Amphenol Corporation (NYSE:APH) Q3 2024 Earnings Conference Call October 23, 2024 1:00 PM ET
Company Participants
Craig Lampo - Chief Financial Officer
Adam Norwitt - Chief Executive Officer
Conference Call Participants
Andrew Buscaglia - BNP
Luke Junk - Baird
Amit Daryanani - Evercore
Samik Chatterjee - JPMorgan
Asiya Merchant - Citi
Joe Spak - UBS
Mark Delaney - Goldman Sachs
Guy Hardwick - Freedom Capital Markets
Steven Fox - Fox Advisors
Scott Graham - Seaport Research Partners
Wamsi Mohan - Bank of America
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 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 third quarter 2024 conference call. Our third quarter 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. And then, of course, 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. In addition, as a result of our previously announced two-for-one stock split completed in June of this year, all share and per share data discussed on this earnings call is on a split-adjusted basis.
The company closed the third quarter of 2024 with record sales of $4.39 billion and record GAAP and adjusted diluted EPS of $0.48 and $0.50, respectively. Third quarter sales were up 26% in US dollars in local currencies and 15% organically compared to the third quarter of 2023.
Sequentially, sales were up 12% in US dollars, 11% in local currencies and 8% organically. Adam will comment further on trends by market in a few minutes.
Orders in the quarter were a record $4.412 billion, up 39% compared to the prior year and up 9% sequentially, resulting in a strong book-to-bill ratio of 1.09:1. GAAP operating income was $819 million and included $64 million of acquisition-related costs in the quarter, primarily related to CIT. GAAP operating margin was 20.3%. Excluding these costs, adjusted operating income was $883 million, resulting in a record adjusted operating margin of 21.9% in the third quarter of 2024.