -11.01 -11.31 -11.74 -11.05 -10.96 -11.15 -12.40 -13.05 -11.57 -11.82 -11.87 -12.00
Operating income 21.03% 20.74% 20.56% 20.30% 19.90% 20.56% 20.67% 20.68% 19.98% 19.59% 20.27% 17.94% 19.55% 20.13% 20.48% 17.98% 17.02% 19.99% 19.69% 19.82% 19.21%
Interest expense -1.17 -1.05 -1.05 -1.15 -1.21 -1.14 -1.00 -0.97 -0.95 -0.95 -1.03 -1.10 -1.20 -1.17 -1.21 -1.52 -1.55 -1.31 -1.41 -1.49 -1.52
Gain on bargain purchase acquisition 0.00 0.00 0.00 0.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Loss on early extinguishment of debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.68 0.00 0.00
Other income (expense), net 0.49 0.31 0.29 0.18 0.14 0.10 0.08 0.07 0.06 0.00 0.00 0.00 -0.01 0.01 0.04 0.07 0.06 0.05 0.21 0.00 0.15
Income from continuing operations before income taxes 20.35% 20.00% 19.80% 19.51% 18.83% 19.53% 19.75% 19.78% 19.09% 18.63% 19.24% 16.85% 18.34% 18.97% 19.32% 16.53% 15.53% 18.72% 17.81% 18.34% 17.85%
Provision for income taxes -3.40 -4.40 -3.60 -4.28 -3.94 -3.75 -4.56 -4.61 -4.55 -3.52 -4.28 -2.94 -4.38 -4.12 -4.27 -3.42 -2.47 -3.80 -4.37 -3.91 -4.06
Net income from continuing operations 16.95% 15.60% 16.20% 15.24% 14.89% 15.78% 15.19% 15.18% 14.54% 15.12% 14.96% 13.90% 13.96% 14.84% 15.04% 13.11% 13.06% 14.92% 13.44% 14.43% 13.78%
Income from discontinued operations, net of income taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.37 0.27 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net income 16.95% 15.60% 16.20% 15.24% 14.89% 15.78% 15.19% 15.18% 14.54% 15.49% 15.24% 14.00% 13.96% 14.84% 15.04% 13.11% 13.06% 14.92% 13.44% 14.43% 13.78%
Net income attributable to noncontrolling interests -0.10 -0.14 -0.14 -0.16 -0.12 -0.11 -0.12 -0.11 -0.12 -0.13 -0.10 -0.07 -0.09 -0.13 -0.12 -0.14 -0.06 -0.10 -0.10 -0.12 -0.12
Net income attributable to Amphenol Corporation 16.85% 15.46% 16.06% 15.08% 14.77% 15.67% 15.07% 15.06% 14.42% 15.36% 15.13% 13.93% 13.87% 14.72% 14.92% 12.97% 13.00% 14.82% 13.34% 14.31% 13.66%

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Analysis of the common-size income statement reveals a general trend of expanding profitability and improved operational efficiency from March 2019 through March 2024. While there was a noticeable contraction in margins during the first half of 2020, subsequent quarters demonstrate a consistent recovery and growth in both gross and net profit margins.

Gross Profitability and Cost Management
Gross profit margins exhibited a cyclical pattern, starting at 32.06% in March 2019 and dipping to a period low of 30.06% in March 2020. Following this decline, a steady upward trajectory is observed, culminating in a peak of 33.44% by March 2024. This improvement is directly attributed to a reduction in the cost of sales as a percentage of net sales, which decreased from 67.94% in early 2019 to 66.56% by the end of the analyzed period.
Operating Performance and Expense Control
Operating income margins remained relatively resilient, fluctuating between a low of 17.02% in March 2020 and a high of 21.03% in March 2024. Selling, general, and administrative expenses have been maintained within a tight range, generally between 11% and 13% of net sales. Periodic volatility in operating income was primarily influenced by non-recurring acquisition-related expenses, most notably in June 2021, where these costs reached 2.09% of net sales.
Financial Costs and Other Income
Interest expenses as a percentage of net sales showed a general downward trend, decreasing from 1.52% in March 2019 to approximately 1.05% during 2023, before slightly increasing to 1.17% in March 2024. Other income, net, has transitioned from negligible or negative values to a consistent positive contribution, reaching 0.49% of net sales in the final quarter of the data set.
Net Income and Bottom-Line Growth
Net income margins attributable to the parent corporation have expanded from 13.66% in March 2019 to 16.85% in March 2024. This growth reflects the combined impact of widening gross margins and disciplined operating expense management. The net income margin remained stable throughout 2021 and 2022 before showing accelerated growth throughout 2023 and into the first quarter of 2024.

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