Amphenol Corporation stock research
FY2024 Q1
Amphenol (APH) Gross Margin — Quarter Ended Mar 31, 2024
Revenue and cost of revenue were unchanged from the prior quarter, while gross margin improved slightly. Compared to the same quarter a year ago, both revenue and cost of revenue grew, but gross profit increased at a faster pace, leading to a higher gross margin.
Gross margin takeaway
Quarter ended Mar 31, 2024 · FY2024 Q1
Revenue and cost of revenue were unchanged from the prior quarter, while gross margin improved slightly. Compared to the same quarter a year ago, both revenue and cost of revenue grew, but gross profit increased at a faster pace, leading to a higher gross margin.
- The strongest observable margin driver is the improvement in gross margin, which reflects a favorable relationship between revenue and cost of revenue. Gross profit grew more than revenue and cost of revenue on a year-over-year basis, and sequentially, a stable cost base supported a slightly higher margin.
- Sequentially, gross margin was higher, while revenue and cost of revenue remained flat. Year-over-year, gross margin was higher, with revenue and cost of revenue both increasing, and gross profit growing at a faster rate.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
33.4%
Gross profit
$1.1B
Revenue
$3.3B
Cost of revenue
$2.2B
Quarter-over-quarter change
+0.4 pts
Year-over-year change
+1.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2023 | $3.1B | $991.7M | $2.1B | 32.5% |
| Sep 30, 2023 | $3.2B | $1.0B | $2.2B | 32.8% |
| Dec 31, 2023 | $3.3B | $1.1B | $2.2B | 33.1% |
| Mar 31, 2024 | $3.3B | $1.1B | $2.2B | 33.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2023
+0.4 pts
Year-over-year change
Mar 31, 2023
+1.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the improvement in gross margin, which reflects a favorable relationship between revenue and cost of revenue. Gross profit grew more than revenue and cost of revenue on a year-over-year basis, and sequentially, a stable cost base supported a slightly higher margin.
Sequentially, gross margin was higher, while revenue and cost of revenue remained flat. Year-over-year, gross margin was higher, with revenue and cost of revenue both increasing, and gross profit growing at a faster rate.
Monitor inventory levels, as reported in the balance sheet, which are a component of cost of revenue.