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Net sales increased to $3.58 billion, up 4% on the previous year.

TE Connectivity Reports Q3

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7/24/2014
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SCHAFFHAUSEN, Switzerland -- TE Connectivity Ltd. (TEL) today reported results for the fiscal third quarter ended June 27, 2014.

Third Quarter Highlights

  • Net sales increased to $3.58 billion, up 4 percent versus the prior year
  • Adjusted Earnings Per Share were $1.00, up 14 percent versus the prior year and at the high end of our guidance range
  • Diluted Earnings Per Share from Continuing Operations (GAAP EPS) were $0.97, up 23 percent versus the prior year
  • Free Cash Flow was $530 million; returned $169 million to shareholders through share repurchases and dividends
  • Announced the planned acquisition of Measurement Specialties, Inc. to establish TE as a leader in the high-growth sensor market

    "We had a strong quarter with continued sales momentum and adjusted EPS at the high end of our guidance range," said Tom Lynch, TE Connectivity Chairman and CEO. "Our performance was led by continued strength in our Transportation and Industrial segments and our Appliances business – businesses that are focused on higher margin harsh environment applications.

    "Since the last quarter, we announced strategic acquisitions that expand our position in high-growth industries. We are excited about the announced acquisition of Measurement Specialties, Inc., which will add nearly $40 billion to our addressable market. Having closed on the acquisition of the SEACON Group, we have significantly expanded our business in the very attractive oil and gas market. These acquisitions position TE as a leading provider of highly engineered connectivity and sensor solutions – technologies that are essential in an increasingly connected world.

    "We expect continued strength in our Transportation and Industrial segments for the remainder of the fiscal year. For the first nine months of the year, we generated $1.1 billion in free cash flow and returned over 70 percent to shareholders. For the full year, we are reiterating our guidance and expect adjusted EPS growth of approximately 17 percent, sales growth of 5 percent, and adjusted operating margins above our target of 15 percent."

    TE Connectivity (NYSE: TEL)

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