TE Connectivity PLC (NYSE:TEL)
$ 153.37 -1.66 (-1.07%) Market Cap: 46.00 Bil Enterprise Value: 49.38 Bil PE Ratio: 14.93 PB Ratio: 3.72 GF Score: 93/100
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Q3 2024 TE Connectivity Ltd Earnings Call Transcript

Jul 24, 2024 / 12:30PM GMT
Release Date Price: $156.85 (+3.60%)

Key Points

Positve
  • TE Connectivity Ltd (TEL) delivered strong adjusted margin expansion of 200 basis points year-over-year.
  • The company achieved record adjusted operating margins and earnings per share, demonstrating strong operational performance.
  • TE Connectivity Ltd (TEL) reported record free cash flow of $2 billion through the first three quarters of the year.
  • The communications segment returned to growth, driven by momentum in artificial intelligence applications.
  • The company expects double-digit earnings growth for the fiscal year, driven by adjusted operating margin expansion.
Negative
  • Ongoing weakness in general industrial markets continues to offset growth in other segments.
  • The industrial equipment business experienced a 24% organic sales decline due to ongoing destocking.
  • Commercial transportation business saw an 8% organic decline, primarily driven by weakness in Europe.
  • The sensors business faced sales declines due to market weakness in industrial applications.
  • TE Connectivity Ltd (TEL) anticipates approximately $60 million of year-over-year currency exchange headwinds in the fourth quarter.
Operator

Everyone, thank you for standing by. And welcome to the TE Connectivity third quarter results call for fiscal year 2024. (Operator Instructions) As a reminder, today's call is being recorded.

I would now like to turn the conference over to our host, Vice President of Investor Relations, Sujal Shah. Please go ahead.

Sujal Shah
TE Connectivity Corp - Vice President of Investor Relations

Good morning. And thank you for joining our conference call to discuss TE Connectivity's third quarter 2024 results and outlook for our fourth quarter. With me today are Chief Executive Officer, Terrence Curtin; and Chief Financial Officer, Heath Mitts.

During this call, we will be providing certain forward-looking information, and we ask you to review the forward-looking cautionary statements included in today's press release.

In addition, we will be using certain non-GAAP measures in our discussion this morning, and we ask you to review the sections of our press release and the accompanying slide presentation that address the use of these items. The

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