WALLINGFORD, CT – Amphenol Corp. reported fourth quarter record net sales rose 24.7% year-over-year to $3.03 billion.
Net income from continuing operations was $457.7 million, an increase of 27.1% compared to the fourth quarter of 2020. Operating income was $592.9 million, up 21.4% year-over-year.
Interconnect products and assemblies net sales were $2.9 billion, an increase of 24.9%. Operating income for the segment was $644.6 million, growth of 23.1% compared to the same period in 2020.
In the fourth quarter, the company had record operating and free cash flow of $464 million and $379 million, respectively.
Total net sales for 2021 were $10.9 billion, up 26.5% year-over-year. Net income for the period ended Dec. 31 was $1.6 billion, an increase of 30.2%. Operating income was $2.1 billion, up 28.5%.
For the Interconnect products and assemblies segment, 2021 net sales were $10.4 billion, an increase of 26.7% compared to 2020. Operating income was up 31.9% to $2.3 billion.
For 2021, Amphenol’s operating cash flow and free cash flow were $1.524 billion and $1.167 billion, respectively.
“We are pleased to have closed 2021 with fourth quarter sales and adjusted diluted EPS significantly exceeding the high end of our guidance,” said Amphenol president and CEO R. Adam Norwitt. “Sales increased from prior year by a strong 25% in the quarter, with particularly robust growth in the IT data communications, industrial, mobile networks, commercial air, automotive and broadband markets, including contributions from the company’s acquisition program. For the full year, sales increased 26% compared to 2020, driven by strong growth across virtually all end markets, including contributions from the company’s acquisition program. Despite facing substantial inflationary pressures and supply chain disruptions, full year adjusted diluted EPS grew by an impressive 33%. We are very proud of the company’s outstanding performance in this most challenging and dynamic year.
“Throughout the year, we continued to deploy our financial strength in a variety of ways to increase shareholder value. During the fourth quarter, the company purchased 2.1 million shares of its common stock for $171 million and paid dividends of $87 million, resulting in total capital returned to shareholders in 2021 of more than $1 billion.
“We remain focused on expanding our growth opportunities through a deep commitment to developing enabling technologies for customers in all markets, an ongoing strategy of market and geographic diversification and an active and successful acquisition program. To that end, we were excited to have announced on Dec. 1, 2021, the acquisition of Halo Technology Ltd., as well as the closing of the sale of the MTS Test & Simulation business to Illinois Tool Works. With the closing of the Halo acquisition, we successfully completed seven acquisitions in 2021. These new companies have broadened our high-technology product offering, expanded our position across most of our end markets and deepened our pool of talented, entrepreneurial managers around the world.”
The current market environment remains highly uncertain, with continued supply chain and inflationary challenges, as well as potential new disruptions from the recent resurgence of Covid-19. Assuming conditions do not meaningfully worsen and assuming constant exchange rates, for the first quarter of 2022, Amphenol expects sales to be in the range of $2.69 billion to $2.75 billion.
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