Amphenol Corporation (NYSE:APH) Q1 2024 Earnings Conference Call April 24, 2024 1:00 PM ET
Company Participants
Craig Lampo - CFO
Adam Norwitt - CEO
Conference Call Participants
Amit Daryanani - Evercore
Luke Junk - Baird
Saree Boroditsky - Jefferies
Wamsi Mohan - Bank of America
Mark Delaney - Goldman Sachs
Steven Fox - Fox Advisors
Joe Cardoso - JPMorgan
William Stein - Truist Securities
Asiya Merchant - Citigroup
Andrew Buscaglia - BNP Paribas
Joe Giordano - TD Cowen
Operator
Hello, and welcome to the First 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 objections, 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'm here together with Adam Norwitt, our CEO. We would like to welcome you to our first quarter of 2024 conference call.
Our first quarter 2024 results were released this morning and I will provide some financial commentary, and then Adam will give an overview of the business and current market trends. 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 first quarter with sales of $3,256 million and adjusted diluted EPS of $0.80. First quarter sales were up 9% in U.S. dollars, 10% in local currencies and 6% organically, compared to the first quarter of 2023.
Sequentially, sales were down 2% in U.S. dollars, 2% in local currencies and 4% organically. Adam will comment further on trends by market in a few minutes. Orders in the quarter were $3,348 million, up 16%, compared to the first quarter of 2023 and 66% sequentially, resulting in a book-to-bill ratio of 1.03:1.
GAAP and adjusted operating income was $685 million, and operating margin was 21% in the first quarter of 2024. On a GAAP basis, operating margin increased by 110 basis points compared to the first quarter of 2023 and 30 basis points compared to the fourth quarter of 2023.
On an adjusted basis, operating margin increased by 90 basis points from the prior year quarter and decreased by 20 basis points sequentially. The year-over-year increase in adjusted operating margin was primarily driven by strong operating leverage on higher sales volumes, which was partially offset by the dilutive impact of acquisitions completed in the prior 12 months.