Name: Amphenol Corp. (NYSE:APH) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Amphenol Corp., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net sales	12,554,700)	12,623,000)	10,876,300)	8,598,900)	8,225,400)
Cost of sales	(8,470,600)	(8,594,800)	(7,474,500)	(5,934,800)	(5,609,400)
Gross profit	4,084,100)	4,028,200)	3,401,800)	2,664,100)	2,616,000)
Acquisition-related expenses	(34,600)	(21,500)	(70,400)	(11,500)	(25,400)
Selling, general and administrative expenses	(1,489,900)	(1,420,900)	(1,226,300)	(1,014,200)	(971,400)
Operating income	2,559,600)	2,585,800)	2,105,100)	1,638,400)	1,619,200)
Interest expense	(139,500)	(128,400)	(115,500)	(115,400)	(117,600)
Gain on bargain purchase acquisition	5,400)	—)	—)	—)	—)
Loss on early extinguishment of debt	—)	—)	—)	—)	(14,300)
Other income (expense), net	29,300)	10,000)	(400)	3,600)	8,600)
Income from continuing operations before income taxes	2,454,800)	2,467,400)	1,989,200)	1,526,600)	1,495,900)
Provision for income taxes	(509,300)	(550,600)	(409,100)	(313,300)	(331,900)
Net income from continuing operations	1,945,500)	1,916,800)	1,580,100)	1,213,300)	1,164,000)
Income from discontinued operations, net of income taxes	—)	—)	21,400)	—)	—)
Net income	1,945,500)	1,916,800)	1,601,500)	1,213,300)	1,164,000)
Net income attributable to noncontrolling interests	(17,500)	(14,500)	(10,700)	(9,900)	(9,000)
Net income attributable to Amphenol Corporation	1,928,000)	1,902,300)	1,590,800)	1,203,400)	1,155,000)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Revenue and net income exhibit a strong upward trajectory over the five-year period from 2019 to 2023, characterized by significant expansion between 2020 and 2022 followed by a period of stabilization in 2023.

Revenue and Gross Profitability Trends: Net sales grew from 8.23 billion US dollars in 2019 to a peak of 12.62 billion US dollars in 2022, before leveling off at 12.55 billion US dollars in 2023. Despite the slight plateau in sales in the final year, gross profit continued to climb, reaching 4.08 billion US dollars in 2023. This divergence indicates an expansion in gross margin, which rose from 31.8% in 2019 to 32.5% in 2023, suggesting improved production efficiency or more favorable pricing strategies.
Operating Efficiency and Expense Management: Operating income increased from 1.62 billion US dollars in 2019 to 2.56 billion US dollars in 2023. This growth was achieved despite a steady increase in selling, general, and administrative expenses, which rose from 971.4 million US dollars to 1.49 billion US dollars over the same period. Acquisition-related expenses showed volatility, peaking at 70.4 million US dollars in 2021, which reflects an inconsistent but active pattern of inorganic growth investments.
Net Earnings and Financial Obligations: Net income attributable to the corporation demonstrated consistent growth, rising from 1.16 billion US dollars in 2019 to 1.93 billion US dollars in 2023. Interest expenses remained relatively stable, fluctuating within a narrow range between 115 million and 140 million US dollars, indicating that the expansion of the business was not accompanied by a disproportionate increase in debt servicing costs. The provision for income taxes scaled upward in alignment with pre-tax income, peaking at 550.6 million US dollars in 2022.
Non-Operating Items and Other Income: Other income, net, showed significant fluctuation, ending the period at a high of 29.3 million US dollars in 2023 compared to a deficit of 400 thousand US dollars in 2021. A one-time gain on bargain purchase acquisition of 5.4 million US dollars was recorded in 2023, while 2019 was impacted by a loss on early extinguishment of debt totaling 14.3 million US dollars.

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