TE Connectivity Ltd - Experts & Thought Leaders

Shareholders of TE Connectivity Ltd., a global major in connectors and sensors, elected Carol "John" Davidson as the new Chairman of the Board at the company's March 13 annual general meeting of shareholders. Davidson assumes the Chairman's role from Tom Lynch, who retired from the board after serving as the chairman since 2013. Davidson has served as a member of the board since 2016 and has been the Lead Independent Director of TE since 2022. He has more than 30 years of leadership experience across multiple industries and is an experienced board pioneer. Dividend approved Shareholders also approved a dividend of $2.60 per share. The dividend will be distributed to shareholders in four equal quarterly instalments of $0.65, as follows: TEL Quarter, Fiscal Year: Payment Date: Record Date 3rd Quarter, Fiscal Year 2024: June 7, 2024: May 24, 2024 4th Quarter, Fiscal Year 2024: Sept. 6, 2024: Aug. 23, 2024 1st Quarter, Fiscal Year 2025: Dec. 6, 2024: Nov. 22, 2024 2nd Quarter, Fiscal Year 2025: March 7, 2025: Feb. 21, 2025

The Board of Directors of TE Connectivity Ltd., a global major in connectors and sensors, has unanimously approved a proposed change of the company's place of incorporation from Switzerland to Ireland. Shareholders will be asked to vote in favour of the proposal at a Special General Meeting of Shareholders in Zurich, Switzerland. If approved, TE expects to implement the change in 2024. TE leadership hub TE Connectivity does not anticipate any material change in its operations or financial results as a result of the change of domicile. The company will continue to be registered with the U.S. Securities and Exchange Commission (SEC) and will be subject to the same SEC reporting requirements. The company's common shares will continue to trade on the New York Stock Exchange (NYSE) under the symbol TEL. Switzerland will continue to serve as a TE leadership hub for critical strategic and operational functions. Safe and sustainable "After careful consideration, our board of directors has determined that this change is in the best long-term interest of the company and our shareholders and will help position TE for continued success," said Terrence Curtin, Chief Executive Officer (CEO), TE Connectivity Ltd. Terrence Curtin adds, "This move will not impact our customers or employees and we are excited to continue working together to create a safer, sustainable, productive, and connected future."

TE Connectivity Ltd. reported results for the fiscal first quarter ended December 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 was $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 12th consecutive year. Author's quote We continued to benefit from growth in renewable energy, commercial air and medical applications "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-pioneering 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 is expected to be approximately $1.75, up 31% year over year, with adjusted EPS of approximately $1.82, up 10% year over year. Conference call and webcast The company will hold a conference call for investors 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 January 24, 2024.