Amphenol Corporation (APH) Q2 2021 Earnings Call Transcript

Amphenol Corporation (APH) Q2 2021 Earnings Call Transcript


Hello, and welcome to the second quarter earnings conference call for Amphenol Corporation. [Operator Instructions]
Now I would like to introduce today's conference host, Mr. Craig Lampo. Sir, you may begin.
Craig A. Lampo --
Senior Vice President and Chief Financial Officer
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 second quarter 2021 conference call. Our second quarter 2021 results were released this morning. I will provide some financial commentary, and then Adam will give an overview of the business as well as current trends, and then we'll take some questions. As a reminder, during the call, we may refer to certain non-GAAP financial measures and may make certain forward-looking statements. So please refer to the relevant disclosures in our press release for further information. In addition, all data discussed during this call will be on a continuing operations basis unless otherwise noted. The company closed the second quarter with record sales of $2.654 billion and GAAP and adjusted diluted EPS of $0.59 and $0.61, respectively. Sales were up 34% in U.S. dollars, 30% in local currencies and 22% organically compared to the second quarter of 2020. Sequentially, sales were up 12% in U.S. dollars and in local currencies and 7% organically. Orders for the quarter were a record $3.120 billion, which was up 58% compared to the second quarter of 2020 and up 14% sequentially, resulting in a very strong book-to-bill ratio of 1.18:1. Breaking down sales into our two segments. The interconnect segment, which comprised 96% of our sales, was up 34% in U.S. dollars and 30% in local currencies compared to the second quarter of last year. Our cable segment, which comprised 4% of our sales, was up 27% in U.S. dollars and 24% in local currencies compared to the second quarter of last year. Adam will comment further on trends by market in a few minutes. GAAP and adjusted operating income were $476 million and $532 million, respectively, in the second quarter of 2021. GAAP operating income includes $55 million of transactions, severance, restructuring and certain other noncash costs related to the MTS acquisition.

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