TE Connectivity Files 10-Q for June 28, 2024

Ticker: TEL · Form: 10-Q · Filed: 2024-07-29T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, SEC filing

TL;DR

TE Connectivity's Q2 2024 10-Q is in: financials look solid, stay tuned for more.

AI Summary

TE Connectivity Ltd. filed its 10-Q for the period ending June 28, 2024. The filing details financial performance and operational updates. Key financial figures and strategic decisions are presented within this report.

Why It Matters

This filing provides investors and analysts with crucial financial data and insights into TE Connectivity's performance and outlook for the period.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the period ending June 28, 2024.

What is the filing date of this 10-Q?

This 10-Q filing was made on July 29, 2024.

What is the company's Central Index Key (CIK)?

The company's Central Index Key (CIK) is 0001385157.

What is the SEC file number for TE Connectivity Ltd.?

The SEC file number for TE Connectivity Ltd. is 001-33260.

What was the former name of TE Connectivity Ltd.?

The former name of TE Connectivity Ltd. was Tyco Electronics Ltd., with a date of name change on January 4, 2007.

Filing Stats: 4,810 words · 19 min read · ~16 pages · Grade level 16.5 · Accepted 2024-07-29 12:16:25

Filing Documents

Financial Statements

Financial Statements 1 Condensed Consolidated Statements of Operations for the Quarters and Nine Months Ended June 28, 2024 and June 30, 2023 (unaudited) 1 Condensed Consolidated Statements of Comprehensive Income for the Quarters and Nine Months Ended June 28, 2024 and June 30, 2023 (unaudited) 2 Condensed Consolidated Balance Sheets as of June 28, 2024 and September 29, 2023 (unaudited) 3 Condensed Consolidated Statements of Equity for the Quarters and Nine Months Ended June 28, 2024 and June 30, 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended June 28, 2024 and June 30, 2023 (unaudited) 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36 Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 5. Other Information 37 Item 6. Exhibits 38

Signatures

Signatures 39 i Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS TE CONNECTIVITY LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) For the For the Quarters Ended Nine Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 (in millions, except per share data) Net sales $ 3,979 $ 3,998 $ 11,777 $ 11,999 Cost of sales 2,593 2,699 7,704 8,229 Gross margin 1,386 1,299 4,073 3,770 Selling, general, and administrative expenses 431 431 1,299 1,258 Research, development, and engineering expenses 189 176 546 534 Acquisition and integration costs 5 9 16 26 Restructuring and other charges, net 6 53 67 283 Operating income 755 630 2,145 1,669 Interest income 20 18 61 39 Interest expense ( 18 ) ( 20 ) ( 55 ) ( 61 ) Other expense, net ( 3 ) ( 4 ) ( 11 ) ( 13 ) Income from continuing operations before income taxes 754 624 2,140 1,634 Income tax (expense) benefit ( 181 ) ( 96 ) 778 ( 283 ) Income from continuing operations 573 528 2,918 1,351 Income (loss) from discontinued operations, net of income taxes — — ( 1 ) 7 Net income $ 573 $ 528 $ 2,917 $ 1,358 Basic earnings per share: Income from continuing operations $ 1.87 $ 1.68 $ 9.47 $ 4.28 Income (loss) from discontinued operations — — — 0.02 Net income 1.87 1.68 9.47 4.30 Diluted earnings per share: Income from continuing operations $ 1.86 $ 1.67 $ 9.41 $ 4.25 Income (loss) from discontinued operations — — — 0.02 Net income 1.86 1.67 9.41 4.27 Weighted-average number of shares outstanding: Basic 306 315 308 316 Diluted 308 317 310 318 See Notes to Condensed Consolidated Financial Statements. 1 Table of Contents TE CONNECTIVITY LTD. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) For the For the Quarters Ended Nine Months Ended June 28, June 3

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