TE Connectivity Ltd. (NYSE: TEL) today reported results for the fiscal first quarter ended December 27, 2019.
First Quarter Highlights
- Net sales were $3.2 billion, down 5% on a reported and organic basis over the first quarter of 2019.
- Diluted earnings per share (EPS) from continuing operations were $0.07, below the company’s GAAP guidance due to a non-cash charge from Swiss tax reform. Adjusted EPS were $1.21, exceeding the high end of the company’s guidance.
- Cash flow from continuing operating activities was $411 million and free cash flow was $243 million, with $297 million returned to shareholders.
- Total orders were $3.2 billion, up 1% sequentially, and the book-to-bill ratio was 1.02.
- Company is updating full year guidance based on first quarter results.
“I’m pleased with our performance in the first quarter where we delivered sales and adjusted earnings per share above our expectations and generated strong cash flow in what continues to be a challenging market environment,” said Terrence Curtin, chief executive officer of TE Connectivity. “Our Industrial segment grew ahead of guidance driven by strength in our defense, medical, aerospace and energy businesses, while our Transportation segment continued to outperform auto production declines due to our strong content position in the long-term growth trends of electric and connected vehicles. We were pleased to see sequential orders growth this quarter, signaling stabilization in key end markets. Based on our first quarter results, we are updating our GAAP EPS guidance and raising our sales and adjusted EPS guidance for the full year.”
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SOURCE: TE Connectivity
