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TE Connectivity announces first quarter results for fiscal year 2021

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·13 min read
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Double-digit growth in sales and EPS year over year, exceeding company expectations

SCHAFFHAUSEN, Switzerland , Jan. 27, 2021 /PRNewswire/ -- TE Connectivity Ltd. (NYSE: TEL) today reported results for the fiscal first quarter ended Dec. 25, 2020 .

TE Connectivity Ltd. Logo. (PRNewsFoto/TE Connectivity Ltd.) (PRNewsfoto/TE Connectivity Ltd.)
TE Connectivity Ltd. Logo. (PRNewsFoto/TE Connectivity Ltd.) (PRNewsfoto/TE Connectivity Ltd.)

First Quarter Highlights

  • Net sales were $3.5 billion , up 11% on a reported basis, and 6% on an organic basis year over year.

  • Orders of approximately $4 billion , up 25% year over year.

  • GAAP earnings per share (EPS) from continuing operations were $1.13 , and adjusted EPS were $1.47 , up 21% year over year.

  • Cash flow from continuing operating activities was $640 million and free cash flow was $529 million , with $286 million returned to shareholders.

"Our strong first quarter performance reflects our global team's ability to adapt to ongoing dynamic market conditions to deliver double-digit sales and EPS growth that exceeded our expectations," said TE Connectivity CEO Terrence Curtin . "These results demonstrate the strength and resilience of our portfolio, our employees' commitment to our customers and the benefit of our leadership position in long-term global growth trends. In particular, our Transportation segment continued to outperform the market due to content growth driven by electric vehicles, along with data connectivity and autonomy trends. Our Communications segment also exhibited strength due to demand in high-speed cloud applications and growth in the appliances market. As we are seeing continued signs of improvement in the majority of our end markets, we expect to deliver continued sales and earnings growth in the second quarter." 

Second Quarter FY21 Outlook

For the second quarter of fiscal 2021, the company expects net sales of approximately $3.5 billion , reflecting an approximate 10% increase on a reported basis and an increase of mid-single digits on an organic basis year over year. GAAP EPS from continuing operations are expected to be approximately $1.38 with adjusted EPS of approximately $1.47 , up 14% year over year.

Information about TE Connectivity's use of non-GAAP financial measures is provided below. For reconciliations of these non-GAAP financial measures, see the attached tables.

Conference Call and Webcast

The company will hold a conference call today beginning at 8:30 a.m. ET . The dial-in information is provided here:

  • At TE Connectivity's website: investors.te.com

  • By telephone: For both "listen-only" participants and those participants who wish to take part in the question-and-answer portion of the call, the dial-in number in the United States is (866) 211-4092, and for international callers, the dial-in number is (647) 689-6620.

  • A replay of the conference call will be available on TE Connectivity's investor website at investors.te.com at 11:30 a.m. ET on Jan. 27, 2021 .

About TE Connectivity

TE Connectivity Ltd. (NYSE: TEL) is a global industrial technology leader creating a safer, sustainable, productive, and connected future. Our broad range of connectivity and sensor solutions, proven in the harshest environments, enable advancements in transportation, industrial applications, medical technology, energy, data communications, and the home. With approximately 80,000 employees, including more than 7,500 engineers, working alongside customers in approximately 140 countries, TE ensures that EVERY CONNECTION COUNTS. Learn more at www.te.com  and on LinkedIn , Facebook , WeChat  and Twitter .

Non-GAAP Financial Measures

We present non-GAAP performance and liquidity measures as we believe it is appropriate for investors to consider adjusted financial measures in addition to results in accordance with accounting principles generally accepted in the U.S. ("GAAP"). These non-GAAP financial measures provide supplemental information and should not be considered replacements for results in accordance with GAAP. Management uses non-GAAP financial measures internally for planning and forecasting purposes and in its decision-making processes related to the operations of our company. We believe these measures provide meaningful information to us and investors because they enhance the understanding of our operating performance, ability to generate cash, and the trends of our business. Additionally, we believe that investors benefit from having access to the same financial measures that management uses in evaluating our operations. The primary limitation of these measures is that they exclude the financial impact of items that would otherwise either increase or decrease our reported results. This limitation is best addressed by using these non-GAAP financial measures in combination with the most directly comparable GAAP financial measures in order to better understand the amounts, character, and impact of any increase or decrease in reported amounts. These non-GAAP financial measures may not be comparable to similarly-titled measures reported by other companies.

The following provides additional information regarding our non-GAAP financial measures:

  • Organic Net Sales Growth (Decline) represents net sales growth (decline) (the most comparable GAAP financial measure) excluding the impact of foreign currency exchange rates, and acquisitions and divestitures that occurred in the preceding twelve months, if any. Organic Net Sales Growth (Decline) is a useful measure of our performance because it excludes items that are not completely under management's control, such as the impact of changes in foreign currency exchange rates, and items that do not reflect the underlying growth of the company, such as acquisition and divestiture activity. This measure is a significant component in our incentive compensation plans.

  • Adjusted Operating Income (Loss) and Adjusted Operating Margin represent operating income (loss) and operating margin, respectively, (the most comparable GAAP financial measures) before special items including restructuring and other charges, acquisition-related charges, impairment of goodwill, and other income or charges, if any. We utilize these adjusted measures in combination with operating income (loss) and operating margin to assess segment level operating performance and to provide insight to management in evaluating segment operating plan execution and market conditions. Adjusted Operating Income (Loss) is a significant component in our incentive compensation plans.

  • Adjusted Other Income (Expense), Net represents net other income (expense) (the most comparable GAAP financial measure) before special items including tax sharing income related to adjustments to prior period tax returns and other items, if any.

  • Adjusted Income Tax (Expense) Benefit and Adjusted Effective Tax Rate represent income tax (expense) benefit and effective tax rate, respectively, (the most comparable GAAP financial measures) after adjusting for the tax effect of special items including restructuring and other charges, acquisition-related charges, impairment of goodwill, other income or charges, and certain significant tax items, if any.

  • Adjusted Income (Loss) from Continuing Operations represents income (loss) from continuing operations (the most comparable GAAP financial measure) before special items including restructuring and other charges, acquisition-related charges, impairment of goodwill, tax sharing income related to adjustments to prior period tax returns and other tax items, other income or charges, and certain significant tax items, if any, and, if applicable, the related tax effects.

  • Adjusted Earnings (Loss) Per Share represents diluted earnings (loss) per share from continuing operations (the most comparable GAAP financial measure) before special items including restructuring and other charges, acquisition-related charges, impairment of goodwill, tax sharing income related to adjustments to prior period tax returns and other tax items, other income or charges, and certain significant tax items, if any, and, if applicable, the related tax effects. This measure is a significant component in our incentive compensation plans.

  • Free Cash Flow (FCF) is a useful measure of our ability to generate cash. The difference between net cash provided by continuing operating activities (the most comparable GAAP financial measure) and Free Cash Flow consists mainly of significant cash outflows and inflows that we believe are useful to identify. We believe Free Cash Flow provides useful information to investors as it provides insight into the primary cash flow metric used by management to monitor and evaluate cash flows generated from our operations. Free Cash Flow is defined as net cash provided by continuing operating activities excluding voluntary pension contributions and the cash impact of special items, if any, minus net capital expenditures. Voluntary pension contributions are excluded from the GAAP financial measure because this activity is driven by economic financing decisions rather than operating activity. Certain special items, including net payments related to pre-separation tax matters and cash paid (collected) pursuant to collateral requirements related to cross-currency swap contracts, are also excluded by management in evaluating Free Cash Flow. Net capital expenditures consist of capital expenditures less proceeds from the sale of property, plant, and equipment. These items are subtracted because they represent long-term commitments. In the calculation of Free Cash Flow, we subtract certain cash items that are ultimately within management's and the Board of Directors' discretion to direct and may imply that there is less or more cash available for our programs than the most comparable GAAP financial measure indicates. It should not be inferred that the entire Free Cash Flow amount is available for future discretionary expenditures, as our definition of Free Cash Flow does not consider certain non-discretionary expenditures, such as debt payments. In addition, we may have other discretionary expenditures, such as discretionary dividends, share repurchases, and business acquisitions, that are not considered in the calculation of Free Cash Flow.

Forward-Looking Statements

This release contains certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance, financial condition or achievements to differ materially from anticipated results, performance, financial condition or achievements. All statements contained herein that are not clearly historical in nature are forward-looking and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. We have no intention and are under no obligation to update or alter (and expressly disclaim any such intention or obligation to do so) our forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by law. The forward-looking statements in this release include statements addressing our future financial condition and operating results, and the impact on our operations resulting from the coronavirus disease 2019 ("COVID-19"). Examples of factors that could cause actual results to differ materially from those described in the forward-looking statements include, among others, the extent, severity and duration of COVID-19 negatively affecting our business operations; business, economic, competitive and regulatory risks, such as conditions affecting demand for products in the automotive and other industries we serve; competition and pricing pressure; fluctuations in foreign currency exchange rates and commodity prices; natural disasters and political, economic and military instability in countries in which we operate; developments in the credit markets; future goodwill impairment; compliance with current and future environmental and other laws and regulations; and the possible effects on us of changes in tax laws, tax treaties and other legislation, including the effects of Swiss tax reform. In addition, the extent to which COVID-19 will impact our business and our financial results will depend on future developments, which are highly uncertain and cannot be predicted. Such developments may include the geographic spread of the virus, the severity of the virus, the duration of the outbreak, the impact on our suppliers' and customers' supply chains, the actions that may be taken by various governmental authorities in response to the outbreak in jurisdictions in which we operate, and the possible impact on the global economy and local economies in which we operate.  More detailed information about these and other factors is set forth in TE Connectivity Ltd.'s Annual Report on Form 10-K for the fiscal year ended Sept. 25, 2020 as well as in our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed by us with the U.S. Securities and Exchange Commission.

TE CONNECTIVITY LTD.

 CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)














For the Quarters Ended


December 25,


December 27,


2020


2019


(in millions, except per share data)

Net sales

$

3,522


$

3,168

Cost of sales 


2,376



2,138

Gross margin


1,146



1,030

Selling, general, and administrative expenses


361



367

Research, development, and engineering expenses


162



161

Acquisition and integration costs


8



7

Restructuring and other charges, net


167



24

Operating income


448



471

Interest income


3



6

Interest expense


(15)



(12)

Other income (expense), net


(1)



5

Income from continuing operations before income taxes


435



470

Income tax expense


(60)



(447)

Income from continuing operations


375



23

Income from discontinued operations, net of income taxes


6



3

Net income

$

381


$

26







Basic earnings per share:






Income from continuing operations

$

1.13


$

0.07

Income from discontinued operations


0.02



0.01

Net income


1.15



0.08







Diluted earnings per share:






Income from continuing operations

$

1.13


$

0.07

Income from discontinued operations


0.02



0.01

Net income


1.14



0.08







Weighted-average number of shares outstanding: 






Basic


331



335

Diluted


333



337

 

TE CONNECTIVITY LTD.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)














December 25,


September 25,


2020


2020


(in millions, except share data)

Assets






Current assets:






Cash and cash equivalents

$

1,098


$

945

Accounts receivable, net of allowance for doubtful accounts of $33 and $29, respectively


2,640



2,377

Inventories


2,066



1,950

Prepaid expenses and other current assets


677



512

Total current assets


6,481



5,784

Property, plant, and equipment, net


3,768



3,650

Goodwill


5,387



5,224

Intangible assets, net


1,613



1,593

Deferred income taxes


2,198



2,178

Other assets


819



813

Total assets

$

20,266


$

19,242

Liabilities, redeemable noncontrolling interests,  and shareholders' equity






Current liabilities:






Short-term debt

$

685


$

694

Accounts payable


1,629



1,276

Accrued and other current liabilities


1,769



1,720

Total current liabilities


4,083



3,690

Long-term debt


3,516



3,452

Long-term pension and postretirement liabilities


1,329



1,336

Deferred income taxes


144



143

Income taxes


266



252

Other liabilities


949



874

Total liabilities


10,287



9,747

Commitments and contingencies






Redeemable noncontrolling interests


118



112

Shareholders' equity:






Common shares, CHF 0.57 par value, 338,953,381 shares authorized and issued, respectively


149



149

Accumulated earnings 


10,672



10,348

Treasury shares, at cost, 7,836,597 and 8,295,878 shares, respectively


(655)



(669)

Accumulated other comprehensive loss


(305)



(445)

Total shareholders' equity


9,861



9,383

Total liabilities, redeemable noncontrolling interests, and shareholders' equity

$

20,266


$

19,242

 

TE CONNECTIVITY LTD.

 CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)














For the Quarters Ended


December 25,


December 27,


2020


2019


(in millions)

Cash flows from operating activities:






Net income

$

381


$

26

Income from discontinued operations, net of income taxes


(6)



(3)

Income from continuing operations


375



23

Adjustments to reconcile income from continuing operations to net cash provided by operating
activities:






Depreciation and amortization


187



174

Deferred income taxes


(42)



394

Non-cash lease cost


30



27

Provision for losses on accounts receivable and inventories


6



20

Share-based compensation expense


19



22

Other 


21



10

Changes in assets and liabilities, net of the effects of acquisitions and divestitures:






Accounts receivable, net


(299)



(24)

Inventories


(145)



(176)

Prepaid expenses and other current assets


(87)



(23)

Accounts payable


349



94

Accrued and other current liabilities


88



(185)

Income taxes


17



10

Other


121



45

Net cash provided by operating activities


640



411

Cash flows from investing activities:






Capital expenditures


(142)



(176)

Proceeds from sale of property, plant, and equipment


1



2

Acquisition of businesses, net of cash acquired


(107)



(115)

Other


2



Net cash used in investing activities


(246)



(289)

Cash flows from financing activities:






Net decrease in commercial paper




(9)

Repayment of debt


(30)



Proceeds from exercise of share options


75



14

Repurchase of common shares


(119)



(139)

Payment of common share dividends to shareholders


(159)



(154)

Other


(19)



(26)

Net cash used in financing activities


(252)



(314)

Effect of currency translation on cash


11



7

Net increase (decrease) in cash, cash equivalents, and restricted cash


153



(185)

Cash, cash equivalents, and restricted cash at beginning of period


945



927

Cash, cash equivalents, and restricted cash at end of period

$

1,098


$

742







Supplemental cash flow information:






Interest paid on debt, net

$

4


$

4

Income taxes paid, net of refunds


85



43

TE CONNECTIVITY LTD.

RECONCILIATION OF FREE CASH FLOW (UNAUDITED)














For the Quarters Ended


December 25,


December 27,


2020


2019


(in millions)

Net cash provided by continuing operating activities

$

640


$

411

Excluding:






Cash paid pursuant to collateral requirements related to cross-currency swap contracts


30



6

Capital expenditures, net


(141)



(174)

Free cash flow (1)

$

529


$

243







(1) Free cash flow is a non-GAAP financial measure. See description of non-GAAP financial measures.

TE CONNECTIVITY LTD.

CONSOLIDATED SEGMENT DATA (UNAUDITED)


























For the Quarters Ended



December 25,



December 27,



2020



2019



($ in millions)


Net Sales





Net Sales




Transportation Solutions

$

2,224





$

1,868




Industrial Solutions


873






927




Communications Solutions


425






373




Total

$

3,522





$

3,168





























Operating


Operating


Operating


Operating


Income


Margin


Income


Margin

Transportation Solutions

$

308


13.8

%


$

316


16.9

%

Industrial Solutions


76


8.7




115


12.4


Communications Solutions


64


15.1




40


10.7


Total

$

448


12.7

%


$

471


14.9

%


























Adjusted


Adjusted


Adjusted


Adjusted


Operating


Operating


Operating


Operating


Income (1)


Margin (1)


Income (1)


Margin (1)

Transportation Solutions

$

431


19.4

%


$

325


17.4

%

Industrial Solutions


118


13.5




132


14.2


Communications Solutions


75


17.6




45


12.1


Total

$

624


17.7

%


$

502


15.8

%













(1) Adjusted operating income and adjusted operating margin are non-GAAP financial measures. See description of non-GAAP financial measures.

TE CONNECTIVITY LTD.

RECONCILIATION OF NET SALES GROWTH (DECLINE) (UNAUDITED)






































Change in Net Sales for the Quarter Ended December 25, 2020


versus Net Sales for the Quarter Ended December 27, 2019


Net Sales



Organic Net Sales







Growth (Decline)



Growth (Decline) (1)



Translation (2)


Acquisitions


($ in millions)

Transportation Solutions (3):


















Automotive

$

224


15.9

%


$

161


11.3

%


$

63


$

Commercial transportation


73


28.3




65


24.9




8



Sensors


59


28.8




7


3.2




5



47

Total


356


19.1




233


12.3




76



47

Industrial Solutions (3):


















Aerospace, defense, oil, and gas


(59)


(19.1)




(68)


(22.0)




6



3

Industrial equipment


32


12.2




21


7.7




11



Medical


(23)


(12.8)




(24)


(13.4)




1



Energy


(4)


(2.3)




(7)


(3.7)




3



Total


(54)


(5.8)




(78)


(8.4)




21



3

Communications Solutions (3):


















Data and devices


15


6.8




10


4.7




5



Appliances


37


24.0




33


21.1




4



Total


52


13.9




43


11.5




9



Total

$

354


11.2

%


$

198


6.2

%


$

106


$

50



















(1) Organic net sales growth (decline) is a non-GAAP financial measure. See description of non-GAAP financial measures.

(2) Represents the change in net sales resulting from changes in foreign currency exchange rates.

(3) Industry end market information is presented consistently with our internal management reporting and may be periodically revised as management deems necessary.

TE CONNECTIVITY LTD.


RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES


For the Quarter Ended December 25, 2020


(UNAUDITED)









































Adjustments









Acquisition-


Restructuring










Related


and Other




Adjusted



U.S. GAAP



Charges (1)


Charges, Net (1)


Tax Items (2)


(Non-GAAP) (3)



($ in millions, except per share data)


Operating income:

















Transportation Solutions

$

308



$

5


$

118


$


$

431


Industrial Solutions


76




4



38





118


Communications Solutions


64






11





75


Total

$

448



$

9


$

167


$


$

624



















Operating margin


12.7

%












17.7

%


















Other expense, net

$

(1)



$


$


$


$

(1)



















Income tax expense

$

(60)



$

(2)


$

(32)


$

(29)


$

(123)



















Effective tax rate


13.8

%












20.1

%


















Income from continuing operations

$

375



$

7


$

135


$

(29)


$

488



















Diluted earnings per share from
continuing operations

$

1.13



$

0.02


$

0.41


$

(0.09)


$

1.47



















(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.


(2) Income tax benefits related to an Internal Revenue Service approved change in the tax method of depreciating or amortizing certain assets.


(3) See description of non-GAAP financial measures.


TE CONNECTIVITY LTD.


RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES


For the Quarter Ended December 27, 2019


(UNAUDITED)









































Adjustments









Acquisition-


Restructuring










Related


and Other




Adjusted



U.S. GAAP



Charges (1)


Charges, Net (1)


Tax Items (2)


(Non-GAAP) (3)



($ in millions, except per share data)


Operating income:

















Transportation Solutions

$

316



$

5


$

4


$


$

325


Industrial Solutions


115




2



15





132


Communications Solutions


40






5





45


Total

$

471



$

7


$

24


$


$

502



















Operating margin


14.9

%












15.8

%


















Other income, net

$

5



$


$


$


$

5



















Income tax expense

$

(447)



$

(1)


$


$

355


$

(93)



















Effective tax rate


95.1

%












18.6

%


















Income from continuing operations

$

23



$

6


$

24


$

355


$

408



















Diluted earnings per share from
continuing operations

$

0.07



$

0.02


$

0.07


$

1.05


$

1.21



















(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.


(2) Income tax expense related to the tax impacts of certain measures of Swiss tax reform.


(3) See description of non-GAAP financial measures.


TE CONNECTIVITY LTD.


RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES


For the Quarter Ended March 27, 2020


(UNAUDITED)















































Adjustments









Acquisition-


Restructuring












Related


and Other


Impairment




Adjusted



U.S. GAAP



Charges (1)


Charges, Net (1)


of Goodwill (1)


Tax Items (2)


(Non-GAAP) (4)



($ in millions, except per share data)


Operating income (loss):




















Transportation Solutions

$

(606)



$

10


$

18


$

900


$


$

322


Industrial Solutions


142




2



1







145


Communications Solutions


49






3







52


Total

$

(415)



$

12


$

22


$

900


$


$

519






















Operating margin


(13.0)

%















16.2

%





















Other income, net

$

11



$


$


$


$

(8)


$

3






















Income tax expense

$

(42)



$

(2)


$

(4)


$

(4)


$

(31)


$

(83)






















Effective tax rate


(10.2)

%















16.1

%





















Income (loss) from continuing
operations

$

(452)



$

10


$

18


$

896


$

(39)


$

433






















Diluted earnings (loss) per share from
continuing operations (3)

$

(1.35)



$

0.03


$

0.05


$

2.67


$

(0.12)


$

1.29






















(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.


(2) Includes an income tax benefit related to pre-separation tax matters and the termination of the tax sharing agreement with Tyco International and Covidien, as well as the related impact to net other income.


(3) U.S. GAAP diluted shares excludes one million of nonvested share awards and options outstanding as the inclusion of these securities would have been antidilutive because of our loss during the period. Such amounts are included in adjusted (non-GAAP) diluted shares.


(4) See description of non-GAAP financial measures.


TE CONNECTIVITY LTD.


RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES


For the Year Ended September 25, 2020


(UNAUDITED)















































Adjustments









Acquisition-


Restructuring












Related


and Other


Impairment




Adjusted



U.S. GAAP



Charges (1)


Charges, Net (1)


of Goodwill (1)


Tax Items (2)


(Non-GAAP) (4)



($ in millions, except per share data)


Operating income (loss):




















Transportation Solutions

$

(93)



$

32


$

113


$

900


$


$

952


Industrial Solutions


412




8



102







522


Communications Solutions


218






42







260


Total

$

537



$

40


$

257


$

900


$


$

1,734






















Operating margin


4.4

%















14.2

%





















Other income, net

$

20



$


$


$


$

(8)


$

12






















Income tax expense

$

(783)



$

(8)


$

(46)


$

(4)


$

550


$

(291)






















Effective tax rate


149.4

%















17.0

%





















Income (loss) from continuing
operations

$

(259)



$

32


$

211


$

896


$

542


$

1,422






















Diluted earnings (loss) per share from
continuing operations (3)

$

(0.78)



$

0.10


$

0.63


$

2.68


$

1.62


$

4.26






















(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.


(2) Includes $355 million of income tax expense related to the tax impacts of certain measures of Swiss tax reform and $226 million of income tax expense related to increases to the valuation allowance for certain deferred tax assets, partially offset by a $31 million income tax benefit related to pre-separation tax matters and the termination of the tax sharing agreement with Tyco International and Covidien.


(3) U.S. GAAP diluted shares excludes two million of nonvested share awards and options outstanding as the inclusion of these securities would have been antidilutive because of our loss during the period. Such amounts are included in adjusted (non-GAAP) diluted shares.


(4) See description of non-GAAP financial measures.


TE CONNECTIVITY LTD.


RECONCILIATION OF FORWARD-LOOKING NON-GAAP FINANCIAL MEASURES


TO FORWARD-LOOKING GAAP FINANCIAL MEASURES


As of January 27, 2021


(UNAUDITED)






Outlook for



Quarter Ending



March 26,



2021


Diluted earnings per share from continuing operations

$

1.38


Restructuring and other charges, net


0.07


Acquisition-related charges


0.02


Adjusted diluted earnings per share from continuing operations (1)

$

1.47






(1)See description of non-GAAP financial measures.

Cision
Cision

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SOURCE TE Connectivity Ltd.