Amphenol Clocks 21% Revenue Growth In Q3, Issues Firm Outlook

Amphenol Corp APH reported third-quarter FY21 sales growth of 21% year-on-year to $2.82 billion, beating the consensus of $2.72 billion.
"Sales increased by a strong 21% in the quarter, with broad-based growth across most of our end markets, including contributions from the Company's acquisition program," said CEO R. Adam Norwitt.
Sales from Interconnect Products and Assemblies grew 21% Y/Y to $2.7 billion. Cable Products and Solutions sales rose 18% Y/Y to $119.3 million.
Margin: The consolidated operating margin contracted slightly by 20 bps to 20.3%.
Non-GAAP EPS of $0.65 beat the consensus of $0.63.
Amphenol generated $328 million in operating cash flow and held $1.3 billion in cash and equivalents.
Dividend: Amphenol raised the quarterly dividend by 38% to $0.20 per share.
Amphenol noted that the current market environment remains highly uncertain, with supply chain and inflationary challenges.
Outlook: Amphenol sees Q4 sales of $2.69 billion - $2.75 billion, versus the consensus of $2.74 billion.
It sees non-GAAP EPS of $0.61 - $0.63, below the consensus of $0.64.
Amphenol sees FY21 sales of $10.54 billion - $10.60 billion, above the consensus of $10.47 billion.
It sees non-GAAP EPS of $2.39 - $2.41 versus the consensus of $2.40.
Price Action: APH shares traded lower by 2.13% at $77.08 on the last check Wednesday.

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