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.

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).

Net Sales: Net sales demonstrated a consistent upward trend from 2019 through 2022, rising from approximately $8.23 billion to $12.62 billion. However, there was a slight decline in 2023, with sales dropping marginally to around $12.55 billion.
Cost of Sales: Cost of sales increased steadily over the period from roughly $5.61 billion in 2019 to $8.59 billion in 2022. A minor decrease occurred in 2023, reducing costs slightly to approximately $8.47 billion, mirroring the trend in sales.
Gross Profit: Gross profit expanded consistently from about $2.62 billion in 2019 to $4.03 billion in 2022, with a moderate increase to approximately $4.08 billion in 2023. This suggests improved profitability at the gross level, supported by growing sales and relatively stable costs in the final year.
Acquisition-Related Expenses: Acquisition-related expenses fluctuated across the years, peaking notably in 2021 at $70.4 million, while remaining lower in other years, such as around $25.4 million in 2019 and $21.5 million in 2022. The 2023 figure increased again to $34.6 million, indicating irregular acquisition activity costs.
Selling, General and Administrative Expenses (SG&A): SG&A expenses followed a gradual upward trajectory, increasing from roughly $971 million in 2019 to $1.49 billion in 2023. This rise suggests expanding operational and administrative costs aligned with overall business growth.
Operating Income: Operating income showed continuous growth from $1.62 billion in 2019 to $2.59 billion in 2022, followed by a slight decrease to about $2.56 billion in 2023. This decline in the final year reflects the modest drop in net sales and higher operating expenses.
Interest Expense: Interest expense remained relatively stable around $115 million through 2021 but increased gradually to $139.5 million by 2023, indicating potentially higher debt levels or increased borrowing costs.
Other Income (Expense), Net: Other income (expense) experienced variability, ranging from gains of $8.6 million in 2019 to a small loss of $0.4 million in 2021, before rising to $29.3 million in 2023. The 2023 increase suggests favorable non-operating or incidental gains in the latest year.
Income from Continuing Operations Before Income Taxes: This income steadily increased from $1.50 billion in 2019 to a peak of $2.47 billion in 2022, dipping slightly to $2.45 billion in 2023, paralleling the trends seen in operating income.
Provision for Income Taxes: The tax provision rose consistently from $332 million in 2019 to a high of $551 million in 2022 before decreasing to $509 million in 2023, reflecting higher earnings and possibly changes in tax rates or structures.
Net Income from Continuing Operations: Net income from continuing operations increased steadily from about $1.16 billion in 2019 to approximately $1.92 billion in 2023, with continuous growth illustrating improved profitability.
Net Income: Overall net income mirrored the continuing operations trend, rising from $1.16 billion in 2019 to $1.95 billion in 2023, inclusive of a minor impact from discontinued operations in 2021. The sustained increase demonstrates consistent financial performance improvement.
Net Income Attributable to Noncontrolling Interests: Noncontrolling interests’ share of net income increased in absolute terms from $9 million in 2019 to $17.5 million in 2023, indicating growing minority interests in the company’s earnings.
Net Income Attributable to Amphenol Corporation: The net income attributable to the parent entity rose from $1.15 billion in 2019 to $1.93 billion in 2023, tracking closely with the overall net income and reflecting strong earnings attributable to shareholders.
Additional Insights: The financial data suggests the company experienced robust growth primarily up to 2022, with slight deceleration or stabilization in 2023 marked by a negligible decline in net sales and operating income. Costs increased consistently but were generally well managed, allowing for expansion of profit margins. The increase in acquisition-related expenses and interest costs in recent years may warrant further examination to assess their impact on future profitability.

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Amphenol Corp. (NYSE:APH)

Income Statement