TE Connectivity (TEL) FY2019 results: revenue $13.4 billion, down 3.9% on the year
TE Connectivity plc (TEL) reported revenue of $13.4 billion for fiscal 2019, the year ended 27 September 2019, down 3.9% on the year before. Net income was $1.8 billion, down 28.1%, and diluted earnings per share $5.42. The figures are the company's own, from the 10-K it filed with the SEC on 12 November 2019.
Revenue
$13.4 billion
-3.9% on the year
FY2012FY2019
Operating margin
14.7%
16.7% a year earlier
FY2012FY2019
Net income
$1.8 billion
-28.1% on the year
FY2012FY2019
Diluted EPS
$5.42
-25.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
13,448
13,988
12,185
-3.9%
Cost of revenue
9,054
9,243
8,002
-2.0%
Gross profit
4,394
4,745
4,183
-7.4%
Gross margin
32.7%
33.9%
34.3%
Research and development
572
606
548
-5.6%
Selling, general and administrative
1,490
1,594
1,543
-6.5%
Operating income
1,978
2,331
1,876
-15.1%
Operating margin
14.7%
16.7%
15.4%
Interest expense
68.0
107
130
-36.4%
Pre-tax income
1,931
2,240
1,720
-13.8%
Income tax
-15.0
-344
180
Effective tax rate
-0.8%
-15.4%
10.5%
Net income
1,844
2,565
1,683
-28.1%
Net margin
13.7%
18.3%
13.8%
Diluted EPS
$5.42
$7.27
$4.70
-25.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,422
2,451
2,321
-1.2%
Capital expenditure
749
935
679
-19.9%
Free cash flow
1,673
1,516
1,642
+10.4%
Free cash flow margin
12.4%
10.8%
13.5%
Cash from investing
-692
-1,094
-932
Cash from financing
-1,643
-1,722
-814
Depreciation and amortisation
690
667
611
+3.4%
Share-based compensation
75.0
95.0
95.0
-21.1%
Buybacks
1,091
879
614
+24.1%
Dividends paid
608
588
546
+3.4%
Dividend per share
$1.80
$1.68
$1.54
+7.1%
Diluted shares, weighted
340m
353m
358m
-3.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
10,570
10,831
9,751
-2.4%
Debt
3,965
4,000
4,344
-0.9%
Other liabilities
5,159
5,555
5,308
-7.1%
Total liabilities and equity
19,694
20,386
19,403
-3.4%
Fixed assets
3,574
3,497
3,159
+2.2%
Goodwill
5,740
5,684
5,651
+1.0%
Intangible assets
1,596
1,704
1,841
-6.3%
Cash and equivalents
927
848
1,218
+9.3%
Receivables
2,320
2,361
2,138
-1.7%
Inventory
1,836
1,857
1,647
-1.1%
Other assets
3,701
4,435
3,749
-16.6%
Total assets
19,694
20,386
19,403
-3.4%
10-K for the year ended 27 September 2019, filed 12 November 2019: the filing.