First Quarter 2019 Results Reported by Amphenol Corporation

Amphenol Corporation (NYSE: APH) reported today GAAP diluted Earnings
Per Share (“EPS”) for the first quarter 2019 of $0.87 compared to $0.84
for the comparable 2018 period. GAAP diluted EPS for the first quarter
2019 included acquisition-related costs of approximately $17 million
($0.04 per share), partially offset by an excess tax benefit of
approximately $7 million ($0.02 per share) related to stock options
exercised during the quarter. First quarter 2018 GAAP diluted EPS
included an excess tax benefit of approximately $4 million ($0.01 per
share) related to stock options exercised during the quarter. Excluding
the effect of these items, Adjusted Diluted EPS¹ for the
first quarter 2019 was $0.89 compared to $0.83 for the first quarter
2018. Sales for the first quarter 2019 were $1.959 billion compared to
$1.867 billion for the comparable 2018 period. Currency translation had
the effect of decreasing sales by approximately $47 million in the first
quarter 2019 compared to the 2018 period.

Amphenol President and Chief Executive Officer, R. Adam Norwitt, stated,
“We are very pleased to close the first quarter 2019 with sales and
Adjusted Diluted EPS of $1.959 billion and $0.89, respectively. Compared
to the first quarter 2018, sales increased 5%, driven by growth across
most of the Company’s diversified end markets, including military,
commercial air, IT datacom, industrial and mobile networks, as well as
contributions from the Company’s successful acquisition program. In
addition, we continue to be proud of the Company’s leading
profitability, with Adjusted Operating Margins of 20.1% in the first
quarter.”

“The Company continues to expand its growth opportunities through a deep
commitment to developing enabling technologies for customers in all
markets, an ongoing strategy of market and geographic diversification
and an active and successful acquisition program. Consistent with this
strategy, in April 2019, the Company acquired Aorora Technology Co.,
Ltd. (“Aorora”). Based in Huizhou, China, Aorora designs and
manufactures fine pitch and input-output connectors for the automotive
and IT datacom markets and is expected to generate annual sales of
approximately $20 million. In addition, we are very pleased that the
Company completed the acquisition of Charles Industries, Ltd. (“Charles
Industries”) just yesterday. Based in Schaumburg, Illinois, Charles
Industries designs and manufactures fiber optic, power and other outdoor
interconnect enclosures and related accessories used primarily in the
mobile networks and IT datacom markets, with annual sales expected to be
approximately $120 million. These two excellent acquisitions strengthen
the Company’s global capabilities and enhance our product offerings
across these important end markets.”

“Operating cash flow in the quarter was a strong $344 million, a
continued confirmation of the quality of the Company’s earnings. In
addition to these strong operating results, the Company continues to
deploy its financial strength in a variety of ways to increase
shareholder value. This included the purchase during the first quarter
2019 of 1.8 million shares of the Company’s stock for approximately $160
million under our open market stock repurchase plan.”

“As we look ahead, there continues to be a heightened level of
uncertainty in the global economy. In addition, we now expect a further
reduction in our 2019 sales to the mobile devices market beyond our
outlook provided last quarter. Considering these factors, together with
the contributions from the acquisitions just completed, we expect second
quarter 2019 sales to be in the range of $1.980 billion to $2.020
billion and Adjusted Diluted EPS in the range of $0.91 to $0.93. For the
full year 2019, we now expect sales in the range of $8.130 billion to
$8.250 billion, a decrease of 1% to an increase of 1% over 2018, and
Adjusted Diluted EPS to be in the range of $3.80 to $3.86, an increase
of 1% to 2% over 2018.”

“We are pleased by the platform of strength that has been created by the
Company’s consistent and strong performance. The electronics revolution
continues to generate exciting long term growth opportunities for
Amphenol across each of our diversified end markets, with customers
driving their products and networks to achieve ever higher levels of
performance. This continues to drive increased demand for our expanded
range of high-technology interconnect, sensor and antenna products. Our
ongoing actions to leverage our competitive advantages and create
sustained financial strength, as well as our initiatives to expand our
high-technology product offerings, both organically and through our
successful acquisition program, have created an excellent base for
future performance. I am confident in the ability of our
outstanding, entrepreneurial management team to dynamically adjust to
the always changing environment, to continue to generate strong
profitability and to further capitalize on the many opportunities to
expand our market position.”

The Company will host a conference call to discuss its first quarter
results at 1:00 PM (EST) Wednesday, April 24, 2019. The toll-free
dial-in number to participate in this call is 888-455-0949;
International dial-in number is +1-773-799-3973; Passcode: LAMPO. There
will be a replay available until 11:59 PM (EST) on Friday, May 24, 2019.
The replay numbers are toll free 800-518-0081; International toll number
is +1-402-220-5218; Passcode: 7183.

A live broadcast as well as a replay can be accessed through the
Investor Relations section of the company’s website at https://investors.amphenol.com.

Amphenol Corporation is one of the world’s largest designers,
manufacturers and marketers of electrical, electronic and fiber optic
connectors, interconnect systems, antennas, sensors and sensor-based
products and coaxial and high-speed specialty cable. Amphenol designs,
manufactures and assembles its products at facilities in the Americas,
Europe, Asia, Australia and Africa and sells its products through its
own global sales force, independent representatives and a global network
of electronics distributors. Amphenol has a diversified presence as a
leader in high-growth areas of the interconnect market including:
Automotive, Broadband Communications, Commercial Aerospace, Industrial,
Information Technology and Data Communications, Military, Mobile Devices
and Mobile Networks.

Forward-Looking Statements

This press release may include forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, which
relate to future events and are subject to risks and uncertainties. The
forward-looking statements, which address the Company’s expected
business and financial performance and financial condition, among other
matters, may contain words such as: “anticipate,” “could,” “continue,”
“expect,” “estimate,” “forecast,” “ongoing,” “project,” “seek,”
“predict,” “target,” “will,” “intend,” “plan,” “optimistic,”
“potential,” “guidance,” “may,” “should,” or “would” and other words and
terms of similar meaning. Forward-looking statements by their nature
address matters that are, to different degrees, uncertain, such as
statements about expected earnings, revenues, growth, liquidity or other
financial matters. Although the Company believes the expectations
reflected in such forward-looking statements, including regarding the
second quarter and full year 2019 sales expectations and Adjusted
Diluted EPS expectations, are based upon reasonable assumptions, the
expectations may not be attained or there may be material deviation.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on which
they are made.

Factors that could cause actual results to differ materially from these
forward-looking statements, include, but are not limited to, the
following: political, economic, military and other risks in countries
outside of the United States; the impact of general economic conditions,
geopolitical conditions and U.S. trade policies, legislation, trade
disputes, treaties and tariffs, including those affecting China, on the
Company’s business operations; risks associated with the improper
conduct by any of our employees, customers, suppliers, distributors or
any other business partners which could impair our business reputation
and financial results and could result in our non-compliance with
anti-corruption laws and regulations of the U.S. government and various
foreign jurisdictions; changes in exchange rates of the various
currencies in which the Company conducts business; the Company’s ability
to obtain a consistent supply of materials, at stable pricing levels;
the Company’s dependence on sales to the communications industry, which
markets are dominated by large manufacturers and operators who regularly
exert significant pressure on suppliers, including the Company; changes
in defense expenditures in the military market, including the impact of
reductions or changes in the defense budgets of U.S. and foreign
governments; the Company’s ability to compete successfully on the basis
of technology innovation, product quality and performance, price,
customer service and delivery time; the Company’s ability to continue to
conceive, design, source and market new products and upon continuing
market acceptance of its existing and future product lines; difficulties
and unanticipated expenses in connection with purchasing and integrating
newly acquired businesses, including the potential for the impairment of
goodwill; events beyond the Company’s control that could lead to an
inability to meet its financial covenants which could result in a
default under the Company’s revolving credit facility; the Company’s
ability to access the capital markets on favorable terms, including as a
result of significant deterioration of general economic or capital
market conditions, or as a result of a downgrade in the Company’s credit
rating; changes in interest rates; government contracting risks that the
Company may be subject to, including laws and regulations governing
performance of U.S. government contracts and related risks associated
with conducting business with the U.S. government; governmental export
and import controls that certain of our products may be subject to,
including export licensing, customs regulations, economic sanctions or
other laws; cybersecurity threats or incidents that could arise on our
information technology systems which could disrupt business operations
and adversely impact our reputation and operating results and
potentially lead to litigation and/or governmental investigations;
changes in fiscal and tax policies, audits and examinations by taxing
authorities, laws, regulations and guidance in the United States and
foreign jurisdictions, including related interpretations of certain
provisions of the U.S. Tax Cuts and Jobs Act; any difficulties in
protecting the Company’s intellectual property rights; and litigation or
environmental matters.

A further description of these uncertainties and other risks can be
found in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2018, Quarterly Reports on Form 10-Q and the Company’s
other reports filed with the Securities and Exchange Commission. These
or other uncertainties may cause the Company’s actual future results to
be materially different than those expressed in any forward-looking
statements. The Company undertakes no obligation to update or revise any
forward-looking statements.

Non-GAAP Financial Measures

The financial statements included within this press release are prepared
in accordance with accounting principles generally accepted in the
United States of America (“GAAP”). This press release also contains
certain non-GAAP financial information, including Adjusted Operating
Income, Adjusted Operating Margin, Adjusted Net Income attributable to
Amphenol Corporation, Adjusted Effective Tax Rate and Adjusted Diluted
EPS (collectively, “non-GAAP financial measures”), which are intended to
supplement the reported GAAP results. Management utilizes these non-GAAP
financial measures as part of its internal reviews for purposes of
monitoring, evaluating and forecasting the Company’s financial
performance, communicating operating results to the Company’s Board of
Directors and assessing related employee compensation measures.
Management believes that such non-GAAP financial measures may be helpful
to investors in assessing the Company’s overall financial performance,
trends and period-over-period comparative results. Non-GAAP financial
measures discussed within this press release exclude income and expenses
that are not directly related to the Company’s operating performance
during the periods presented. Items excluded in the presentation of the
non-GAAP financial measures in any period may consist of, without
limitation, acquisition-related expenses, refinancing-related costs and
certain discrete tax items including but not limited to the excess tax
benefits related to stock-based compensation as well as the impact of
significant changes in tax law, including amounts recorded related to
the U.S. Tax Cuts and Jobs Act. Reconciliations of non-GAAP financial
measures to the most directly comparable GAAP financial measures are
included at the end of this press release. However, such non-GAAP
financial measures should not be considered in isolation, as a
substitute for or superior to the related GAAP financial measures. In
addition, these non-GAAP financial measures are not necessarily the same
or comparable to similar measures presented by other companies, as such
measures may be calculated differently or may exclude different items.
The non-GAAP financial measures are defined within the “Supplemental
Financial Information” table at the end of this press release and should
be read in conjunction with the Company’s financial statements presented
in accordance with GAAP.

_________________________________
¹ All referenced
non-GAAP financial measures are defined in the tables at the end of this
press release.

AMPHENOL CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION
RECONCILIATIONS
OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited)
(dollars
in millions, except per share data)

Management utilizes the non-GAAP financial measures defined below as
part of its internal reviews for purposes of monitoring, evaluating and
forecasting the Company’s financial performance, communicating operating
results to the Company’s Board of Directors and assessing related
employee compensation measures. Management believes that such non-GAAP
financial measures may be helpful to investors in assessing the
Company’s overall financial performance, trends and period-over-period
comparative results. The following non-GAAP financial measures exclude
income and expenses that are not directly related to the Company’s
operating performance during the periods presented. Items excluded in
the presentation of these non-GAAP financial measures in any period may
consist of, without limitation, acquisition-related expenses,
refinancing-related costs, and certain discrete tax items including but
not limited to (i) the excess tax benefits related to stock-based
compensation and (ii) the impact of significant changes in tax law,
including amounts recorded related to the U.S. Tax Cuts and Jobs Act.
The following non-GAAP financial information is included for
supplemental purposes only and should not be considered in isolation, as
a substitute for or superior to the related U.S. GAAP financial
measures. In addition, these non-GAAP financial measures are not
necessarily the same or comparable to similar measures presented by
other companies, as such measures may be calculated differently or may
exclude different items. Such non-GAAP financial measures should be read
in conjunction with the Company’s financial statements presented in
accordance with U.S. GAAP.

The following are reconciliations of non-GAAP financial measures to the
most directly comparable U.S. GAAP financial measures for the periods
presented:

AMPHENOL CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION
RECONCILIATIONS
OF GAAP TO NON-GAAP FINANCIAL MEASURES – GUIDANCE
(Unaudited)
(dollars
in millions, except per share data)

Management utilizes the non-GAAP financial measures defined earlier as
part of its internal reviews for purposes of monitoring, evaluating and
forecasting the Company’s financial performance, communicating operating
results to the Company’s Board of Directors and assessing related
employee compensation measures. Management believes that such non-GAAP
financial measures may be helpful to investors in assessing the
Company’s overall financial performance, trends and period-over-period
comparative results. The following non-GAAP financial measures exclude
income and expenses that are not directly related to the Company’s
operating performance during the periods presented. Items excluded in
the presentation of these non-GAAP financial measures in any period may
consist of, without limitation, acquisition-related expenses,
refinancing-related costs, and certain discrete tax items including but
not limited to (i) the excess tax benefits related to stock-based
compensation and (ii) the impact of significant changes in tax law,
including amounts recorded related to the U.S. Tax Cuts and Jobs Act.
The following non-GAAP financial information is included for
supplemental purposes only and should not be considered in isolation, as
a substitute for or superior to the related U.S. GAAP financial
measures. In addition, these non-GAAP financial measures are not
necessarily the same or comparable to similar measures presented by
other companies, as such measures may be calculated differently or may
exclude different items. Such non-GAAP financial measures should be read
in conjunction with the Company’s financial statements presented in
accordance with U.S. GAAP.

The following are reconciliations of current guidance for GAAP Diluted
earnings per share (Diluted EPS) to Adjusted Diluted EPS (non-GAAP) for
both the second quarter and the full year 2019:

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