Stock Analysis on Net
Stock Analysis on Net

Amphenol Corp. (NYSE:APH)

This company has been moved to the archive! The financial data has not been updated since April 26, 2024.

Common-Size Income Statement 

Amphenol Corp., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net sales 100.00 100.00 100.00 100.00 100.00
Cost of sales -67.47 -68.09 -68.72 -69.02 -68.20
Gross profit 32.53% 31.91% 31.28% 30.98% 31.80%
Acquisition-related expenses -0.28 -0.17 -0.65 -0.13 -0.31
Selling, general and administrative expenses -11.87 -11.26 -11.27 -11.79 -11.81
Operating income 20.39% 20.48% 19.35% 19.05% 19.69%
Interest expense -1.11 -1.02 -1.06 -1.34 -1.43
Gain on bargain purchase acquisition 0.04 0.00 0.00 0.00 0.00
Loss on early extinguishment of debt 0.00 0.00 0.00 0.00 -0.17
Other income (expense), net 0.23 0.08 0.00 0.04 0.10
Income from continuing operations before income taxes 19.55% 19.55% 18.29% 17.75% 18.19%
Provision for income taxes -4.06 -4.36 -3.76 -3.64 -4.04
Net income from continuing operations 15.50% 15.18% 14.53% 14.11% 14.15%
Income from discontinued operations, net of income taxes 0.00 0.00 0.20 0.00 0.00
Net income 15.50% 15.18% 14.72% 14.11% 14.15%
Net income attributable to noncontrolling interests -0.14 -0.11 -0.10 -0.12 -0.11
Net income attributable to Amphenol Corporation 15.36% 15.07% 14.63% 13.99% 14.04%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Cost of Sales
The cost of sales as a percentage of net sales has shown a gradual decrease over the analyzed period, moving from -68.2% in 2019 to -67.47% in 2023. This indicates a moderate improvement in production efficiency or cost management.
Gross Profit
Gross profit margins have slightly increased from 31.8% in 2019 to 32.53% in 2023, reflecting an enhancement in profitability at the gross level, consistent with the reduction in the cost of sales percentage.
Acquisition-Related Expenses
Acquisition-related expenses have fluctuated with no clear trend, peaking at -0.65% in 2021 but generally remaining low, indicating occasional but relatively minor impacts from acquisitions on profitability.
Selling, General and Administrative Expenses
SG&A expenses as a percentage of net sales have remained relatively stable around 11-12%, with a slight decrease observed from 11.81% in 2019 to 11.26% in 2022, followed by a minor increase to 11.87% in 2023, suggesting steady operating cost control.
Operating Income
Operating income showed a slight decline from 19.69% in 2019 to 19.05% in 2020, then gradually increased to a peak of 20.48% in 2022 before a small decrease to 20.39% in 2023. Overall, operating profitability improved over the period.
Interest Expense
Interest expenses have decreased from -1.43% in 2019 to a low of -1.02% in 2022, reflecting potentially reduced debt levels or favorable interest rates, before a small uptick to -1.11% in 2023.
Other Income and Related Items
Other income (expense), net, has been low and stable, with a slight increase to 0.23% in 2023. Notably, a gain on bargain purchase acquisition, though minimal at 0.04%, appeared in 2023, while a loss on early extinguishment of debt occurred only in 2019 at -0.17%.
Income Before Income Taxes
Income from continuing operations before income taxes experienced a reduction in 2020 to 17.75% from 18.19% in 2019, then increased to 19.55% in both 2022 and 2023, showing improvement in pre-tax profitability.
Provision for Income Taxes
The tax provision fluctuated within a narrow range, from -4.04% in 2019 down to -3.64% in 2020, increasing again to around -4.06% in 2023, indicating stable effective tax rates relative to net sales.
Net Income
Net income attributable to Amphenol Corporation increased steadily each year from 14.04% in 2019 to 15.36% in 2023, corroborating the trend of improving profitability. The overall net income followed a similar pattern, with slight variations related to income attributable to noncontrolling interests and discontinued operations.
Income from Discontinued Operations
A notable item is the recorded income from discontinued operations, net of income taxes, at 0.2% in 2021 only, suggesting a one-time effect that did not recur in other periods.
Net Income Attributable to Noncontrolling Interests
Net income attributable to noncontrolling interests remained small and stable, fluctuating narrowly between -0.10% and -0.14%, indicating consistent minor allocations to minority shareholders.