TEL · TE Connectivity plc

365 filings

TEL SEC Filings

TE Connectivity plc - 365 total filings

Filing record · 2016–202610-K1010-Q338-K129

Showing 1–50 of 365 filings

TE Connectivity plc 8-K Report, Executive Changes (Oct 7, 2026)

TE Connectivity plc (TEL) has filed an 8-K report on October 7, 2026, to announce a significant change in its Board of Directors. William A. Jeffrey, a current director, has informed the Company of his decision to retire and will not seek re-election at the upcoming 2027 Annual General Meeting of Shareholders. This departure is effective as of March 2027, following the shareholder meeting. Investors should note that Mr. Jeffrey's decision to retire is not attributed to any disagreements with the Company, which suggests a smooth transition and no underlying governance concerns. This filing is primarily informational, updating stakeholders on the composition of the Board of Directors.

Oct 7, 2026 10-Q

TE Connectivity plc Quarterly Report for Q3 Ended Jun 26, 2026

TE Connectivity plc (TEL) reported a strong financial performance for the nine months ended June 26, 2026, with net sales increasing by 16.5% year-over-year to $14.57 billion. This growth was driven by robust performance in both the Transportation Solutions and Industrial Solutions segments. The company's operating income also saw a significant increase of $603 million to $2.90 billion. A key driver for the Industrial Solutions segment was the strong demand in digital data networks, particularly for AI applications. Financially, TE Connectivity demonstrated solid cash generation, with net cash provided by operating activities reaching $3.00 billion for the nine-month period. The company also continued its commitment to returning capital to shareholders through dividends and a substantial share repurchase program, authorizing an additional $3.0 billion increase. Management has provided an optimistic outlook for the fourth quarter of fiscal 2026, expecting net sales of approximately $5.25 billion and diluted earnings per share from continuing operations around $2.84. Recent strategic moves include the planned acquisition of Astrodyne TDI for $1.4 billion, expected to close by year-end 2026, further bolstering the Industrial Solutions segment, particularly in power and filter solutions. The company also completed a smaller acquisition in the Industrial Solutions segment for $200 million during the nine-month period. These strategic initiatives, combined with strong operational execution, position TE Connectivity for continued growth.

Jul 24, 2026 8-K

TE Connectivity plc 8-K Report, Financial Results (Jul 22, 2026)

TE Connectivity reported fiscal third-quarter 2026 results (quarter ended June 26, 2026) that beat its own guidance. Net sales reached a record $5.16 billion, up 14% reported and 12% organically, with Industrial Solutions up 22% and Transportation Solutions up 7%. GAAP diluted EPS from continuing operations was $2.55 (up 19%), and adjusted EPS was a record $2.94 (up 22%). The adjusted operating margin expanded 90 basis points to 21.9%, and orders hit a record $5.7 billion, up 27% year over year, with a book-to-bill of 1.1. Operating cash flow was $1.19 billion for the quarter and $3.0 billion year to date, and free cash flow was $883 million for the quarter and $2.17 billion year to date. The company returned about $2.0 billion to shareholders year to date through buybacks and dividends. For the fourth quarter, management guided to sales of about $5.25 billion (up 11% reported and organically) and adjusted EPS of about $3.05 (up 18%). GAAP EPS from continuing operations is expected at about $2.84. Management said it expects double-digit sales and EPS growth for fiscal 2026 and is significantly outperforming the business model it presented at its Investor Day. The implied full-year figures are about 15% reported sales growth, 11% organic growth, and about 23% adjusted EPS growth. TE also agreed to acquire Astrodyne TDI, a provider of power management and filtering solutions for mission-critical industrial applications, from Tinicum L.P. for an approximate purchase price of $1.4 billion. The business is expected to add more than $250 million in annual sales to the Industrial Solutions segment, and closing is expected by the end of calendar 2026, subject to regulatory approvals. Investors should note that the GAAP-to-adjusted gap widened this quarter, driven by $83 million of restructuring and other charges, versus $14 million a year earlier.

Jul 22, 2026 10-Q

TE Connectivity plc Quarterly Report for Q2 Ended Mar 27, 2026

TE Connectivity plc (TEL) reported a strong second quarter for fiscal year 2026, with net sales increasing by 14.5% year-over-year to $4.74 billion. This growth was driven by robust performance in both the Industrial Solutions and Transportation Solutions segments, with organic net sales up 7.2%. The company demonstrated improved profitability, as evidenced by a higher gross margin of 36.8% compared to 35.2% in the prior year's quarter. Diluted earnings per share (EPS) saw a significant jump to $2.90, from $0.04 in the comparable period of the previous year, reflecting operational improvements and increased sales volumes. For the first six months of fiscal year 2026, net sales grew 18.0% to $9.41 billion, with organic net sales increasing by 11.0%. Diluted EPS for the six-month period reached $5.42, a substantial increase from $1.80 in the prior year. The company's strong operating cash flow of $1.81 billion in the first half of the year underscores its financial health. TE Connectivity also announced a quarterly cash dividend of $0.78 per share and continued its share repurchase program, signaling confidence in its financial outlook and commitment to returning value to shareholders.

Apr 24, 2026 8-K

TE Connectivity plc 8-K Report, Financial Results (Apr 22, 2026)

TE Connectivity (TEL) reported fiscal Q2 2026 results (quarter ended March 27, 2026) that beat its own guidance, with net sales of $4.74 billion, up 15% reported and 7% organically year over year. GAAP diluted EPS from continuing operations was $2.90, while adjusted EPS hit a record $2.73, up 24% year over year. GAAP operating margin expanded 200 basis points to 20.1%, and adjusted operating margin rose 130 basis points to 21.7%. Growth was led by Industrial Solutions, where reported sales rose 27% (17% organic), driven by Digital Data Networks (AI-related demand, up 48% reported) and Energy (up 60% reported, including acquisitions). Transportation Solutions grew 5% reported but declined 1% organically, with Commercial Transportation strong and Automotive weak in North America and Asia. Orders were a standout: record orders of $5.3 billion rose 25% year over year and 4% sequentially, with a book-to-bill of 1.12. Free cash flow was $1.3 billion for the first half, up 17% year over year, and the company returned $1.2 billion to shareholders in the period and raised its quarterly dividend by 10%. Balance sheet items to watch include total debt that rose to about $5.7 billion (long-term debt up to $5.55 billion from $4.84 billion), reflecting refinancing and acquisition activity, and cash that fell to $1.11 billion. Management guided fiscal Q3 2026 sales to about $5.0 billion (up 10% reported, 9% organic) with adjusted EPS of about $2.83 (up 17%) and GAAP EPS from continuing operations of about $2.44. The guidance implies continued double-digit growth, though the prior-year quarter's GAAP EPS was distorted by a large tax charge, so GAAP comparisons are not meaningful; adjusted EPS is the cleaner comparison.

Apr 22, 2026 8-K

TE Connectivity plc 8-K Report, Shareholder Vote Results (Mar 11, 2026)

TE Connectivity plc (TEL) filed an 8-K on March 11, 2026, detailing the outcomes of its Annual General Meeting (AGM) of Shareholders. The meeting saw high shareholder participation, with over 90% of outstanding shares represented. All agenda items presented to shareholders were overwhelmingly approved, indicating strong support for the company's current board of directors and its operational and financial strategies. The key resolutions passed include the election of all thirteen director nominees, the ratification of Deloitte & Touche LLP as independent auditors, and the approval of the company's executive compensation. Furthermore, shareholders authorized the company to conduct market purchases of its own shares and approved the price range for re-allotting treasury shares. The robust voting margins across all proposals suggest a confident shareholder base regarding the company's governance and strategic direction.

Mar 11, 2026 8-K

TE Connectivity plc 8-K Report, Material Agreement (Feb 17, 2026)

TE Connectivity plc (TEL) has executed a new Five-Year Senior Credit Agreement, establishing a $3 billion revolving credit facility. This new facility replaces its previous $1.5 billion credit line and extends the maturity date to February 13, 2031, with options for further extension. This strategic move enhances the company's financial flexibility and is intended to support its commercial paper program. The agreement includes provisions for potential increases in the credit line and outlines various interest rate options tied to market benchmarks plus an applicable margin. Notably, the company terminated its existing agreement without incurring early termination penalties. Key financial covenants within the new agreement include a leverage ratio that, if exceeded (Consolidated Total Debt to Consolidated EBITDA above 3.75:1, or 4.25:1 post-Qualified Acquisition), could trigger an Event of Default. Investors should note that the interest rates on borrowings are variable, linked to benchmark rates such as Term SOFR for USD, and include an annual facility fee ranging from 5.0 to 12.5 basis points. The company also engages in customary financial services with the lenders and their affiliates, which is a standard practice.

Feb 17, 2026 8-K

TE Connectivity plc 8-K Report, Corporate Update (Feb 9, 2026)

On February 9, 2026, TE Connectivity plc's wholly owned subsidiary, Tyco Electronics Group S.A. (TEGSA), closed a $750 million senior notes offering. It issued $200 million of additional 4.500% Senior Notes due 2031, priced at 100.907%, and $550 million of new 4.875% Senior Notes due 2036, priced at 99.718%. The additional 2031 notes are fungible with the existing $450 million 2031 notes, bringing that series to $650 million outstanding. Net proceeds were approximately $745.5 million before other expenses. The company plans to use the proceeds to repay outstanding debt, specifically the 3.700% Senior Notes due 2026 and the 4.500% Senior Notes due 2026, and for general corporate purposes. The filing does not state the principal amounts of those 2026 maturities. Refinancing near-term debt and extending maturities to 2031 and 2036 reduces near-term refinancing risk. The new 4.875% coupon on the 2036 notes is a modest cost of capital for an investment-grade industrial issuer, and the filing does not provide a rationale tied to a specific earnings or leverage target. The notes are unsecured senior obligations of TEGSA, fully and unconditionally guaranteed on an unsecured senior basis by TE Connectivity plc and TE Connectivity Switzerland Ltd. They rank equally with TEGSA's existing and future senior debt. The offering was made under an effective Form S-3 shelf registration (No. 333-282440) and was priced under an underwriting agreement dated January 26, 2026. BNP Paribas, Citigroup, Deutsche Bank and Goldman Sachs acted as underwriters. The filing is administrative in nature and does not disclose new operating results or guidance.

Feb 9, 2026 10-Q

TE Connectivity plc Quarterly Report for Q1 Ended Dec 26, 2025

TE Connectivity plc (TEL) reported robust financial performance for the first quarter of fiscal year 2026, with net sales increasing significantly by 21.7% year-over-year to $4.7 billion. This growth was driven by strong organic sales increases of 15.0% and contributions from acquisitions. The company saw substantial improvements in both its Transportation Solutions and Industrial Solutions segments, with the latter experiencing particularly strong growth in areas like digital data networks and energy. Profitability also saw a healthy rise, with operating income increasing by 39.6% to $963 million and diluted earnings per share from continuing operations reaching $2.53, up from $1.75 in the prior year's comparable quarter. The company maintained a strong cash flow from operations, providing ample resources for investing activities, debt repayment, and returning capital to shareholders through dividends and share repurchases. Management provided an optimistic outlook for the second quarter of fiscal 2026, expecting continued sales growth and solid earnings.

Jan 23, 2026 8-K

TE Connectivity plc 8-K Report, Financial Results (Jan 21, 2026)

TE Connectivity (NYSE: TEL) reported fiscal Q1 2026 results (quarter ended December 26, 2025) that beat its own guidance on both top and bottom line. Net sales rose 22% year over year to $4.7 billion (15% organic), with GAAP diluted EPS from continuing operations of $2.53 (up 45%) and adjusted EPS of $2.72 (up 33%). Adjusted operating margin expanded 180 basis points to 22.2%, and record orders of $5.1 billion (up 28% year over year, book-to-bill of 1.10) point to continued momentum. Growth was broad-based across both segments, led by Industrial Solutions (reported sales up 38%, driven by AI-related Digital Data Networks and Energy grid-hardening demand) and Transportation Solutions (reported sales up 10%, with automotive content growth in Asia and Europe). Cash generation was solid, with operating cash flow of $865 million and free cash flow of $608 million, of which roughly 100% was returned to shareholders through $405 million of buybacks and $209 million of dividends. Total debt rose to $5.7 billion from $4.2 billion a year earlier, largely reflecting the financing of the prior-year acquisition program, and inventory built to $2.95 billion. Management guided fiscal Q2 2026 to approximately $4.7 billion in sales (up 13% reported, 6% organic) and adjusted EPS of about $2.65 (up 20%), and reiterated expectations for double-digit sales and adjusted earnings growth. Investors should note that beginning in fiscal 2026 TE excludes amortization of intangible assets from its non-GAAP measures, which flatters adjusted EPS and margin comparisons relative to prior periods. The filing itself is a routine Form 8-K furnishing the earnings press release and slide deck under Items 2.02 and 7.01, so the substance lies in the exhibits. Key watch items are whether Industrial growth persists as Energy and AI comparisons normalize, whether Transportation seasonality weighs on the next quarter, and whether the higher debt load constrains flexibility.

Jan 21, 2026 8-K

TE Connectivity plc 8-K Report, Regulation FD Disclosure (Nov 20, 2025)

TE Connectivity (TEL) furnished slides under Regulation FD for its 2025 Investor Day, held November 20, 2025 in Philadelphia, setting out its medium-term financial framework and growth strategy. The company reported FY2025 sales above $17 billion, an adjusted operating margin of about 20.8%, adjusted EPS of $9.27, and free cash flow of roughly $3.2 billion, equal to about 116% of adjusted income from continuing operations. Management framed FY2025 as a foundation for a "next chapter" and said it expects to deliver 6-8% growth through the cycle, mid-teens-to-30%+ incremental margins, double-digit adjusted EPS growth, and 100%+ free cash flow conversion going forward. The presentation emphasized two segments. Industrial Solutions (about $7.9 billion in FY25 sales) is positioned for mid-to-high single-digit growth, driven by AI/cloud data connectivity in Digital Data Networks, grid hardening and energy transmission, and factory automation. Management also highlighted a bolt-on M&A pipeline in this segment, citing the April 2025 acquisition of a North American grid-hardening business. Transportation Solutions (about $9.4 billion) targets 4-6% growth above vehicle production through 2030, relying on content growth in data connectivity, electronification, and e-mobility, with about 35% of auto revenue tied to China. Capital allocation is framed as roughly two-thirds returned to shareholders and one-third for M&A and dividends, with a focus on best-return opportunities. The filing itself is a procedural Regulation FD disclosure with no new financial results or guidance changes beyond the presentation. Investors should treat the targets as management aspirations rather than commitments, and should note that the slides rely on non-GAAP measures, with the FY25 adjusted tax rate reflecting a $618 million special-item charge tied to valuation allowances.

Nov 20, 2025 10-K

TE Connectivity plc Annual Report, Year Ended Sep 26, 2025

TE Connectivity's fiscal 2025 (ended September 26, 2025) was a year of strong top-line and margin expansion, driven almost entirely by the Industrial Solutions segment. Net sales rose 8.9% to $17.26 billion (6.4% organic), with Industrial Solutions up 23.7% on AI/cloud-driven digital data networks demand (+72.6% organic) and the April 2025 acquisition of Richards Manufacturing (~$2.3 billion, contributing $179 million of sales). Transportation Solutions declined 1.0%, with sensors and commercial transportation weaker and automotive flat. Gross margin improved to 35.2% from 34.4%, and operating margin reached 18.6% versus 17.6%. Operating income rose 15% to $3.21 billion. Below the operating line, reported results were distorted by a $574 million non-cash tax charge tied to an OECD global minimum tax guidance change affecting a Swiss subsidiary's ten-year tax credit, which pushed the effective tax rate to 42.5% and cut net income to $1.84 billion ($6.16 diluted EPS) from $3.19 billion in fiscal 2024. That prior year had benefited from a large one-time tax credit recognition, so the year-over-year comparison is not a clean read of underlying earnings. Operating cash flow improved to $4.14 billion, and the company returned capital through $803 million in dividends and $1.36 billion in buybacks, with $1.4 billion remaining on the repurchase authorization. Balance sheet leverage increased meaningfully: total debt rose to $5.69 billion from $4.20 billion after several euro and dollar senior note issuances that funded the acquisitions. Management guides fiscal 2026 first-quarter net sales of about $4.5 billion (versus $3.8 billion a year earlier) and diluted EPS from continuing operations of about $2.33. Key risks include automotive concentration (about 41% of sales), roughly 25% of sales to China, ongoing tariff and trade exposure, unhedged currency translation (about 60% of sales invoiced in non-dollar currencies), a $8.8 billion deferred tax asset valuation allowance, and Irish-domicile governance considerations following the 2024 redomiciliation from Switzerland.

Nov 10, 2025 8-K

TE Connectivity plc 8-K Report, Financial Results (Oct 29, 2025)

TE Connectivity closed fiscal 2025 with record fourth-quarter and full-year results. Q4 net sales were a record $4.75 billion, up 17% reported and 11% organically, with growth in both Industrial (up 34% reported) and Transportation (up 4% reported). GAAP diluted EPS from continuing operations was $2.23 (up 148%), and adjusted EPS was a record $2.44 (up 25%). Adjusted operating margin reached 19.9% for the quarter, and free cash flow hit a record $1.15 billion. Orders rose 22% year over year to $4.7 billion, a book-to-bill of 0.99, which supports the outlook. For the full year, net sales were a record $17.3 billion (up 9% reported, 6% organic), adjusted operating margin was a record 19.7%, and adjusted EPS was $8.76. Free cash flow was $3.2 billion with conversion above 100%. The company returned $2.2 billion to shareholders and spent $2.6 billion on bolt-on acquisitions, while Industrial sales grew 24% on AI data center and energy demand. Management guided Q1 FY26 sales to about $4.5 billion (up 17% reported, 11% organic) and GAAP EPS to about $2.33, with adjusted EPS of about $2.53 (up 23%). Investors should note the accounting change effective fiscal 2026. TE now excludes amortization of acquired intangibles from its non-GAAP measures. Prior periods were recast, which lowers reported adjusted EPS for FY24 to $8.00 from $7.56 and raises FY25 to $9.27 from $8.76. This is a presentation change only and does not affect GAAP results, so the recast figures should not be compared directly with previously reported adjusted metrics. Adjusted EPS now also looks structurally higher because it excludes roughly $0.50 per year of amortization, which rose with the increase in intangible assets following acquisitions.

Oct 29, 2025 10-Q

TE Connectivity plc Quarterly Report for Q3 Ended Jun 27, 2025

TE Connectivity plc (TEL) reported a strong third quarter for fiscal year 2025, with net sales increasing by 13.9% year-over-year to $4.534 billion. This growth was driven by robust performance in the Industrial Solutions segment, which saw a 30.0% sales increase, and a more modest 2.8% increase in the Transportation Solutions segment. The company also reported improved gross margins, reflecting higher volumes and manufacturing efficiencies. The acquisition of Richards Manufacturing Co. for $2.3 billion in April 2025 significantly contributed to the Industrial Solutions segment's performance and overall revenue growth. For the first nine months of fiscal 2025, net sales grew 6.2% to $12.513 billion, with the Industrial Solutions segment showing a 19.7% increase and Transportation Solutions experiencing a 2.5% decline. Diluted earnings per share from continuing operations for the quarter were $2.14, a slight increase from $1.86 in the prior year's quarter. The company has raised its full-year outlook for net sales to approximately $4.55 billion for the fourth quarter, indicating continued confidence in its growth trajectory, supported by organic growth and strategic acquisitions.

Jul 25, 2025 8-K

TE Connectivity plc 8-K Report, Financial Results (Jul 23, 2025)

TE Connectivity (NYSE: TEL) reported fiscal Q3 2025 results (quarter ended June 27, 2025) that exceeded its own guidance, with record net sales of $4.53 billion (reported +14% year over year, +9% organic), driven primarily by the Industrial Solutions segment, which grew 30% reported and 21% organic. GAAP diluted EPS from continuing operations was $2.14 (+15%), while adjusted EPS hit a quarterly record of $2.27 (+19%). Operating margin was 18.9% (GAAP) and 19.9% adjusted (a record, up about 60 bps). Orders were $4.5 billion, up both year over year and sequentially, with a book-to-bill of 0.99. Cash generation was a standout: operating cash flow was $1.19 billion in the quarter and $2.72 billion year to date, and free cash flow was a quarterly record of $962 million, with year-to-date FCF of about $2.06 billion (up roughly 4%). The company completed the Richards acquisition (Energy business) for about $2.3 billion in cash during the quarter, pushing total debt to about $5.7 billion from roughly $4.2 billion a year earlier and reducing cash to $672 million. TE returned $1.5 billion to shareholders year to date through dividends and buybacks. For Q4 FY25, management guided to net sales of about $4.55 billion (+12% reported, +6% organic), GAAP EPS of about $2.18, and adjusted EPS of about $2.27 (+16% year over year). Investors should note that the GAAP Q4 EPS figure is compared against a very low prior-year base affected by prior-year tax items, and that Transportation Solutions sales are only growing modestly, with the Industrial segment carrying most of the growth. Year-to-date GAAP results were depressed by a prior-year tax charge, so reported year-over-year GAAP comparisons are distorted.

Jul 23, 2025 8-K

TE Connectivity plc 8-K Report, Agreement Terminated (May 9, 2025)

TE Connectivity (TEL) disclosed in this May 9, 2025 Form 8-K that its subsidiary Tyco Electronics Group S.A. (TEGSA) issued $900 million of senior notes: $450 million of 4.500% notes due 2031 and $450 million of 5.000% notes due 2035, with net proceeds of approximately $887.5 million before other expenses. The notes are fully and unconditionally guaranteed on an unsecured senior basis by TE Connectivity plc and TE Connectivity Switzerland Ltd. The proceeds, together with any proceeds from a concurrent euro-denominated notes offering, are earmarked for general corporate purposes, including repaying debt incurred to acquire Richards Manufacturing, which closed on April 1, 2025. Alongside the bond issuance, TE Connectivity voluntarily terminated its $1.5 billion 364-Day Senior Credit Agreement, effective May 16, 2025. That facility had backed commercial paper borrowings used to finance the Richards acquisition, and no amounts were drawn as of May 9, 2025. The company also expects to cut its commercial paper program capacity from $2.75 billion to $1.25 billion once outstanding paper is repaid with the new note proceeds. From an investor perspective, the transaction is a refinancing that replaces short-term, bank-backed commercial paper funding with longer-dated fixed-rate debt, extending the maturity profile to 2031 and 2035. The filing does not disclose the company's total debt, leverage, or interest expense impact, so the net effect on financing costs cannot be fully quantified from this document alone. The filing also does not describe covenant changes beyond the existing indenture, which was amended and restated in January 2025.

May 9, 2025 8-K

TE Connectivity plc 8-K Report, Corporate Update (May 6, 2025)

TE Connectivity plc (TEL) disclosed via this Form 8-K that its indirect wholly-owned subsidiary, Tyco Electronics Group S.A. (TEGSA), issued €500 million aggregate principal amount of 2.500% Senior Notes due 2028 on May 6, 2025. The notes were priced at 99.610% on April 29, 2025, and were sold under an existing Form S-3 registration statement. Net proceeds were approximately €496.3 million after the underwriters' discount but before other expenses. The company intends to use the proceeds, together with any concurrent USD notes offering, for general corporate purposes, including repaying debt incurred to acquire the Richards Manufacturing business. The notes are unsecured senior obligations of TEGSA, fully and unconditionally guaranteed on an unsecured senior basis by TE Connectivity plc and TE Connectivity Switzerland Ltd. They rank equally with TEGSA's existing and future senior debt and are senior to any subordinated debt. The offering was led by a syndicate of 15 underwriters, with Barclays, BNP Paribas, BofA Securities, Citigroup, Deutsche Bank, Goldman Sachs, J.P. Morgan and Scotiabank as joint book-running managers. The filing is largely a disclosure of a debt financing rather than an operating update, and it contains no new financial results, guidance, or changes to the company's operations. For investors, the key takeaways are that TE is refinancing and terming out acquisition-related debt and that the new notes carry a fixed 2.5% coupon, which appears modest for a euro-denominated investment-grade issue. The main considerations are the incremental leverage added by the notes and the effect of the Richards Manufacturing acquisition on the balance sheet. The filing itself does not quantify either of these, so investors should review the company's periodic reports for updated debt levels and leverage metrics.

May 6, 2025 10-Q

TE Connectivity plc Quarterly Report for Q2 Ended Mar 28, 2025

TE Connectivity plc (TEL) reported its financial results for the quarter and six months ended March 28, 2025. The company experienced a notable increase in net sales, driven primarily by strong performance in its Industrial Solutions segment, which saw significant growth in areas like digital data networks and energy. However, the Transportation Solutions segment faced a decline in net sales, impacted by softer demand in automotive and commercial transportation end markets. Despite revenue headwinds in Transportation, the company demonstrated improved gross margins and operating income compared to the prior year's periods, partly due to higher volumes and ongoing productivity improvements. Significant events during the period include substantial acquisitions, particularly the large acquisition of Richards Manufacturing shortly after the quarter's end, which is expected to bolster the Energy business within the Industrial Solutions segment. The company also managed its capital structure effectively, with robust operating cash flow and continued share repurchases, while navigating a complex global tax environment. Overall, TE Connectivity presented a mixed but generally positive financial picture, highlighting its ability to grow in key industrial sectors while managing challenges in its transportation business. The company's strategic acquisitions and ongoing operational efficiencies are key drivers for future performance, though investors should monitor the integration of new businesses and potential market shifts.

Apr 28, 2025 8-K

TE Connectivity plc 8-K Report, Financial Results (Apr 23, 2025)

TE Connectivity (TEL) reported fiscal Q2 2025 results (quarter ended March 28, 2025) that beat its own guidance on both sales and earnings. Net sales were $4.14 billion, up 4% reported and 5% organic, with growth driven by the Industrial Solutions segment (up 17% reported, 16% organic) while Transportation Solutions declined 4% reported (2% organic). Orders were $4.25 billion, up 6% year over year and sequentially, with the Digital Data Networks (AI-related) business up roughly 77% and Industrial book-to-bill strong at 1.02 for the company overall. Profitability was strong on an adjusted basis: adjusted operating margin expanded 90 basis points to 19.4%, and adjusted EPS hit a company record of $2.10, up about 13% year over year. GAAP diluted EPS from continuing operations was only $0.04, however, because of a one-time non-cash tax charge of roughly $574 million tied to a valuation allowance on a Swiss ten-year tax credit, plus a $13 million charge from a non-U.S. tax rate change. Investors should treat GAAP results as distorted for this quarter and focus on the adjusted figures, while noting that the adjusted numbers are non-GAAP measures that exclude these tax items. Looking ahead, management guided fiscal Q3 2025 net sales to about $4.30 billion (up 8% reported, about 5% organic) and adjusted EPS to about $2.06 (up 8%). The outlook includes the contribution from the Richards Manufacturing acquisition, which closed in April 2025 with roughly $2.3 billion of capital deployed, and about 2 points of price tied to tariff recovery. Free cash flow was about $1.1 billion in the first half, and the company returned roughly $1 billion to shareholders and raised its dividend 9%. Total debt rose to about $5.6 billion after new issuance and commercial paper usage to fund the acquisition, so leverage and cash deployment are key items to watch.

Apr 23, 2025 8-K

TE Connectivity plc 8-K Report, Regulation FD Disclosure (Apr 1, 2025)

TE Connectivity plc (TEL) has announced the successful closing of its previously disclosed acquisition of the Richards Manufacturing business through the acquisition of Relay Holding, LLC and its subsidiaries. This transaction, which was finalized on April 1, 2025, marks a strategic move to expand TEL's operational footprint. The company has furnished a press release detailing this closing, which is incorporated by reference into this 8-K filing. While this 8-K primarily serves to announce the consummation of the transaction, investors should note that detailed financial information and the full terms of the Transaction Agreement will be provided in TEL's upcoming Quarterly Report on Form 10-Q for the quarter ended March 28, 2025. The acquisition is expected to be a significant development for TE Connectivity's growth and market position.

Apr 1, 2025 8-K

TE Connectivity plc 8-K Report, Material Agreement (Mar 17, 2025)

TE Connectivity plc (TEL) has announced the execution of a $1.5 billion 364-Day Senior Credit Agreement, effective March 14, 2025. This facility is primarily intended to back borrowings under the company's commercial paper program, providing a crucial liquidity backstop. The agreement involves TE Connectivity plc as the parent guarantor, TE Connectivity Switzerland Ltd. as an intermediate guarantor, and Tyco Electronics Group S.A. (TEGSA) as the borrower, with Bank of America, N.A. serving as the administrative agent. The facility matures on March 13, 2026, with an option for TEGSA to extend it for an additional year, offering flexibility in its short-to-medium term financing strategy. Key terms of the Credit Agreement include a financial covenant tied to the ratio of Consolidated Total Debt to Consolidated EBITDA, which must not exceed 3.75 to 1.0 to avoid triggering an Event of Default. Interest rates are based on either Term SOFR or an alternate base rate, plus an applicable margin determined by TEGSA's senior, unsecured, long-term debt rating. A facility fee also applies, ranging from 3.0 to 9.0 basis points. This disclosure indicates proactive management of the company's capital structure and liquidity needs.

Mar 17, 2025 8-K

TE Connectivity plc 8-K Report, Shareholder Vote Results (Mar 13, 2025)

This 8-K filing from TE Connectivity plc reports on the outcomes of their Annual General Meeting (AGM) held on March 12, 2025. The primary focus of the report is the shareholder votes on several key agenda items, including the election of twelve directors, ratification of independent auditors, advisory vote on executive compensation, and approvals related to share repurchases and re-allotment of treasury shares. Investors will note that all agenda items presented to shareholders were overwhelmingly approved, demonstrating broad shareholder support for the company's current leadership and governance practices. The election of all twelve directors received substantial 'for' votes, with percentages generally exceeding 90%, and in most cases, well over 95%. Similarly, the ratification of Deloitte & Touche LLP as independent auditors and Deloitte Ireland LLP as statutory auditors, the advisory vote on executive compensation, and the proposals for market purchases of company shares and re-allotment of treasury shares all passed with very high levels of approval.

Mar 13, 2025 8-K

TE Connectivity plc 8-K Report, Material Agreement (Feb 12, 2025)

On February 11, 2025, TE Connectivity (TEL) signed a Transaction Agreement to acquire Richards Manufacturing Co., a U.S. provider of underground and overhead electrical utility grid products, for an all-cash consideration of approximately $2.3 billion, subject to customary post-closing adjustments. The deal is structured as a Blocker Sale followed by a reverse triangular merger of Merger Sub into Relay Holding, LLC, with Relay surviving as a wholly owned indirect subsidiary of TE. TE is party to the agreement only as guarantor of Buyer's obligations. Management expects the acquired business, which generates roughly $400 million in annual sales with mid-30% EBITDA margins and double-digit recent revenue growth, to be reported within the Industrial Solutions segment. TE projects a mid-teens return on invested capital once tax, revenue and cost synergies are realized, and expects roughly $0.10 of accretion to adjusted EPS in the first full year, including financing costs and excluding acquisition and amortization expenses. The transaction is to be financed with a mix of cash on hand and new permanent debt, which TE says is consistent with its balanced approach of shareholder returns and M&A. Closing is subject to HSR Act clearance and other customary conditions, with an outside date of June 11, 2025 (extendable to December 11, 2025 in certain regulatory scenarios), and is expected in TE's fiscal third quarter of 2025. The filing is largely a disclosure of a signed agreement; the full Transaction Agreement will be filed with the 10-Q for the quarter ended March 28, 2025, so detailed terms such as the purchase price mechanics and indemnities are not yet available.

Feb 12, 2025 8-K

TE Connectivity plc 8-K Report, Corporate Update (Jan 31, 2025)

On January 31, 2025, Tyco Electronics Group S.A. (TEGSA), a wholly-owned indirect subsidiary of TE Connectivity plc (NYSE: TEL), closed a €750 million offering of 3.250% senior notes due 2033, priced at 99.136% of par. Net proceeds were approximately €740.1 million after the underwriters' discount but before other expenses. TE Connectivity plc and TE Connectivity Switzerland Ltd. fully and unconditionally guarantee the notes on an unsecured senior basis, so the notes rank equally with TEGSA's existing and future senior debt. For investors, this is a routine debt financing rather than a change in operating performance. The company plans to use the proceeds for general corporate purposes, which may include repaying outstanding debt. The filing does not disclose a specific use of proceeds, a leverage target, or any change to guidance. The filing also states that the offering was made under an effective Form S-3 shelf registration (No. 333-282440) and that the notes were priced by BofA Securities Europe SA, Citigroup Global Markets Limited and J.P. Morgan Securities plc. The main investor considerations are the cost of the new debt and its effect on the capital structure. The 3.250% coupon, payable annually, is set against the company's existing borrowing costs, and the filing does not provide a comparison. Because the notes are guaranteed by the parent and a Swiss subsidiary, they add to the obligations that the parent group must service. The filing does not quantify any resulting change in leverage or interest expense.

Jan 31, 2025 10-Q

TE Connectivity plc Quarterly Report for Q1 Ended Dec 27, 2024

TE Connectivity plc (TEL) reported flat net sales for the first quarter of fiscal year 2025, with $3.836 billion in net sales, consistent with the prior year period. While the Industrial Solutions segment saw a robust 10.8% increase in net sales driven by growth in digital data networks and aerospace, defense, and marine sectors, this was offset by a 6.3% decline in the Transportation Solutions segment, primarily due to softness in automotive and commercial transportation markets. The company's gross margin improved to 35.5% from 34.6% year-over-year, indicating better pricing and operational efficiencies. Looking ahead, TE Connectivity anticipates second-quarter fiscal year 2025 net sales of approximately $3.95 billion, a slight decrease from the prior year's comparable period. A significant factor impacting future results is an anticipated $600 million reduction in net deferred tax assets in the quarter ending March 28, 2025, related to new global minimum corporate tax guidance. The company also continued its strategic acquisitions in the Industrial Solutions segment and maintained a strong focus on capital allocation, including share repurchases.

Jan 24, 2025 8-K

TE Connectivity plc 8-K Report, Financial Results (Jan 22, 2025)

TE Connectivity reported fiscal Q1 2025 (quarter ended Dec. 27, 2024) with net sales of $3.84 billion, flat year over year and in line with expectations on an organic basis. Adjusted EPS was $1.95, up about 6% from $1.84, and beat guidance. GAAP diluted EPS from continuing operations was $1.75, down sharply from $5.76 a year earlier, when results included large one-time tax benefits. Profitability improved: adjusted operating margin reached a first-quarter record of 19.4%, up 30 basis points, though GAAP operating margin slipped to 18.0% from 18.2% because restructuring charges rose to $50 million. Orders of $4.0 billion rose 6% year over year and 4% sequentially, led by the Industrial segment and artificial intelligence programs. Industrial Solutions sales grew 11% (9% organic), while Transportation Solutions sales fell 6% (5% organic) on weak commercial transportation and sensors demand. Cash generation was strong. Operating cash flow rose 22% to $878 million, and free cash flow rose 18% to a first-quarter record of $674 million. The company returned roughly $500 million to shareholders through dividends and buybacks and spent $325 million on bolt-on acquisitions in Industrial. Cash ended the quarter at $1.25 billion, with total debt of about $4.2 billion. For fiscal Q2 2025, management guided to net sales of about $3.95 billion and adjusted EPS of about $1.96, up 5% year over year. The company also expects a GAAP loss of about $0.05 per share because of a one-time, non-cash tax charge of roughly $1.87 per share tied to changes in tax law. Management expects sequential organic sales growth in both segments, with currency a headwind of about $110 million to sales and $0.06 to EPS. Investors should note that the company now reports two segments following a reorganization.

Jan 22, 2025 8-K

TE Connectivity plc 8-K Report, Financial Results (Dec 17, 2024)

TE Connectivity's 8-K, filed December 17, 2024, does not report new earnings or guidance. It furnishes unaudited recast segment data for the eight quarters from Q1 FY2023 through Q4 FY2024 and the fiscal years FY2023 and FY2024, reflecting a reorganization effective Q1 FY2025. The company now reports two segments: Transportation Solutions (automotive, commercial transportation, sensors) and Industrial Solutions (aerospace/defense/marine, medical, energy, digital data networks, and automation and connected living). Former Communications Solutions businesses moved into Industrial Solutions, and certain product lines moved into Transportation Solutions. The company states the recast has no effect on previously reported consolidated financial statements. On the recast basis, FY2024 net sales were $15,845 million, down 1.2% from $16,034 million in FY2023. Transportation Solutions fell 2.0% to $9,481 million, while Industrial Solutions was flat at $6,364 million. Adjusted operating income (non-GAAP) rose 11.6% to $2,987 million, and the adjusted margin expanded from about 16.7% to about 18.9%. GAAP operating income rose 21.4% to $2,796 million, helped by lower restructuring and acquisition-related charges than the prior year's adjustments of $340 million. Fourth-quarter results show a divergence between segments. Q4 FY2024 net sales were $4,068 million, up 0.8% year over year. Industrial Solutions grew 8.6% to $1,738 million, led by aerospace, defense and marine (up 14.1% for the year) and digital data networks (up 9.6% for the year). Transportation Solutions declined 4.3% in Q4 to $2,330 million, with sensors weaker. Q4 adjusted operating income rose 8.0% year over year to $755 million, but was down about 1.4% sequentially from Q3. Investors should note that automation and connected living fell 15.2% for FY2024, and the segment realignment changes historical comparability.

Dec 17, 2024 10-K

TE Connectivity plc Annual Report, Year Ended Sep 27, 2024

TE Connectivity's fiscal 2024 10-K (filed November 12, 2024) shows a company with steady top-line results but a sharply higher reported profit, driven largely by a one-time tax benefit. Net sales were $15,845 million, down 1.2% from $16,034 million, with organic sales flat (-0.2%) as currency translation (-0.7%) and divestitures/acquisitions (-0.3%) weighed on reported figures. Transportation Solutions (60% of sales) fell 2.0%, Industrial Solutions (28%) fell 1.5%, and Communications Solutions (12%) grew 3.7%. Gross margin expanded to 34.4% from 31.5%, and operating margin rose to 17.6% from 14.4%, supported by manufacturing productivity, pricing actions, and lower restructuring charges ($166 million versus $340 million). Net income more than doubled to $3,193 million ($10.33 diluted EPS) from $1,910 million, but this was inflated by an income tax benefit of $397 million (effective tax rate of -14.2%). The benefit included a $636 million net gain tied to a $972 million ten-year Swiss tax credit (net of a $336 million valuation allowance), plus a $262 million revaluation benefit from a Swiss tax rate increase and a $118 million legal entity restructuring benefit. Investors should therefore treat fiscal 2024 earnings as non-recurring on the tax line; pre-tax income was $2,797 million, up about 23%. Operating cash flow rose to $3,477 million, and free cash flow after $680 million of capex was roughly $2.8 billion, which funded $760 million of dividends and $2,062 million of share repurchases. The company completed its change in place of incorporation from Switzerland to Ireland on September 30, 2024, and will report a new three-segment structure in fiscal 2025. Management guides Q1 fiscal 2025 net sales to about $3.9 billion and diluted EPS from continuing operations to about $1.64. Risks flagged include a global minimum tax that could materially affect cash taxes starting fiscal 2025, a $8.3 billion valuation allowance against deferred tax assets, a pending DDTC trade-controls investigation with penalties not yet estimable, and exposure to China (about 20% of sales) and automotive (about 44% of sales).

Nov 12, 2024 8-K

TE Connectivity plc 8-K Report, Executive Changes (Nov 12, 2024)

TE Connectivity plc (TEL) has filed an 8-K report announcing a key executive transition and providing details for its upcoming 2025 Annual General Meeting of Shareholders. Robert J. Ott, Senior Vice President and Corporate Controller, will retire effective January 3, 2025. Reuben M. Shaffer has been appointed as his successor, bringing extensive experience within TE Connectivity's finance and audit functions. This leadership change in a critical financial role is noteworthy for investors monitoring corporate governance and financial stewardship. The filing also sets the date for the 2025 Annual General Meeting of Shareholders as March 12, 2025. A crucial deadline for shareholders wishing to submit proposals or director nominations, especially those intending to comply with universal proxy rules, is November 22, 2024. Investors should take note of this early deadline to ensure their participation and influence in company matters.

Nov 12, 2024 8-K

TE Connectivity plc 8-K Report, Financial Results (Oct 30, 2024)

TE Connectivity reported fiscal Q4 2024 sales of $4.1 billion, up 1% reported and 2% organically, above its guidance. Adjusted operating margin reached a fourth-quarter record of 18.6%, and adjusted EPS hit a record $1.95, up 10% year over year. GAAP diluted EPS from continuing operations fell 49% to $0.90 because of a one-time $0.78 tax-related charge tied to an increased valuation allowance on a Swiss subsidiary's deferred tax assets. Investors should focus on the adjusted figures, which better reflect operating performance. For full fiscal 2024, net sales were $15.8 billion, roughly flat organically. Adjusted operating margin expanded 220 basis points to a record 18.9%, and adjusted EPS rose 12% to $7.56. Free cash flow reached a record $2.8 billion, about 120% of adjusted income from continuing operations. GAAP EPS of $10.34 is heavily inflated by non-recurring Swiss tax credit benefits, so adjusted EPS is the more reliable baseline. Looking ahead, management guided fiscal Q1 2025 sales to about $3.9 billion and adjusted EPS to $1.88, which it said would be up year over year. The board also approved a $2.5 billion increase to the share repurchase authorization. Beginning in fiscal 2025, TE will report two segments, Transportation Solutions and Industrial Solutions, with recast financials to follow in a later 8-K.

Oct 30, 2024 8-K

TE Connectivity plc 8-K Report, Executive Changes (Oct 4, 2024)

On October 4, 2024, TE Connectivity plc (NYSE: TEL) filed an 8-K reporting that its Board of Directors appointed Sam Eldessouky as a non-employee director, increasing the full Board from 11 to 12 members. Eldessouky was named to the Audit Committee and the Joint Committee on Cybersecurity, and he will receive the standard compensation paid to the Company's other non-employee directors. The filing discloses no related-party transactions requiring Item 404(a) reporting and no arrangements or understandings tied to his selection. Eldessouky is currently executive vice president and chief financial officer of Bausch + Lomb, a role he has held since January 2022. His background includes CFO of Bausch Health (2021-2022), controller and chief accounting officer at Bausch Health (2016-2021), more than 12 years at Tyco International including senior VP, controller and CAO (2012-2016), and about 10 years at PwC. He is a certified public accountant (inactive) and a chartered global management accountant. The Company is also entering into standard indemnification agreements with him and with its subsidiary TE Connectivity Corporation. For investors, this is a routine governance event with no direct financial impact disclosed. Its main significance is the addition of a seasoned public-company finance and accounting leader to the Audit Committee, which may strengthen board oversight of financial reporting and internal controls. The filing does not address TE's operating results, guidance, or capital allocation.

Oct 4, 2024 8-K

TE Connectivity plc 8-K Report, Regulation FD Disclosure (Sep 23, 2024)

TE Connectivity plc (TEL) has filed an 8-K report primarily to disclose updates regarding its previously announced change of place of incorporation from Switzerland to Ireland. This corporate restructuring is slated for completion on September 30, 2024. Following this change, the last day for trading in the company's current common shares on the New York Stock Exchange (NYSE) under the existing ticker symbol is expected to be September 27, 2024. Investors should note that trading of TE Connectivity plc's ordinary shares on the NYSE will commence on September 30, 2024, under the same ticker "TEL". A new CUSIP number (G87052109) will be associated with the ordinary shares of the Irish-domiciled entity. This filing also reiterates forward-looking statements, cautioning investors about potential risks and uncertainties associated with the incorporation change, including delays, failure to complete, unmaterialized benefits, stock price volatility, and differing corporate governance or regulatory environments in Ireland.

Sep 23, 2024 8-K

TE Connectivity plc 8-K Report, Executive Changes (Sep 17, 2024)

TE Connectivity plc (TEL) has filed an 8-K report detailing a significant organizational restructuring and leadership changes effective for the first quarter of fiscal year 2025. The company is realigning its business segments to better align with its strategic objectives. This includes integrating the former Communications Solutions segment into the Industrial Solutions segment, and combining Appliance and Industrial businesses into a new 'Automation and Connected Living' business unit. These changes aim to streamline operations and enhance focus. Alongside the operational overhaul, the company announced the departure of Steve Merkt, President of Transportation Solutions, as part of leadership succession planning. Mr. Merkt will transition to an advisory role and will receive a comprehensive separation package, including a one-year notice period, severance pay, and restrictive covenants. Aaron Stucki will assume the role of President, Transportation Solutions, with an updated compensation package reflecting his new responsibilities.

Sep 17, 2024 8-K

TE Connectivity plc 8-K Report, Corporate Update (Aug 2, 2024)

TE Connectivity's wholly-owned subsidiary, Tyco Electronics Group S.A. (TEGSA), issued $350 million of 4.625% Senior Notes due 2030 on August 2, 2024, under an existing Form S-3 shelf registration. The notes were priced July 30, 2024 at 99.459% of par, implying a net proceeds figure of roughly $346.0 million after the underwriters' discount, before other expenses. The notes are fully and unconditionally guaranteed on an unsecured senior basis by TE Connectivity Ltd., and rank equally with TEGSA's existing and future senior debt. For investors, this is a routine debt financing rather than a change in the company's operating outlook. The company states the proceeds will fund general corporate purposes, which may include repaying outstanding debt, so the filing does not indicate an acquisition or a new capital program. The 8-K is primarily a disclosure of the note issuance and the Twentieth Supplemental Indenture governing the notes, and it is filed to incorporate the related legal documents and counsel opinions into the shelf registration. The exhibit press release also notes a proposed change of TE Connectivity's place of incorporation from Switzerland to Ireland. The filing itself does not provide details on that proposal, and investors should look to the company's other SEC reports for its status and implications. Overall, the transaction adds modest fixed-rate senior debt at a 4.625% coupon, with the headline impact being on the liability side of the balance sheet and interest expense rather than on near-term earnings.

Aug 2, 2024 10-Q

TE Connectivity plc Quarterly Report for Q3 Ended Jun 28, 2024

TE Connectivity Ltd. (TEL) reported its financial results for the fiscal third quarter ending June 27, 2024. The company saw a slight decrease in net sales, down 0.5% year-over-year to $3.98 billion, primarily driven by weaker performance in its Transportation Solutions segment, which was partially offset by growth in Communications Solutions. Despite the modest top-line dip, the company demonstrated improved profitability, with operating income increasing to $755 million from $630 million in the prior year's quarter. Gross margin expanded significantly to 34.8% from 32.5% due to better manufacturing productivity and product mix. Diluted EPS from continuing operations also rose to $1.86. The company reaffirmed its outlook for the full fiscal year and expects net sales of approximately $4.0 billion for the fourth quarter. Key financial activities during the quarter included robust share repurchases totaling $1.235 billion year-to-date, underscoring a commitment to returning capital to shareholders. TE Connectivity also highlighted progress in its restructuring initiatives aimed at optimizing its cost structure and manufacturing footprint, with a projected full-year restructuring charge of approximately $100 million.

Jul 29, 2024 8-K

TE Connectivity plc 8-K Report, Financial Results (Jul 24, 2024)

TE Connectivity's fiscal Q3 2024 (quarter ended June 28, 2024) was a margin-driven quarter rather than a sales-growth one. Net sales were $3.98 billion, down 1% reported but up 2% organically and in line with guidance. Adjusted operating margin expanded 200 basis points year over year to a quarterly record 19.3%, which lifted adjusted EPS to $1.91 (up 8%), above the company's guidance. GAAP diluted EPS from continuing operations was $1.86, up 11%. Orders of $4.1 billion rose 4% year over year and 3% sequentially, with a book-to-bill of 1.04, led by Communications Solutions, where AI-related programs drove record orders. Segment performance was uneven. Communications Solutions grew sales 22% reported (24% organic) with roughly 600 basis points of margin expansion. Transportation Solutions' adjusted margin rose to 21.0%, although sales fell 4% reported and were flat organically, with Automotive up 4% organically despite lower auto production and Commercial Transportation and Sensors declining. Industrial Solutions was down 1% reported, with Industrial Equipment down 17% on customer destocking, partly offset by growth in Aerospace, Defense and Marine (up 18%), Energy and Medical. Cash generation was strong. Year-to-date free cash flow was about $1.98 billion, up 36%, and the company returned $1.8 billion to shareholders. Fourth-quarter guidance calls for sales of about $4.0 billion, adjusted EPS of about $1.94 (up 9%) and GAAP EPS of about $1.80. Management said this implies double-digit full-year adjusted EPS growth on roughly flat organic sales. Nine-month GAAP EPS of $9.41 is heavily inflated by one-time Swiss tax benefits, so adjusted figures are the better guide to underlying earnings. The filing also references a proposed change of incorporation from Switzerland to Ireland, which investors should monitor.

Jul 24, 2024 8-K

TE Connectivity plc 8-K Report, Shareholder Vote Results (Jun 12, 2024)

On June 12, 2024, TE Connectivity Ltd. (NYSE: TEL) shareholders approved both proposals at a Special General Meeting. The principal item approved the merger agreement dated March 18, 2024, under which the Swiss-incorporated company will merge into its wholly owned subsidiary, TE Connectivity plc, an Irish company. Shareholders approved the merger with 93.20% of votes cast in favor. Each existing share will convert into one ordinary share of the Irish entity, so the economic interest of shareholders is unchanged. The company expects the merger to take effect on or about September 30, 2024, and the change is primarily one of legal domicile, from Switzerland to Ireland. The second item, a non-binding advisory vote, approved a reduction of the Irish entity's share premium account to create distributable reserves. It passed with 99.85% support, which signals strong investor backing for the capital structure flexibility the Irish structure is intended to provide. Quorum was comfortably met, with 89.39% of the 305,474,169 registered shares outstanding as of the May 23, 2024 record date present or represented by proxy. No opposing solicitation was made. For investors, the filing is largely procedural and carries no direct financial impact. The main considerations are the stated risks: the redomiciliation might not complete or might not deliver the anticipated benefits, the stock price and index positions could change, and Irish governance and regulatory regimes may prove more demanding than expected. Note that this filing dates from June 2024. Investors should confirm the current status of the merger, since the completion date has since passed.

Jun 12, 2024 10-Q

TE Connectivity plc Quarterly Report for Q2 Ended Mar 29, 2024

TE Connectivity plc (TEL) reported its fiscal second quarter 2024 results, showing a net sales decrease of 4.6% year-over-year to $3.97 billion. This decline was primarily driven by organic sales decreases across all three segments: Transportation Solutions (-4.0%), Industrial Solutions (-4.0%), and Communications Solutions (-9.5%). Despite the top-line pressure, gross margin improved significantly to 34.4% from 30.9% in the prior year's quarter, benefiting from improved manufacturing productivity and prior year pricing actions. Diluted earnings per share from continuing operations increased to $1.75, up from $1.36 in the same period last year, reflecting the improved gross margin and effective cost management. For the first six months of fiscal 2024, net sales decreased by 2.5% to $7.80 billion, also impacted by segment-level declines, particularly in Communications Solutions (-13.4%). However, gross margin for the six-month period also showed robust improvement, increasing to 34.5% from 30.9% a year ago. Diluted earnings per share from continuing operations surged to $7.54, a substantial increase from $2.60 in the prior year's comparable period, largely due to significant income tax benefits recognized in the current year. The company also completed the acquisition of Schaffner Holding AG for $339 million, enhancing its Industrial Solutions segment.

Apr 26, 2024 8-K

TE Connectivity plc 8-K Report, Material Agreement (Apr 25, 2024)

TE Connectivity plc (TEL) announced a significant update to its financial structure through a Second Amended and Restated Five-Year Senior Credit Agreement, effective April 24, 2024. This agreement primarily serves to facilitate the company's planned merger and change in jurisdiction of incorporation. Key provisions include allowing the successor entity, TE Connectivity plc, to assume the role of parent guarantor and introducing TE Connectivity Switzerland Ltd. as an intermediate guarantor. The credit facility remains at $1,500,000,000. For investors, the most crucial takeaway is the extension of the credit facility's maturity date from June 1, 2026, to April 24, 2029. This extension provides enhanced financial flexibility and stability, reassuring stakeholders about the company's long-term borrowing capacity and its ability to execute strategic initiatives, including the upcoming corporate restructuring. This refinancing demonstrates proactive financial management by TE Connectivity. The extended maturity date offers a longer runway for debt servicing and reduces the near-term refinancing risk, especially in potentially volatile interest rate environments. The inclusion of new guarantor entities is a standard procedural step to align the credit agreement with the intended post-merger and re-incorporation structure. Investors can view this as a positive development that supports the company's strategic objectives and reinforces its financial foundation.

Apr 25, 2024 8-K

TE Connectivity plc 8-K Report, Financial Results (Apr 24, 2024)

TE Connectivity reported fiscal Q2 2024 (quarter ended March 29, 2024) results that were in line with its sales guidance and ahead of its EPS guidance. Net sales were $3.97 billion, down 5% reported and down 3% organically year over year, but up 4% sequentially. Adjusted EPS of $1.86 rose 13% year over year, driven by an 250 basis point expansion in adjusted operating margin to 18.5%. GAAP diluted EPS from continuing operations was $1.75. Orders of $4.0 billion grew 6% sequentially, with sequential growth in all three segments. Management pointed to Communications Solutions (cloud and AI programs) and Transportation (EV/HEV, electronification) as drivers for future growth. Cash generation was strong. First-half free cash flow reached $1.1 billion, up 32% year over year and a company record for the first half. Operating cash flow was $1.4 billion, up 18%. The company returned about $1.2 billion to shareholders and spent about $350 million on the bolt-on acquisition of Schaffner year to date. Year-to-date GAAP results were distorted by a $1.25 billion net tax benefit in the first half, including an $874 million benefit from a Swiss subsidiary's ten-year tax credit, so GAAP first-half EPS of $7.54 is not a sound basis for comparison; adjusted first-half EPS was $3.71. For fiscal Q3 2024, TE guided to net sales of about $4.0 billion, adjusted EPS of about $1.85 (up 5% year over year), and GAAP EPS of about $1.71. Guidance includes a $0.15 year-over-year headwind from tax and currency. Management expects Transportation and Communications to drive organic growth in Q3 and expects strong earnings growth and margin expansion for the full fiscal year. The filing also flags the proposed change of incorporation from Switzerland to Ireland as a forward-looking risk.

Apr 24, 2024 8-K

TE Connectivity plc 8-K Report, Material Agreement (Mar 18, 2024)

TE Connectivity Ltd. (TEL) has announced a significant corporate restructuring plan involving a change of its jurisdiction of incorporation from Switzerland to Ireland through a merger. The current Swiss-incorporated entity, TE Connectivity Ltd., will merge into a newly formed Irish public limited company, TE Connectivity plc, which will become the new publicly traded parent company. This strategic move is expected to be completed by the end of the calendar year, subject to shareholder approval and customary closing conditions. The ordinary shares of the new Irish entity are anticipated to continue trading on the New York Stock Exchange (NYSE) under the same ticker symbol "TEL".

Mar 18, 2024 8-K

TE Connectivity plc 8-K Report, Executive Changes (Mar 18, 2024)

This 8-K filing by TE Connectivity plc (TEL) details several corporate actions approved at their Annual General Meeting (AGM) on March 13, 2024. Key among these are the approval of the 2024 Stock and Incentive Plan, authorizing the issuance of nearly 20 million shares. Additionally, shareholders approved amendments to the Company's Articles of Association, primarily to comply with updated Swiss law regarding compensated non-competition agreements with executive management. These agreements will now be capped at the average annual compensation of the executive for the past three years, a change from the previous one-year cap. The filing also reports the cancellation of a significant number of treasury shares (nearly 6 million) and a corresponding reduction in share capital. Amendments were also made to the Articles of Association concerning the renewal of the capital band, general meeting procedures (including hybrid/virtual meetings), and board compensation/mandates. These amendments became effective upon registration with the Commercial Registry on March 14, 2024. Investors should note that these actions relate to corporate governance and compensation structures rather than immediate financial performance updates.

Mar 18, 2024 8-K

TE Connectivity plc 8-K Report, Shareholder Vote Results (Mar 14, 2024)

TE Connectivity's 8-K reports the results of its March 13, 2024 Annual General Meeting, where 87.77% of registered shares (270.4 million of 308.1 million) were represented. Shareholders elected all eleven directors and approved the core governance and compensation items, though several votes showed notable dissent. The lowest director support was Abhijit Talwalkar at 89.84%, and William Jeffrey received 95.87%. Say-on-pay (advisory named executive officer compensation) passed with 93.03% support, and the fiscal 2025 binding executive compensation cap passed with 96.02%. Shareholders also approved a $2.60 per share annual dividend, paid in four $0.65 quarterly installments beginning in fiscal Q3 2024, along with the renewal of the capital band and a share repurchase authorization that received 99.66% support. The most significant strategic item is the Board's unanimously approved proposal to change TE's place of incorporation from Switzerland to Ireland, disclosed in Item 8.01 and a March 14, 2024 press release. The company will seek shareholder approval at a separate Special General Meeting in Zurich and expects to implement the change in 2024 if approved. Management says it does not anticipate material changes to operations or financial results, that TE will remain an SEC registrant, and that the NYSE ticker TEL will not change. Switzerland will remain a leadership hub. The filing does not disclose the outcome of the Special General Meeting, so investors should treat the redomicile as a pending event and watch the forthcoming proxy statement/prospectus for details on tax, governance, and shareholder rights implications. Other governance items included the re-election of Deloitte & Touche LLP as the independent auditor, and the approval of amended articles covering hybrid and virtual shareholder meetings. The hybrid/virtual meeting amendment was the weakest of the articles proposals at 85.52% support, with 14.48% against, which may signal some shareholder skepticism about virtual meeting governance. Overall, the results show broad support for management's agenda, with the main points of pushback centered on the Board's compensation practices and the Talwalkar and Jeffrey director votes.

Mar 14, 2024 10-Q

TE Connectivity plc Quarterly Report for Q1 Ended Dec 29, 2023

TE Connectivity Ltd. (TEL) reported a stable net sales performance for the first quarter of fiscal year 2024, with total net sales of $3.83 billion, a slight decrease of 0.3% compared to the prior year's $3.84 billion. This stability was achieved despite a 0.7% decline in organic net sales, with the difference attributed to favorable foreign currency translation effects. The company experienced a significant boost in operating income, which rose to $698 million from $502 million in the prior year, driven by improved gross margins (34.6% vs. 30.9%) due to better manufacturing productivity and prior-year pricing actions, as well as a substantial reduction in restructuring charges. Geographically, the EMEA region showed robust growth in net sales (+6.4%), while the Americas saw a decline (-6.0%), and Asia-Pacific remained relatively flat (-2.0%). Segment-wise, Transportation Solutions demonstrated strong growth (+5.0%), primarily driven by the automotive sector, while Communications Solutions experienced a significant decline (-17.0%). Industrial Solutions saw a modest decrease (-3.3%), impacted by a slowdown in industrial equipment but offset by growth in aerospace, energy, and medical markets. Notably, the company successfully acquired Schaffner Holding AG for $349 million, strengthening its Industrial Solutions segment.

Jan 26, 2024 8-K

TE Connectivity plc 8-K Report, Financial Results (Jan 24, 2024)

TE Connectivity reported fiscal Q1 2024 results (quarter ended December 29, 2023) that were in line on sales and well ahead on profitability. Net sales were $3.83 billion, essentially flat year over year on a reported basis and down 1% organically. Adjusted operating margin expanded 290 basis points to 19.1%, which drove adjusted EPS of $1.84, up 20% year over year and above guidance. Orders rose 4% year over year to $3.8 billion, with growth in all three segments, and the book-to-bill ratio was 0.98. GAAP diluted EPS from continuing operations of $5.76 is not representative of underlying performance. It includes a $3.99 per-share tax benefit, primarily an $874 million benefit from a ten-year tax credit obtained by a Swiss subsidiary and a $262 million benefit from revaluing deferred tax assets after a Swiss corporate tax rate increase. Investors should look to adjusted figures for run-rate earnings power. Free cash flow of $570 million was a first-quarter record, up from $399 million a year earlier, and the company deployed roughly $1 billion, including about $600 million in shareholder returns and about $350 million for the Schaffner acquisition. Management guided fiscal Q2 2024 net sales to about $3.95 billion and adjusted EPS to about $1.82, up 10% year over year. Segment trends were mixed: Transportation grew 5% organically, led by automotive, Industrial declined 5% organically on weakness in Industrial Equipment, and Communications fell 17% organically on destocking and appliance weakness. Management expects Communications to ramp in the second half on AI-related programs and expects company-level margin strength to continue through fiscal 2024.

Jan 24, 2024 8-K

TE Connectivity plc 8-K Report, Executive Changes (Dec 12, 2023)

This 8-K filing from TE Connectivity plc (TEL) announces a key change in its Board of Directors. Thomas J. Lynch has decided to retire and will not seek re-election at the upcoming 2024 Annual General Meeting of Shareholders. Importantly, Mr. Lynch's decision is stated to be for personal reasons related to retirement and does not stem from any disagreements with the company's management or operations.

Dec 12, 2023 10-K

TE Connectivity plc Annual Report, Year Ended Sep 29, 2023

TE Connectivity's fiscal 2023 (ended September 29, 2023) was a year of mixed performance: net sales fell 1.5% to $16.034 billion, but organic sales grew 1.0% as pricing actions added $607 million. The decline was driven by a 26.3% drop in Communications Solutions, which fell on inventory corrections in data and devices and appliances, while Transportation Solutions grew 4.0% on automotive strength and Industrial Solutions grew 1.4%. Profitability weakened: gross margin slipped to 31.5% from 32.2%, and operating income fell 16% to $2.304 billion, largely because restructuring charges rose to $340 million. Diluted EPS from continuing operations was $6.01, down from $7.47, and net income was $1.910 billion. Cash generation and capital returns remained strong. Operating cash flow rose to $3.132 billion, up $664 million, mainly from working capital improvements. The company returned about $1.67 billion to shareholders through $725 million in dividends and $946 million in buybacks, and it ended the year with $735 million left under its repurchase authorization. Total debt was roughly flat at $4.2 billion, and the company cited covenant compliance with no restrictive covenants. Investors should weigh several risks and forward items. The company disclosed ongoing voluntary disclosures of possible U.S. trade-control violations to BIS and DDTC, with a possible DOJ inquiry and fines that are not yet estimable. Its tax position includes a $7.4 billion valuation allowance against $10.2 billion of gross deferred tax assets. Management guided fiscal 2024 Q1 sales to about $3.85 billion and EPS to about $1.59, and it is completing the Schaffner acquisition for roughly $350 million.

Nov 13, 2023 8-K

TE Connectivity plc 8-K Report, Financial Results (Nov 1, 2023)

TE Connectivity (TEL) reported fiscal Q4 and full-year 2023 results (quarter and year ended September 29, 2023) with mixed top-line performance but strong profitability and cash generation. Q4 net sales were $4.04 billion, essentially flat reported and down 2% organically versus a 13-week prior-year quarter. Q4 GAAP diluted EPS from continuing operations fell 21% year over year to $1.75, while adjusted EPS rose 2% to $1.78, slightly above guidance. Full-year net sales were $16.03 billion, flat reported despite roughly $430 million of currency headwinds, and up 3% organically, led by Transportation and Industrial. Full-year GAAP EPS was $6.01 (down 20%) and adjusted EPS was $6.74 (down 6%). Adjusted operating margin expanded from 16.1% in the first half to 17.3% in the second half, though the full year margin of 16.7% was below the prior year's 18.2%. Cash generation was the standout. Operating cash flow was $3.1 billion and free cash flow was $2.4 billion, both company records, with free cash flow conversion above 100% of adjusted income. The company returned about $1.7 billion to shareholders through dividends and buybacks. The Communications Solutions segment remains the main drag, with full-year sales down 26% organically on data and devices and appliances weakness, while Transportation (driven by electric vehicles) and Industrial (driven by renewable energy, aerospace and medical) grew. Management pointed to AI-related design wins as a longer-term opportunity in Communications. For fiscal Q1 2024, TE guided to net sales of about $3.85 billion, flat year over year, and adjusted EPS of about $1.70, up more than 10% year over year, implying meaningful margin expansion. Investors will likely focus on whether the second-half margin recovery and cash strength can offset continued softness in Communications and Industrial Equipment, and on the durability of the sales stabilization implied by the flat guidance.

Nov 1, 2023 10-Q

TE Connectivity plc Quarterly Report for Q3 Ended Jun 30, 2023

TE Connectivity Ltd. reported net sales of $3.998 billion for the third quarter of fiscal year 2023, a slight decrease of 2.4% compared to the prior year quarter. This decline was primarily driven by a significant drop in the Communications Solutions segment, which fell 36.8%, while the Transportation Solutions segment showed resilience with a 5.8% increase. For the first nine months of fiscal 2023, net sales grew 0.6% year-over-year to $11.999 billion, with Transportation and Industrial Solutions segments showing growth, while Communications Solutions continued to decline. Despite the overall modest sales performance, the company's operating income for the quarter was $630 million, a decrease from $719 million in the prior year. Diluted earnings per share from continuing operations were $1.67 for the quarter. The company's balance sheet remains solid with total assets of $21.7 billion. TE Connectivity also continues to actively manage its capital structure, with significant share repurchases and dividend payments, underscoring a commitment to shareholder returns.

Jul 28, 2023 8-K

TE Connectivity plc 8-K Report, Financial Results (Jul 26, 2023)

TE Connectivity's fiscal Q3 2023 results (quarter ended June 30, 2023) were in line with its sales guidance and above its EPS guidance, though sales and earnings declined year over year. Net sales were $3,998 million, down 2.4% from $4,097 million, and organic sales fell 1.4%. GAAP diluted EPS from continuing operations was $1.67 (versus $1.83), and adjusted EPS was $1.77 (versus $1.86). The Transportation segment grew 7% organically, and Industrial grew 2% organically. Communications fell 37% organically on expected market weakness in data and devices and appliances. Adjusted operating margin was 17.3%, down from 18.6% a year earlier but up 130 basis points sequentially. Management attributed the sequential improvement to Transportation and Industrial. Cash generation was the standout. Operating cash flow was $779 million and free cash flow was $614 million, up from $423 million. Year-to-date free cash flow reached $1,459 million, up roughly 40% year over year, and about $1.2 billion has been returned to shareholders so far in fiscal 2023. Orders were about $4.0 billion, flat sequentially, which management characterized as stability across segments. Management also cited increased design-win momentum in AI-related high-speed connectivity, which it expects to support future Communications growth. For fiscal Q4 2023, TE guided to net sales of about $4.0 billion, GAAP EPS from continuing operations of about $1.63, and adjusted EPS of about $1.75. Management expects sales and EPS to be similar to Q3 levels, with year-over-year sales growth in Transportation and Industrial. Reported year-over-year comparisons are distorted by a 14-week fourth quarter in fiscal 2022, which contributed about $306 million of sales. Investors should focus on whether the margin expansion and cash flow strength hold while Communications remains weak.

Jul 26, 2023