On this page of StockholderLetter.com we present the latest annual shareholder letter from AMPHENOL CORP /DE/ — ticker symbol APH. Reading current and past APH letters to shareholders can bring important insights into the investment thesis.

 •  4/4/2025 Letter Continued (Full PDF)
 •  4/10/2023 APH Stockholder Letter
 •  4/8/2024 APH Stockholder Letter
 •  More "Electronic Equipment & Products" Category Stockholder Letters
 •  APH Benford's Law Stock Score = 87

APH Shareholder/Stockholder Letter Transcript:

Enabling the Electronics Revolution
2024
ANNUAL
REPORT

About Amphenol
Amphenol is one of the world   s largest providers of high-technology interconnect, sensor and antenna solutions. Our products Enable
the Electronics Revolution across virtually every end market, including Automotive, Broadband Communications, Commercial Aerospace,
Defense, Industrial, Information Technology and Data Communications, Mobile Devices and Mobile Networks. Headquartered in
Wallingford, Connecticut USA, Amphenol had approximately 125,000 talented and driven employees worldwide at the end of 2024.
How We Create Value
High Performance Culture
Balanced End Market Exposure
Commercial
Aerospace
6%
COST CONTROL
relentless cost
management
ENTREPRENEURIAL
approximately 140
GMs worldwide
Industrial
24%
LONGER
CYCLE
Defense
11%
Broadband
3%
Mobile
Networks
3%
NO EXCUSES
clear accountability
for results
AGILE & FLEXIBLE
quick response to
changing markets
Automotive
20%
IT Datacom
24%
Mobile Devices
9%
SHORTER
CYCLE
Global Presence and Reach
Disciplined Acquisition Strategy
More than 50 companies
acquired in the last 10 years
Asia
40%
Manufacturing
in over
40 countries
across six
continents
North America
40%
    Acquirer of choice
    Focused on high-quality management
teams with complementary technology
    Successful acquisition program in a
fragmented but consolidating market
Rest of World
3%
Europe
17%
CUMULATIVE 5-YEAR TOTAL SHAREHOLDER RETURN
$300
$250
$200
$150
$100
$50
2019
Amphenol Corporation
2020
2021
2022
2023
Dow Jones U.S. Electrical Components & Equipment Index
2024
S&P 500 Index
The graph compares the cumulative total
shareholder return of Amphenol over a
period of five years ending December 31,
2024 with the performance of the Standard
& Poor   s 500 (   S&P 500   ) Stock Index and
the Dow Jones U.S. Electrical Components
& Equipment Index. This graph assumes that
$100 was invested in the common stock of
Amphenol and each index on December 31,
2019, reflects reinvested dividends, and is
weighted on a market capitalization basis as
of the beginning of each year. Each reported
data point represents the last trading day of
each calendar year. The comparisons in the
graph are based upon historical data and are
not indicative of, nor intended to forecast,
future performance.

2024 Financial Highlights
For the Years Ended December 31
2024
2023
2022
$15,223
$12,555
$12,623
Operating income
$3,157
$2,560
$2,586
Net income from continuing operations attributable to stockholders
$2,424
$1,928
$1,902
Diluted earnings from continuing operations per common share (GAAP)
$1.92
$1.55
$1.53
Adjusted diluted earnings from continuing operations per common share (non-GAAP)
$1.89
$1.51
$1.50
Cash flow provided by operating activities from continuing operations (GAAP)
$2,815
$2,529
$2,175
Free cash flow (non-GAAP)
$2,157
$2,160
$1,796
$0.55
$0.425
$0.405
In millions, except per share data
Net sales
Dividends declared per common share
Sales
$15.2B
Adjusted
Operating Margin
21.7%
Free Cash Flow
$2.2B
$1.89
21.7%
15,223
2,160 2,157
$1.89
20.7% 20.7%
12,623 12,555
8,599
19.2%
2020 2021 2022 2023 2024
2020 2021 2022 2023 2024
1,796
$1.50 $1.51
20.0%
10,876
$ In Millions
Adjusted
Diluted EPS
$1.24
$0.94
1,328
1,167
2020 2021 2022 2023 2024
2020 2021 2022 2023 2024
$ In Millions
Financial Highlights are based on continuing operations only and exclude results associated with discontinued operations. Refer to
Page 10 herein and Part II, Item 7. Management   s Discussion and Analysis of Financial Condition and Results of Operations of the Company   s
Form 10-K included in this Annual Report for further discussion of the definitions of non-GAAP financial measures and reconciliations of
non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures.
2024 ANNUAL REPORT 1

Enabling the Electronics Revolution
Our products help to support and accelerate the
electrification trend across multiple industries.
2 AMPHENOL CORPORATION

Dear Fellow Shareholders:
Amphenol delivered another outstanding year in 2024 with sales, operating
margin and earnings reaching record levels.
2024 was a truly special year for our company. The
Amphenol team delivered record performance, reaching
historical highs in orders, sales, operating margins,
operating cash flow and earnings per share. Our sales
increased by 21% as reported and by 13% organically,
significantly outpacing overall market growth, as our
teams around the world increased share with our existing
customers while also capitalizing on new areas of growth.
In addition, we delivered exceptional profitability in 2024,
generating record Adjusted Operating Margins of 21.7%.
This excellent margin performance was driven in particular
by our disciplined cost management amidst the Company   s
strong sales growth. We also converted our profitability
into record operating cash flow of $2.8 billion in 2024,
which we were then able to use to reinvest in new
facilities, technologies and people, both organically and
through our successful acquisition program, all of which
will help support future growth. Finally, we returned nearly
$1.3 billion to shareholders during the year through our
dividend and share buyback program.
Key highlights from 2024 include:
    Sales reached $15.2 billion, growing 21% from 2023
    Adjusted Operating Margin was 21.7%
    Adjusted Diluted EPS was $1.89, growing 25%
from 2023
    Completed the acquisitions of Carlisle Interconnect
Technologies (CIT) and L  tze, and signed an agreement
to acquire the Andrew mobile networks business from
CommScope, a transaction that closed earlier in 2025
    Returned $1.3 billion to shareholders through dividends
and share buybacks
all of which are enabled by Amphenol   s unique,
high-technology interconnect, sensor and antenna
solutions. Amidst all the exciting areas of the electronics
industry, one in particular attracted significant attention
and investment this year     data centers enabling artificial
intelligence (AI). Amphenol has a wide range of products
and solutions that help support interconnect applications
throughout the entire AI ecosystem, uniquely positioning
us to broadly support these build-outs that are using
greater quantities of high-performance interconnect
solutions compared to traditional data centers. We
have worked hard over many years to position the
Company with the widest array of customers who are
developing these AI solutions, including hyperscale
web service providers; systems integrators; server,
storage and networking equipment manufacturers; and
the semiconductor providers who are also creating
their own AI system designs. This breadth of exposure
to customers throughout the IT Datacom market has
served Amphenol well. What ties all of these AI design
activities together from an interconnect perspective is
that customers require ultra high-speed and low-latency,
and they need to use less power. Our ability to design
industry-leading interconnect solutions that satisfy these
unique needs and to manufacture them at scale has
allowed us to create significant value for our customers
by meeting their rapidly growing demand for AI-related
products. This positions the Company strongly as the AI
revolution continues into 2025 and beyond.
Our strong performance this year was broad-based, with
our entrepreneurial General Managers discovering and
capitalizing upon growth opportunities across virtually all
of our end markets. While we realized especially strong
performance in the IT Datacom market, we also delivered
double-digit organic growth in the Commercial Air and
Mobile Devices markets and we grew strongly in the
Defense, Mobile Networks and Automotive markets. The
diversity of our end market exposure remains a significant
benefit for Amphenol.
We continue to pursue our mission to be the Enabler of
the Electronics Revolution. In 2024, our customers across
all of our end markets remained focused on accelerating
their investments and innovations in new technologies,
2024 ANNUAL REPORT 3



 4/4/2025 Letter Continued (Full PDF)