Amphenol Corporation (APH) recently reported a strong set of 4Q19 numbers – revenue and EPS of $2,151 million and $0.98, respectively, exceeding the company’s initial targets. The strong results were driven by growth in the military and commercial air markets, as well as a positive contribution from acquisitions, with a partial offset from moderation in communications-related markets, particularly mobile devices. Importantly, despite the uncertain end-market demand environment, APH continued to generate operating margins in the 20% range, which points to the company’s solid operational strength and its track record of successfully integrating acquisitions.