Amphenol Corporation (NYSE:APH) Q3 2023 Earnings Conference Call October 25, 2023 1:00 PM ET
Company Participants
Craig Lampo - Chief Financial Officer
Adam Norwitt - Chief Executive Officer
Conference Call Participants
Amit Daryanani - Evercore
Chris Snyder - UBS
Luke Junk - Baird
Andrew Buscaglia - BNP Paribas
Wamsi Mohan - Bank of America
Samik Chatterjee - JPMorgan
Mark Delaney - Goldman Sachs
Will Stein - Truist Securities
Steven Fox - Fox Advisors
Matt Sheerin - Stifel
Joe Giordano - TD Cowen
Operator
Hello. And welcome to the third quarter Earnings Conference Call for Amphenol Corporation. Following today’s presentation, there will be a formal question-and-answer session. Until then, all lines will remain in a listen-only mode. At the request of the company, today’s conference is being recorded. If anyone has any objection, you may disconnect at this time.
I would now like to introduce today’s conference host, Mr. Craig Lampo. Sir, you may begin.
Craig Lampo
Thank you very much. Good afternoon, everyone. This is Craig Lampo, Amphenol’s CFO, and I am here together with Adam Norwitt, our CEO. We would like to welcome you to our third quarter 2023 conference call.
Our third quarter 2023 results were released this morning. I will provide some financial commentary and then Adam will give an overview of the business and current trends, and then we will take questions.
As a reminder, during the call, we may refer to certain non-GAAP financial measures and make certain forward-looking statements. So please refer to the relevant disclosures in our press release for further information.
The company closed the third quarter with sales of $3.199 billion in GAAP and adjusted diluted EPS of $0.83 and $0.78, respectively. Third quarter sales were down 3% in U.S. dollars and low-income currencies and 5% organically compared to the third quarter of 2022.
Sequentially sales were up 5% in U.S. dollars, local currencies, and organically. Adam will comment further on trends by market in a few minutes. Orders in the quarter were $3.164 billion, which was flat compared to the third quarter of 2022, and up 4% sequentially, resulting in a book-to-bill ratio of 0.99 to 1.
GAAP operating income was $658 million in the third quarter of 2023, which included $9 million of acquisition-related transaction costs. Excluding these costs, adjusted operating income was $667 million. GAAP and adjusted operating margins were 20.6% and 20.8% respectively in the third quarter.