TE Connectivity (TEL) FY2020 results: revenue $12.2 billion, down 9.5% on the year
TE Connectivity plc (TEL) reported revenue of $12.2 billion for fiscal 2020, the year ended 25 September 2020, down 9.5% on the year before. Net income was -$241 million, and diluted earnings per share $-0.73. The figures are the company's own, from the 10-K it filed with the SEC on 10 November 2020.
Revenue
$12.2 billion
-9.5% on the year
FY2013FY2020
Operating margin
4.4%
14.7% a year earlier
FY2013FY2020
Net income
-$241 million
FY2013FY2020
Diluted EPS
-$0.73
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
12,172
13,448
13,988
-9.5%
Cost of revenue
8,437
9,054
9,243
-6.8%
Gross profit
3,735
4,394
4,745
-15.0%
Gross margin
30.7%
32.7%
33.9%
Research and development
539
572
606
-5.8%
Selling, general and administrative
1,392
1,490
1,594
-6.6%
Operating income
537
1,978
2,331
-72.9%
Operating margin
4.4%
14.7%
16.7%
Interest expense
48.0
68.0
107
-29.4%
Pre-tax income
524
1,931
2,240
-72.9%
Income tax
783
-15.0
-344
Effective tax rate
149.4%
-0.8%
-15.4%
Net income
-241
1,844
2,565
Net margin
-2.0%
13.7%
18.3%
Diluted EPS
-$0.73
$5.42
$7.27
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,992
2,422
2,451
-17.8%
Capital expenditure
560
749
935
-25.2%
Free cash flow
1,432
1,673
1,516
-14.4%
Free cash flow margin
11.8%
12.4%
10.8%
Cash from investing
-865
-692
-1,094
Cash from financing
-1,105
-1,643
-1,722
Depreciation and amortisation
711
690
667
+3.0%
Share-based compensation
74.0
75.0
95.0
-1.3%
Buybacks
523
1,091
879
-52.1%
Dividends paid
625
608
588
+2.8%
Dividend per share
$1.88
$1.80
$1.68
+4.4%
Diluted shares, weighted
332m
340m
353m
-2.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
9,383
10,570
10,831
-11.2%
Redeemable equity
112
n/a
n/a
Debt
4,146
3,965
4,000
+4.6%
Operating lease liabilities
347
n/a
n/a
Other liabilities
5,254
5,159
5,555
+1.8%
Total liabilities and equity
19,242
19,694
20,386
-2.3%
Fixed assets
3,650
3,574
3,497
+2.1%
Goodwill
5,224
5,740
5,684
-9.0%
Intangible assets
1,593
1,596
1,704
-0.2%
Cash and equivalents
945
927
848
+1.9%
Receivables
2,377
2,320
2,361
+2.5%
Inventory
1,950
1,836
1,857
+6.2%
Other assets
3,503
3,701
4,435
-5.3%
Total assets
19,242
19,694
20,386
-2.3%
10-K for the year ended 25 September 2020, filed 10 November 2020: the filing.