How have Amphenol's expenses evolved over the past year?

Amphenol's expenses have shown a general upward trend over the past year, with some fluctuations. Here's a detailed analysis:

1. **Quarterly Expenses in the Past Year**: There were no recorded quarterly expenses for Amphenol in the past year.
2. **Earnings Report Analysis**: In the fourth quarter of 2024, Amphenol's adjusted earnings per share (EPS) were $0.55, which represents a 34.1% increase year-over-year. This indicates that the company's expenses, despite the increase, may not have significantly outpaced revenue growth, resulting in improved profitability margins.
3. **Revenue Growth**: Amphenol's net sales increased by 29.8% year-over-year to $4.32 billion, beating the consensus mark by 7.01%. This substantial revenue growth suggests that the company's expansion into new markets, such as IT datacom, mobile networks, broadband, defense, commercial air, and mobile devices automotive, has been successful in driving sales and likely, to some extent, offsetting any increase in expenses.
4. **Operating Margin**: The company's adjusted operating margin expanded by 110 basis points year-over-year to 22.4%. This expansion indicates that Amphenol is managing its expenses effectively, possibly through operational efficiencies or cost control measures, which is contributing to the overall improvement in profitability.
5. **Cash Flow and Shareholder Returns**: Amphenol generated $2.8 billion in operating cash flow and $2.2 billion in free cash flow for the full year 2024. The company also returned nearly $1.3 billion to shareholders through share repurchases and dividends. These figures suggest that the company has sufficient cash flow to cover its expenses and still has the ability to return capital to shareholders.

In conclusion, Amphenol's expenses have likely increased due to the company's growth initiatives and acquisitions. However, the company's ability to manage these expenses effectively, coupled with strong revenue growth, has resulted in improved profitability and cash flow.