AI English summary of an SEC filing — figures as filed
TE Connectivity TELTE Connectivity said net sales for the quarter ended December 29, 2023 were $3.83 billion, essentially flat year over year on a reported basis and down 1% organically. The company said adjusted EPS were $1.84, up 20% year over year, and orders were $3.8 billion, up 4%. It did not provide any further detail on these figures.
Key points
AI summaryTE Connectivity said net sales for the quarter ended December 29, 2023 were $3.83 billion, essentially flat year over year on a reported basis and down 1% organically. The company said adjusted EPS were $1.84, up 20% year over year, and orders were $3.8 billion, up 4%. It did not provide any further detail on these figures.
The company said GAAP diluted EPS from continuing operations was $5.76, including a one-time tax-related benefit. It cited tax-related items including a net income tax benefit of $874 million associated with a ten-year tax credit obtained by a Swiss subsidiary, and a income tax benefit of $262 million related to the revaluation of deferred tax assets following a corporate tax rate increase in Switzerland.
The company said its operating margin for the quarter was 18.2% and its adjusted operating margin was 19.1%, up 290 basis points year over year. Operating margin was 13.1% and adjusted operating margin was 16.2% in the prior-year quarter.
The company said operating cash flow for the quarter was $719 million and free cash flow was $570 million, both first-quarter records Q1. It said it 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.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Q1 Net Sales, Adjusted EPS and Orders
TE Connectivity said net sales for the quarter ended December 29, 2023 were $3.83 billion, essentially flat year over year on a reported basis and down 1% organically. The company said adjusted EPS were $1.84, up 20% year over year, and orders were $3.8 billion, up 4%. It did not provide any further detail on these figures.
Source · Based on the filing body and exhibits
GAAP Diluted EPS and One-Time Tax Items
The company said GAAP diluted EPS from continuing operations was $5.76, including a one-time tax-related benefit. It cited tax-related items including a net income tax benefit of $874 million associated with a ten-year tax credit obtained by a Swiss subsidiary, and a income tax benefit of $262 million related to the revaluation of deferred tax assets following a corporate tax rate increase in Switzerland.
Source · Based on the filing body and exhibits
Operating Margin and Adjusted Operating Margin
The company said its operating margin for the quarter was 18.2% and its adjusted operating margin was 19.1%, up 290 basis points year over year. Operating margin was 13.1% and adjusted operating margin was 16.2% in the prior-year quarter.
Source · Based on the filing body and exhibits
Cash Flow and Capital Deployment
The company said operating cash flow for the quarter was $719 million and free cash flow was $570 million, both first-quarter records Q1. It said it 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.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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