TE Connectivity announces first quarter results for fiscal year 2024

January 24, 2024

Source: TE Connectivity

EPS above guidance driven by significant margin expansion; first quarter record cash flow

SCHAFFHAUSEN, Switzerland, Jan. 24, 2024 /PRNewswire/ -- TE Connectivity Ltd. (NYSE: TEL) today reported results for the fiscal first quarter ended Dec. 29, 2023.

First Quarter Highlights

Net sales were $3.83 billion, in line with guidance, essentially flat on a reported basis year over year and down 1% organically.
GAAP diluted earnings per share (EPS) from continuing operations were $5.76, including a one-time tax-related benefit, and adjusted EPS were $1.84, up 20% year over year.
Orders were $3.8 billion, up 4% year over year, with year-over-year growth in all segments.
Operating margins were 18.2% and adjusted operating margins were 19.1%, up 290 basis points year over year.
Cash flow from operating activities was $719 million and free cash flow was $570 million, both first quarter records.
Deployed approximately $1 billion of capital in the quarter, including approximately $600 million returned to shareholders and approximately $350 million used for the acquisition of Schaffner.
Company named to the Dow Jones Sustainability Index for the 12^th consecutive year.

"I'm pleased with our strong performance in our first quarter, as our teams delivered earnings above guidance driven by significant margin expansion, along with record free cash flow, in what remains a dynamic market environment," said TE Connectivity CEO Terrence Curtin. "Our industry-leading innovations and global position in automotive connectivity, including a strong presence in Asia, once again allowed us to outperform the market and deliver year-over-year growth in our Transportation segment. In our Industrial segment, we continued to benefit from growth in renewable energy, commercial air and medical applications. Our Communications segment delivered margins in the high teens, and we anticipate revenue growth in artificial intelligence applications as we move through the year. We expect to deliver strong margin performance at the company level throughout fiscal year 2024 as we continue to execute on operational levers, while benefiting from the diversity and positioning of our portfolio around key long-term growth trends."

Second Quarter FY24 Outlook
For the second quarter of fiscal 2024, the company expects net sales of approximately $3.95 billion. GAAP EPS from continuing operations are expected to be approximately $1.75, up 31% year over year, with adjusted EPS of approximately $1.82, up 10% year over year.

Information about TE Connectivity's use of non-GAAP financial measures is provided below. For reconciliations of these non-GAAP financial measures, see the attached tables.

Conference Call and Webcast
The company will hold a conference call for investors today beginning at 8:30 a.m. ET. The conference call may be accessed in the following ways:

At TE Connectivity's website: investors.te.com
By telephone: For both "listen-only" participants and those participants who wish to take part in the question-and-answer portion of the call, the dial-in number in the United States is (888) 330-3417 and for international callers, the dial-in number is (646) 960-0804
A replay of the conference call will be available on TE Connectivity's investor website at investors.te.com at 11:30 a.m. ET on Jan. 24, 2024.

About TE Connectivity
TE Connectivity Ltd. (NYSE: TEL) is a global industrial technology leader creating a safer, sustainable, productive, and connected future. Our broad range of connectivity and sensor solutions enable the distribution of power, signal and data to advance next-generation transportation, renewable energy, automated factories, data centers, medical technology and more. With more than 85,000 employees, including 8,000 engineers, working alongside customers in approximately 140 countries, TE ensures that EVERY CONNECTION COUNTS. Learn more at www.te.com and on LinkedIn, Facebook, WeChat, Instagram and X (formerly Twitter).

Non-GAAP Financial Measures
We present non-GAAP performance and liquidity measures as we believe it is appropriate for investors to consider adjusted financial measures in addition to results in accordance with accounting principles generally accepted in the U.S. ("GAAP"). These non-GAAP financial measures provide supplemental information and should not be considered replacements for results in accordance with GAAP. Management uses non-GAAP financial measures internally for planning and forecasting purposes and in its decision-making processes related to the operations of our company. We believe these measures provide meaningful information to us and investors because they enhance the understanding of our operating performance, ability to generate cash, and the trends of our business. Additionally, we believe that investors benefit from having access to the same financial measures that management uses in evaluating our operations. The primary limitation of these measures is that they exclude the financial impact of items that would otherwise either increase or decrease our reported results. This limitation is best addressed by using these non-GAAP financial measures in combination with the most directly comparable GAAP financial measures in order to better understand the amounts, character, and impact of any increase or decrease in reported amounts. These non-GAAP financial measures may not be comparable to similarly-titled measures reported by other companies.

The following provides additional information regarding our non-GAAP financial measures:

Organic Net Sales Growth (Decline) – represents net sales growth (decline) (the most comparable GAAP financial measure) excluding the impact of foreign currency exchange rates, and acquisitions and divestitures that occurred in the preceding twelve months, if any. Organic Net Sales Growth (Decline) is a useful measure of our performance because it excludes items that are not completely under management's control, such as the impact of changes in foreign currency exchange rates, and items that do not reflect the underlying growth of the company, such as acquisition and divestiture activity. This measure is a significant component in our incentive compensation plans.
Adjusted Operating Income and Adjusted Operating Margin – represent operating income and operating margin, respectively, (the most comparable GAAP financial measures) before special items including restructuring and other charges, acquisition-related charges, impairment of goodwill, and other income or charges, if any. We utilize these adjusted measures in combination with operating income and operating margin to assess segment level operating performance and to provide insight to management in evaluating segment operating plan execution and market conditions. Adjusted Operating Income is a significant component in our incentive compensation plans.
Adjusted Other Income (Expense), Net – represents net other income (expense) (the most comparable GAAP financial measure) before special items.
Adjusted Income Tax (Expense) Benefit and Adjusted Effective Tax Rate – represent income tax (expense) benefit and effective tax rate, respectively, (the most comparable GAAP financial measures) after adjusting for the tax effect of special items including restructuring and other charges, acquisition-related charges, impairment of goodwill, other income or charges, and certain significant tax items, if any.
Adjusted Income from Continuing Operations – represents income from continuing operations (the most comparable GAAP financial measure) before special items including restructuring and other charges, acquisition-related charges, impairment of goodwill, other income or charges, and certain significant tax items, if any, and, if applicable, the related tax effects.
Adjusted Earnings Per Share – represents diluted earnings per share from continuing operations (the most comparable GAAP financial measure) before special items including restructuring and other charges, acquisition-related charges, impairment of goodwill, other income or charges, and certain significant tax items, if any, and, if applicable, the related tax effects. This measure is a significant component in our incentive compensation plans.
Free Cash Flow (FCF) – is a useful measure of our ability to generate cash. The difference between net cash provided by operating activities (the most comparable GAAP financial measure) and Free Cash Flow consists mainly of significant cash outflows and inflows that we believe are useful to identify. We believe Free Cash Flow provides useful information to investors as it provides insight into the primary cash flow metric used by management to monitor and evaluate cash flows generated from our operations. Free Cash Flow is defined as net cash provided by operating activities excluding voluntary pension contributions and the cash impact of special items, if any, minus net capital expenditures. Voluntary pension contributions are excluded from the GAAP financial measure because this activity is driven by economic financing decisions rather than operating activity. Certain special items, including cash paid (collected) pursuant to collateral requirements related to cross-currency swap contracts, are also excluded by management in evaluating Free Cash Flow. Net capital expenditures consist of capital expenditures less proceeds from the sale of property, plant, and equipment. These items are subtracted because they represent long-term commitments. In the calculation of Free Cash Flow, we subtract certain cash items that are ultimately within management's and the Board of Directors' discretion to direct and may imply that there is less or more cash available for our programs than the most comparable GAAP financial measure indicates. It should not be inferred that the entire Free Cash Flow amount is available for future discretionary expenditures, as our definition of Free Cash Flow does not consider certain non-discretionary expenditures, such as debt payments. In addition, we may have other discretionary expenditures, such as discretionary dividends, share repurchases, and business acquisitions, that are not considered in the calculation of Free Cash Flow.

Forward-Looking Statements
This release contains certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance, financial condition or achievements to differ materially from anticipated results, performance, financial condition or achievements. All statements contained herein that are not clearly historical in nature are forward-looking and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. We have no intention and are under no obligation to update or alter (and expressly disclaim any such intention or obligation to do so) our forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by law. The forward-looking statements in this release include statements addressing our future financial condition and operating results. Examples of factors that could cause actual results to differ materially from those described in the forward-looking statements include, among others, the extent, severity and duration of business interruptions, such as the coronavirus disease 2019 ("COVID-19") negatively affecting our business operations; business, economic, competitive and regulatory risks, such as conditions affecting demand for products in the automotive and other industries we serve; competition and pricing pressure; fluctuations in foreign currency exchange rates and commodity prices; natural disasters and political, economic and military instability in countries in which we operate, including continuing military conflict in certain parts of the world; developments in the credit markets; future goodwill impairment; compliance with current and future environmental and other laws and regulations; and the possible effects on us of changes in tax laws, tax treaties and other legislation, including the effects of Swiss tax reform. In addition, the extent to which COVID-19 will impact our business and our financial results will depend on future developments, which are highly uncertain and cannot be predicted. More detailed information about these and other factors is set forth in TE Connectivity Ltd.'s Annual Report on Form 10-K for the fiscal year ended Sept 29, 2023, as well as in our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed by us with the U.S. Securities and Exchange Commission.

TE CONNECTIVITY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


	For the Quarters Ended
	December 29,		December 30,
	2023		2022
	(in millions, except per share data)
Net sales	$	3,831	$	3,841
Cost of sales		2,507		2,654
Gross margin		1,324		1,187
Selling, general, and administrative expenses		424		392
Research, development, and engineering expenses		173		173
Acquisition and integration costs		8		9
Restructuring and other charges, net		21		111
Operating income		698		502
Interest income		22		9
Interest expense		(18)		(21)
Other expense, net		(3)		(5)
Income from continuing operations before income taxes		699		485
Income tax (expense) benefit		1,105		(87)
Income from continuing operations		1,804		398
Loss from discontinued operations, net of income taxes		(1)		(1)
Net income	$	1,803	$	397

Basic earnings per share:
Income from continuing operations	$	5.80	$	1.26
Loss from discontinued operations		—		—
Net income		5.80		1.25

Diluted earnings per share:
Income from continuing operations	$	5.76	$	1.25
Loss from discontinued operations		—		—
Net income		5.76		1.24

Weighted-average number of shares outstanding:
Basic		311		317
Diluted		313		319

TE CONNECTIVITY LTD.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	December 29,		September 29,
	2023		2023
	(in millions, except share data)
Assets
Current assets:
Cash and cash equivalents	$	1,170	$	1,661
Accounts receivable, net of allowance for doubtful accounts of $37 and $30, respectively		2,828		2,967
Inventories		2,783		2,552
Prepaid expenses and other current assets		660		712
Total current assets		7,441		7,892
Property, plant, and equipment, net		3,854		3,754
Goodwill		5,836		5,463
Intangible assets, net		1,278		1,175
Deferred income taxes		3,852		2,600
Other assets		810		828
Total assets	$	23,071	$	21,712
Liabilities, redeemable noncontrolling interests, and equity
Current liabilities:
Short-term debt	$	613	$	682
Accounts payable		1,690		1,563
Accrued and other current liabilities		1,708		2,218
Total current liabilities		4,011		4,463
Long-term debt		3,585		3,529
Long-term pension and postretirement liabilities		744		728
Deferred income taxes		188		185
Income taxes		380		365
Other liabilities		914		787
Total liabilities		9,822		10,057
Commitments and contingencies
Redeemable noncontrolling interests		108		104
Equity:
TE Connectivity Ltd. shareholders' equity:
Common shares, CHF 0.57 par value, 322,470,281 shares authorized and issued		142		142
Accumulated earnings		14,678		12,947
Treasury shares, at cost, 13,050,787 and 10,487,742 shares, respectively		(1,695)		(1,380)
Accumulated other comprehensive income (loss)		11		(158)
Total TE Connectivity Ltd. shareholders' equity		13,136		11,551
Noncontrolling interests		5		—
Total equity		13,141		11,551
Total liabilities, redeemable noncontrolling interests, and equity	$	23,071	$	21,712

TE CONNECTIVITY LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the Quarters Ended
	December 29,		December 30,
	2023		2022
	(in millions)
Cash flows from operating activities:
Net income	$	1,803	$	397
Loss from discontinued operations, net of income taxes		1		1
Income from continuing operations		1,804		398
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization		194		187
Deferred income taxes		(1,217)		(35)
Non-cash lease cost		34		34
Provision for losses on accounts receivable and inventories		42		51
Share-based compensation expense		34		32
Other		40		49
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts receivable, net		127		(54)
Inventories		(282)		(324)
Prepaid expenses and other current assets		(48)		(86)
Accounts payable		128		149
Accrued and other current liabilities		(239)		(39)
Income taxes		12		25
Other		90		194
Net cash provided by operating activities		719		581
Cash flows from investing activities:
Capital expenditures		(151)		(183)
Proceeds from sale of property, plant, and equipment		2		1
Acquisition of businesses, net of cash acquired		(349)		(109)
Proceeds from divestiture of business, net of cash retained by business sold		38		—
Other		(8)		26
Net cash used in investing activities		(468)		(265)
Cash flows from financing activities:
Net decrease in commercial paper		(69)		(139)
Repayment of debt		(1)		(4)
Proceeds from exercise of share options		11		11
Repurchase of common shares		(476)		(287)
Payment of common share dividends to shareholders		(183)		(178)
Other		(27)		(24)
Net cash used in financing activities		(745)		(621)
Effect of currency translation on cash		3		10
Net decrease in cash, cash equivalents, and restricted cash		(491)		(295)
Cash, cash equivalents, and restricted cash at beginning of period		1,661		1,088
Cash, cash equivalents, and restricted cash at end of period	$	1,170	$	793

Supplemental cash flow information:
Interest paid on debt, net	$	5	$	12
Income taxes paid, net of refunds		100		98

TE CONNECTIVITY LTD.
RECONCILIATION OF FREE CASH FLOW (UNAUDITED)


	For the Quarters Ended
	December 29,		December 30,
	2023		2022
	(in millions)
Net cash provided by operating activities	$	719	$	581
Capital expenditures, net		(149)		(182)
Free cash flow ⁽¹⁾	$	570	$	399

⁽¹⁾Free cash flow is a non-GAAP financial measure. See description of non-GAAP financial measures.

TE CONNECTIVITY LTD.
CONSOLIDATED SEGMENT DATA (UNAUDITED)


	For the Quarters Ended
	December 29,				December 30,
	2023				2022
	($ in millions)
	Net Sales				Net Sales
Transportation Solutions	$	2,373			$	2,259
Industrial Solutions		1,025				1,060
Communications Solutions		433				522
Total	$	3,831			$	3,841


	Operating		Operating		Operating		Operating
	Income		Margin		Income		Margin
Transportation Solutions	$	478	20.1	%	$	282	12.5	%
Industrial Solutions		141	13.8			156	14.7
Communications Solutions		79	18.2			64	12.3
Total	$	698	18.2	%	$	502	13.1	%


	Adjusted		Adjusted		Adjusted		Adjusted
	Operating		Operating		Operating		Operating
	Income ⁽¹⁾		Margin ⁽¹⁾		Income ⁽¹⁾		Margin ⁽¹⁾
Transportation Solutions	$	495	20.9	%	$	358	15.8	%
Industrial Solutions		155	15.1			175	16.5
Communications Solutions		81	18.7			89	17.0
Total	$	731	19.1	%	$	622	16.2	%

⁽¹⁾Adjusted operating income and adjusted operating margin are non-GAAP financial measures. See description of non-GAAP financial measures.

TE CONNECTIVITY LTD.
RECONCILIATION OF NET SALES GROWTH (DECLINE) (UNAUDITED)


	Change in Net Sales for the Quarter Ended December 29, 2023
	versus Net Sales for the Quarter Ended December 30, 2022
	Net Sales				Organic Net Sales						Acquisition/
	Growth (Decline)				Growth (Decline) ⁽¹⁾				Translation ⁽²⁾		(Divestitures)
	($ in millions)
Transportation Solutions ⁽³⁾:
Automotive	$	127	7.7	%	$	135	8.1	%	$	17	$	(25)
Commercial transportation		8	2.3			2	0.7			6		—
Sensors		(21)	(8.0)			(24)	(9.2)			3		—
Total		114	5.0			113	5.0			26		(25)
Industrial Solutions ⁽³⁾:
Industrial equipment		(104)	(24.0)			(115)	(26.3)			11		—
Aerospace, defense, and marine		26	9.8			33	12.5			4		(11)
Energy		16	8.5			3	1.4			3		10
Medical		27	15.6			27	15.6			—		—
Total		(35)	(3.3)			(52)	(4.9)			18		(1)
Communications Solutions ⁽³⁾:
Data and devices		(50)	(15.2)			(50)	(15.2)			—		—
Appliances		(39)	(20.2)			(39)	(20.2)			—		—
Total		(89)	(17.0)			(89)	(17.0)			—		—
Total	$	(10)	(0.3)	%	$	(28)	(0.7)	%	$	44	$	(26)

⁽¹⁾ Organic net sales growth (decline) is a non-GAAP financial measure. See description of non-GAAP financial measures.
⁽²⁾ Represents the change in net sales resulting from changes in foreign currency exchange rates.
⁽³⁾ Industry end market information is presented consistently with our internal management reporting and may be periodically revised as management deems necessary.

TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended December 29, 2023
(UNAUDITED)


				Adjustments
				Acquisition-		Restructuring
				Related		and Other				Adjusted
	U.S. GAAP			Charges ⁽¹⁾		Charges, Net⁽¹⁾		Tax Items⁽²⁾		(Non-GAAP) ⁽³⁾
	($ in millions, except per share data)
Operating income:
Transportation Solutions	$	478		$	—	$	14	$	3	$	495
Industrial Solutions		141			7		6		1		155
Communications Solutions		79			1		1		—		81
Total	$	698		$	8	$	21	$	4	$	731

Operating margin		18.2	%								19.1	%

Other expense, net	$	(3)		$	—	$	—	$	—	$	(3)

Income tax (expense) benefit	$	1,105		$	(1)	$	(5)	$	(1,254)	$	(155)

Effective tax rate		(158.1)	%								21.2	%

Income from continuing operations	$	1,804		$	7	$	16	$	(1,250)	$	577

Diluted earnings per share from continuing operations	$	5.76		$	0.02	$	0.05	$	(3.99)	$	1.84

⁽¹⁾ The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.
⁽²⁾ Includes an $874 million net income tax benefit associated with a ten-year tax credit obtained by a Swiss subsidiary and a $262 million income tax benefit related to the revaluation of deferred tax assets as a result of a corporate tax rate increase in Switzerland. Also includes a $118 million income tax benefit associated with the tax impacts of a legal entity restructuring with related costs of $4 million recorded in selling, general, and administrative expenses for other non-income taxes.
⁽³⁾ See description of non-GAAP financial measures.

TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended December 30, 2022
(UNAUDITED)


				Adjustments
				Acquisition-		Restructuring
				Related		and Other		Adjusted
	U.S. GAAP			Charges ⁽¹⁾		Charges, Net⁽¹⁾		(Non-GAAP) ⁽²⁾
	($ in millions, except per share data)
Operating income:
Transportation Solutions	$	282		$	2	$	74	$	358
Industrial Solutions		156			6		13		175
Communications Solutions		64			1		24		89
Total	$	502		$	9	$	111	$	622

Operating margin		13.1	%						16.2	%

Other expense, net	$	(5)		$	—	$	—	$	(5)

Income tax expense	$	(87)		$	(2)	$	(29)	$	(118)

Effective tax rate		17.9	%						19.5	%

Income from continuing operations	$	398		$	7	$	82	$	487

Diluted earnings per share from continuing operations	$	1.25		$	0.02	$	0.26	$	1.53

⁽¹⁾ The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.
⁽²⁾ See description of non-GAAP financial measures.

TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended March 31, 2023
(UNAUDITED)


				Adjustments
				Acquisition-		Restructuring
				Related		and Other		Adjusted
	U.S. GAAP			Charges ⁽¹⁾		Charges, Net⁽¹⁾		(Non-GAAP) ⁽²⁾
	($ in millions, except per share data)
Operating income:
Transportation Solutions	$	333		$	—	$	78	$	411
Industrial Solutions		134			7		33		174
Communications Solutions		70			1		8		79
Total	$	537		$	8	$	119	$	664

Operating margin		12.9	%						16.0	%

Other expense, net	$	(4)		$	—	$	—	$	(4)

Income tax expense	$	(100)		$	(1)	$	(26)	$	(127)

Effective tax rate		19.0	%						19.5	%

Income from continuing operations	$	425		$	7	$	93	$	525

Diluted earnings per share from continuing operations	$	1.34		$	0.02	$	0.29	$	1.65

⁽¹⁾ The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.
⁽²⁾ See description of non-GAAP financial measures.

TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Year Ended September 29, 2023
(UNAUDITED)


				Adjustments
				Acquisition-		Restructuring
				Related		and Other				Adjusted
	U.S. GAAP			Charges ⁽¹⁾		Charges, Net⁽¹⁾		Tax Items⁽²⁾		(Non-GAAP) ⁽³⁾
	($ in millions, except per share data)
Operating income:
Transportation Solutions	$	1,451		$	3	$	211	$	—	$	1,665
Industrial Solutions		602			27		84		—		713
Communications Solutions		251			3		45		—		299
Total	$	2,304		$	33	$	340	$	—	$	2,677

Operating margin		14.4	%								16.7	%

Other expense, net	$	(16)		$	—	$	—	$	—	$	(16)

Income tax expense	$	(364)		$	(6)	$	(85)	$	(49)	$	(504)

Effective tax rate		16.0	%								19.1	%

Income from continuing operations	$	1,904		$	27	$	255	$	(49)	$	2,137

Diluted earnings per share from continuing operations	$	6.01		$	0.09	$	0.80	$	(0.15)	$	6.74

⁽¹⁾ The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.
⁽²⁾ Represents income tax benefits associated with a decrease in the valuation allowance for certain tax loss and credit carryforwards.
⁽³⁾ See description of non-GAAP financial measures.

TE CONNECTIVITY LTD.
RECONCILIATION OF FORWARD-LOOKING NON-GAAP FINANCIAL MEASURES
TO FORWARD-LOOKING GAAP FINANCIAL MEASURES
As of January 24, 2024
(UNAUDITED)

	Outlook for
	Quarter Ending
	March 29,
	2024
Diluted earnings per share from continuing operations	$	1.75
Restructuring and other charges, net		0.05
Acquisition-related charges		0.02
Adjusted diluted earnings per share from continuing operations ⁽¹⁾	$	1.82


Net sales growth (decline)		(5.0)	%
Translation		0.3
(Acquisitions) divestitures, net		0.5
Organic net sales growth (decline) ⁽¹⁾		(4.2)	%

⁽¹⁾ See description of non-GAAP financial measures.

SOURCE TE Connectivity, LTD

Media Relations: Rachel Quimby, TE Connectivity, 610-893-9593, Rachel.Quimby@te.com; Investor Relations: Sujal Shah, TE Connectivity, 610-893-9790, Sujal.Shah@te.com

TE Connectivity announces first quarter results for fiscal year 2024

January 24, 2024

Source: TE Connectivity

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