Income Statement
Quarterly Data

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 (quarterly data)

US$ in thousands

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	3,256,300)	3,327,600)	3,199,200)	3,053,900)	2,974,000)	3,239,100)	3,295,200)	3,136,800)	2,951,900)	3,026,800)	2,818,500)	2,653,900)	2,377,100)	2,426,000)	2,323,400)	1,987,500)	1,862,000)	2,151,000)	2,100,600)	2,015,300)	1,958,500)
Cost of sales	(2,167,300)	(2,227,100)	(2,150,700)	(2,062,200)	(2,030,600)	(2,201,700)	(2,235,200)	(2,132,600)	(2,025,300)	(2,085,600)	(1,928,600)	(1,810,700)	(1,649,600)	(1,660,400)	(1,588,500)	(1,383,700)	(1,302,200)	(1,472,300)	(1,438,700)	(1,367,700)	(1,330,700)
Gross profit	1,089,000)	1,100,500)	1,048,500)	991,700)	943,400)	1,037,400)	1,060,000)	1,004,200)	926,600)	941,200)	889,900)	843,200)	727,500)	765,600)	734,900)	603,800)	559,800)	678,700)	661,900)	647,600)	627,800)
Acquisition-related expenses	—)	(16,200)	(9,000)	(4,000)	(5,400)	(9,500)	(12,000)	—)	—)	(15,000)	—)	(55,400)	—)	(11,500)	—)	—)	—)	—)	—)	(8,900)	(16,500)
Selling, general and administrative expenses	(404,200)	(394,200)	(381,600)	(367,800)	(346,300)	(361,800)	(366,900)	(355,400)	(336,800)	(333,300)	(318,700)	(311,600)	(262,700)	(265,800)	(259,100)	(246,400)	(242,900)	(248,800)	(248,300)	(239,200)	(235,100)
Operating income	684,800)	690,100)	657,900)	619,900)	591,700)	666,100)	681,100)	648,800)	589,800)	592,900)	571,200)	476,200)	464,800)	488,300)	475,800)	357,400)	316,900)	429,900)	413,600)	399,500)	376,200)
Interest expense	(38,100)	(35,000)	(33,600)	(35,000)	(35,900)	(37,000)	(32,800)	(30,500)	(28,100)	(28,800)	(29,000)	(29,100)	(28,600)	(28,400)	(28,000)	(30,200)	(28,800)	(28,200)	(29,700)	(30,000)	(29,700)
Gain on bargain purchase acquisition	—)	—)	—)	5,400)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Loss on early extinguishment of debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(14,300)	—)	—)
Other income (expense), net	16,000)	10,400)	9,200)	5,600)	4,100)	3,400)	2,600)	2,300)	1,700)	(100)	—)	—)	(300)	200)	1,000)	1,300)	1,100)	1,000)	4,500)	100)	3,000)
Income from continuing operations before income taxes	662,700)	665,500)	633,500)	595,900)	559,900)	632,500)	650,900)	620,600)	563,400)	564,000)	542,200)	447,100)	435,900)	460,100)	448,800)	328,500)	289,200)	402,700)	374,100)	369,600)	349,500)
Provision for income taxes	(110,700)	(146,300)	(115,200)	(130,600)	(117,200)	(121,500)	(150,400)	(144,500)	(134,200)	(106,400)	(120,500)	(78,100)	(104,100)	(100,000)	(99,300)	(68,000)	(46,000)	(81,800)	(91,800)	(78,700)	(79,600)
Net income from continuing operations	552,000)	519,200)	518,300)	465,300)	442,700)	511,000)	500,500)	476,100)	429,200)	457,600)	421,700)	369,000)	331,800)	360,100)	349,500)	260,500)	243,200)	320,900)	282,300)	290,900)	269,900)
Income from discontinued operations, net of income taxes	—)	—)	—)	—)	—)	—)	—)	—)	—)	11,100)	7,700)	2,600)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income	552,000)	519,200)	518,300)	465,300)	442,700)	511,000)	500,500)	476,100)	429,200)	468,700)	429,400)	371,600)	331,800)	360,100)	349,500)	260,500)	243,200)	320,900)	282,300)	290,900)	269,900)
Net income attributable to noncontrolling interests	(3,300)	(4,800)	(4,400)	(4,800)	(3,500)	(3,500)	(3,900)	(3,600)	(3,500)	(3,800)	(2,900)	(1,800)	(2,200)	(3,100)	(2,900)	(2,800)	(1,100)	(2,100)	(2,000)	(2,500)	(2,400)
Net income attributable to Amphenol Corporation	548,700)	514,400)	513,900)	460,500)	439,200)	507,500)	496,600)	472,500)	425,700)	464,900)	426,500)	369,800)	329,600)	357,000)	346,600)	257,700)	242,100)	318,800)	280,300)	288,400)	267,500)

Net Sales: Net sales demonstrated an overall upward trend from March 2019 through December 2021, increasing from approximately $1.96 billion to roughly $3.03 billion. Despite a decline in early 2020, likely due to external disruptions, sales recovered strongly and peaked during late 2022 and early 2023. Recent quarters show some fluctuations, with a slight decrease from the peak, ending at around $3.26 billion in March 2024.
Cost of Sales: The cost of sales mirrored the sales trend, increasing steadily from about $1.33 billion in early 2019 to over $2.08 billion by the end of 2021. Thereafter, costs remained elevated but showed some volatility, with a decline toward the end of 2023 and early 2024, ending near $2.17 billion. This indicates some operational cost control or shifts in production expenses in the latest periods.
Gross Profit: Gross profit followed the sales and cost pattern, rising from roughly $628 million in early 2019 to over $1 billion by late 2022. There was notable growth during 2021 and 2022, with a gradual slowdown and slight decrease in the early months of 2024. The margins appear generally stable, though gross profitability peaks in the latter half of 2022 and early 2023.
Acquisition-related Expenses: Acquisition-related expenses were sporadic and relatively minor compared to other expenses, with recorded expenses primarily in late 2019, mid-2020, mid-2021, and early 2023. The amounts fluctuated, peaking at $55.4 million in mid-2021, indicating occasional acquisition activities impacting costs.
Selling, General and Administrative (SG&A) Expenses: SG&A expenses steadily increased over the period, starting at about $235 million in early 2019 and rising to more than $400 million by the start of 2024. The consistent upward trend reflects growing operational and administrative costs, possibly related to expanding business activities or inflationary pressures.
Operating Income: Operating income experienced a strong increase from approximately $376 million in early 2019 to nearly $690 million by late 2023, with some fluctuations. Early 2020 showed a dip, correlating with lower sales and gross profit, but a strong recovery followed. The increase in operating income is notable despite rising SG&A expenses, indicating improved operational efficiency or higher-margin business growth.
Interest Expense: Interest expenses remained relatively stable, fluctuating narrowly between approximately $28 million and $38 million throughout the reported quarters. There was a slight upward trend in late 2022 and early 2023, which may reflect changes in debt levels or interest rates.
Gain on Bargain Purchase Acquisition: There was an isolated gain reported in late 2023 amounting to $5.4 million, suggesting a favorable acquisition event during that period.
Loss on Early Extinguishment of Debt: A loss of $14.3 million was recorded in September 2019, signaling a one-time financial charge related to debt restructuring or repayment.
Other Income (Expense), Net: Other income generally showed a positive trend, increasing from minimal values around early 2019 to $16 million by March 2024. This improvement suggests growing non-operating income streams or effective management of miscellaneous expenses.
Income from Continuing Operations Before Income Taxes: This income followed a general increasing trajectory, rising from roughly $350 million in early 2019 to over $660 million by early 2024, despite a noticeable dip during the early pandemic period in 2020. This reflects resilient earnings growth before tax impacts.
Provision for Income Taxes: Income tax provisions showed volatility, with lower taxes during early 2020, likely due to reduced earnings, and substantial increases afterward, peaking at around $150 million in late 2022. The tax expense displays fluctuations aligned with pre-tax income changes, including some pronounced quarterly variations.
Net Income from Continuing Operations: Net income from continuing operations generally increased from about $270 million in early 2019 to a peak exceeding $550 million in early 2024. A decline occurred during early 2020, but a strong recovery followed, with improvements maintained through the most recent periods.
Income from Discontinued Operations: Income from discontinued operations was recorded only in mid-2021, with small gains between approximately $2.6 million and $11.1 million, suggesting a brief period of divestiture effects.
Net Income: Overall net income trends closely followed continuing operations, with growth from $270 million to over $550 million across the timeframe. The inclusion of discontinued operations in 2021 caused minor increases in those quarters.
Net Income Attributable to Noncontrolling Interests: Net income attributable to noncontrolling interests fluctuated between approximately -$1.1 million and -$4.8 million. The variation reflects minor impacts from minority shareholders, with more significant negative values in recent periods.
Net Income Attributable to Amphenol Corporation: Net income attributable to the parent entity increased substantially from approximately $267 million in early 2019 to nearly $549 million by early 2024, marking strong profitability growth. The pattern parallels overall net income, with a noticeable dip during early 2020 followed by consistent gains thereafter.

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Amphenol Corp. (NYSE:APH)

Income Statement Quarterly Data

Income Statement
Quarterly Data