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Mar 31, 2020
Amphenol Q1 2020 Earnings Report
Amphenol reported a decrease in sales and EPS compared to the same period last year, impacted by the COVID-19 pandemic.
Key Takeaways
Amphenol Corporation reported first quarter 2020 results, which were impacted by the COVID-19 pandemic. Sales decreased by 5% compared to the first quarter 2019, but orders reached $2.151 billion due to higher demand for communications networks and medical equipment. The company proactively drew down $1.25 billion from its revolving credit facility and finished the quarter with $2.4 billion of cash on hand.
Sales for the first quarter 2020 were $1.862 billion, a 5% decrease compared to $1.959 billion for the comparable 2019 period.
GAAP diluted Earnings Per Share (EPS) for the first quarter 2020 was $0.79 compared to $0.87 for the comparable 2019 period.
Adjusted Diluted EPS for the first quarter 2020 was $0.71 compared to $0.89 for the first quarter 2019.
Operating cash flow in the quarter was $384 million.
Amphenol
Amphenol
Forward Guidance
The company withdrew its full-year sales and EPS guidance and will not be providing a specific outlook for the coming quarter. Sales and EPS in the second quarter of 2020 are expected to be lower than the levels achieved in the first quarter.
Positive Outlook
- Company's consistent superior performance
- Outstanding, entrepreneurial management team
- Dynamically adjust to the current market conditions
- Continue to generate strong financial performance
- Further capitalize on the many opportunities to expand market position
Challenges Ahead
- Overall demand and operating environment remains highly uncertain
- Full impact of the COVID-19 pandemic on our business will depend on many unpredictable future developments
- Length and severity of the crisis
- Potential additional government actions
- Overall impact of the pandemic on the global economy