TE Connectivity (TEL) FY2013 results: revenue $11.4 billion, down 14.2% on the year
TE Connectivity plc (TEL) reported revenue of $11.4 billion for fiscal 2013, the year ended 27 September 2013, down 14.2% on the year before. Net income was $1.3 billion, up 14.7%, and diluted earnings per share $3.02. The figures are the company's own, from the 10-K it filed with the SEC on 15 November 2013.
Revenue
$11.4 billion
-14.2% on the year
FY2007FY2013
Operating margin
12.2%
11.4% a year earlier
FY2007FY2013
Net income
$1.3 billion
+14.7% on the year
FY2007FY2013
Diluted EPS
$3.02
+16.6% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
11,390
13,282
13,778
-14.2%
Cost of revenue
7,739
9,236
9,507
-16.2%
Gross profit
3,651
4,046
4,271
-9.8%
Gross margin
32.1%
30.5%
31.0%
Research and development
494
595
593
-17.0%
Selling, general and administrative
1,440
1,685
1,728
-14.5%
Operating income
1,385
1,518
1,687
-8.8%
Operating margin
12.2%
11.4%
12.2%
Interest expense
139
176
161
-21.0%
Pre-tax income
1,080
1,415
1,575
-23.7%
Income tax
-75.0
249
347
Effective tax rate
-6.9%
17.6%
22.0%
Net income
1,276
1,112
1,245
+14.7%
Net margin
11.2%
8.4%
9.0%
Diluted EPS
$3.02
$2.59
$2.81
+16.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
2,046
1,947
1,779
+5.1%
Capital expenditure
581
533
574
+9.0%
Free cash flow
1,465
1,414
1,205
+3.6%
Free cash flow margin
12.9%
10.6%
8.7%
Cash from investing
-545
-1,510
-1,043
Cash from financing
-1,678
-65.0
-1,512
Depreciation and amortisation
536
609
564
-12.0%
Share-based compensation
71.0
68.0
71.0
+4.4%
Buybacks
844
185
865
+356.2%
Dividends paid
384
332
296
+15.7%
Dividend per share
$0.92
$0.78
$0.68
+17.9%
Diluted shares, weighted
423m
430m
443m
-1.6%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
8,380
7,971
7,474
+5.1%
Non-controlling interest
6.0
6.0
10.0
0.0%
Debt
3,014
3,711
2,669
-18.8%
Other liabilities
7,061
7,618
7,570
-7.3%
Total liabilities and equity
18,461
19,306
17,723
-4.4%
Fixed assets
2,951
3,213
3,140
-8.2%
Goodwill
3,452
4,308
3,288
-19.9%
Intangible assets
1,244
1,352
631
-8.0%
Cash and equivalents
1,403
1,589
1,219
-11.7%
Receivables
2,323
2,343
2,341
-0.9%
Inventory
1,762
1,808
1,878
-2.5%
Other assets
5,326
4,693
5,226
+13.5%
Total assets
18,461
19,306
17,723
-4.4%
10-K for the year ended 27 September 2013, filed 15 November 2013: the filing.