TE Connectivity (TEL) Q4 FY2021 earnings: revenue $3.8 billion, up 17.1% on the year

TE Connectivity plc (TEL) reported revenue of $3.8 billion for Q4 FY2021, the quarter ended 24 September 2021, up 17.1% on the same quarter a year earlier. Net income was $794 million, up 245.2% on the year, and diluted earnings per share $2.40. The figures are the company's own, from the 10-K it filed with the SEC on 9 November 2021.

Revenue

$3.8 billion

+17.1% on the year · -0.7% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

17.3%

10.6% a year earlier

Q1 FY2020Q4 FY2021

Net income

$794 million

+245.2% on the year · +36.9% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$2.40

+247.8% on the year · +37.9% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	3,818	3,845	3,261	-0.7%	+17.1%
Cost of revenue	2,555	n/a	n/a
Gross profit	1,263	n/a	n/a
Gross margin	33.1%	n/a	n/a
Selling, general and administrative	384	n/a	n/a
Operating income	660	714	347	-7.6%	+90.2%
Operating margin	17.3%	18.6%	10.6%
Interest expense	14.0	n/a	n/a
Pre-tax income	627	n/a	n/a
Income tax	-167	n/a	n/a
Effective tax rate	-26.6%	n/a	n/a
Net income	794	580	230	+36.9%	+245.2%
Net margin	20.8%	n/a	n/a
Diluted EPS	$2.40	$1.74	$0.69	+37.9%	+247.8%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	774	n/a	n/a
Capital expenditure	236	n/a	n/a
Free cash flow	538	n/a	n/a
Free cash flow margin	14.1%	n/a	n/a
Cash from investing	-540	n/a	n/a
Cash from financing	-443	n/a	n/a
Depreciation and amortisation	179	210	181	-14.8%	-1.1%
Share-based compensation	21.0	n/a	n/a
Buybacks	313	n/a	n/a
Dividends paid	164	n/a	n/a
Diluted shares, weighted	333m	333m	n/a	0.0%
Shares outstanding at period end	326m	328m	331m	-0.5%	-1.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	10,634	10,046	9,383	+5.9%	+13.3%
Redeemable equity	114	n/a	n/a
Debt	4,092	4,134	4,146	-1.0%	-1.3%
Operating lease liabilities	334	n/a	n/a
Other liabilities	6,288	n/a	n/a
Total liabilities and equity	21,462	n/a	n/a
Fixed assets	3,778	n/a	n/a
Goodwill	5,590	n/a	n/a
Intangible assets	1,549	n/a	n/a
Cash and equivalents	1,203	1,416	945	-15.0%	+27.3%
Receivables	2,928	n/a	n/a
Inventory	2,511	n/a	n/a
Other assets	3,903	n/a	n/a
Total assets	21,462	n/a	n/a

Questions

What was TE Connectivity's revenue in Q4 FY2021?

TE Connectivity (TEL) reported revenue of $3.8 billion for Q4 FY2021, the quarter ended 24 September 2021, up 17.1% on the same quarter a year earlier.

How much did TE Connectivity earn in Q4 FY2021?

Net income for Q4 FY2021 was $794 million, up 245.2% on the year, and diluted earnings per share $2.40.

When did TE Connectivity report Q4 FY2021 results?

TE Connectivity filed its 10-K for the year that ended with the quarter on 9 November 2021; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,818	3,818	4,007	4,097	4,359	3,841	4,160	3,998	4,035	3,831	3,967	3,979	4,068	3,836	4,143	4,534	4,749	4,669	4,744	5,160
Cost of revenue	2,555	2,588	2,670	2,769	3,010	2,654	2,876	2,699	2,750	2,507	2,604	2,593	2,685	2,476	2,684	2,934	3,089	2,930	2,999	3,325
Gross profit	1,263	1,230	1,337	1,328	1,349	1,187	1,284	1,299	1,285	1,324	1,363	1,386	1,383	1,360	1,459	1,600	1,660	1,739	1,745	1,835
Gross margin	33%	32%	33%	32%	31%	31%	31%	32%	32%	35%	34%	35%	34%	35%	35%	35%	35%	37%	37%	36%
SG&A	384	363	416	393	412	392	435	431	412	424	444	431	433	427	454	491	494	538	536	532
Operating income	660	672	705	719	660	502	537	630	635	698	692	755	651	690	748	857	916	963	954	981
Operating margin	17%	18%	18%	18%	15%	13%	13%	16%	16%	18%	17%	19%	16%	18%	18%	19%	19%	21%	20%	19%
Interest expense	14.0	12.0	18.0	18.0	18.0	21.0	20.0	20.0	19.0	18.0	19.0	18.0	15.0	6.0	14.0	28.0	29.0	30.0	32.0	31.0
Pre-tax income	627	677	696	708	652	485	525	624	634	699	687	754	657	706	755	846	897	961	942	971
Tax rate	-27%	16%	20%	16%	-9%	18%	19%	15%	13%	-158%	21%	24%	58%	25%	98%	25%	26%	22%	9%	23%
Net income	794	566	560	594	708	397	433	528	552	1,803	541	573	276	528	13.0	638	663	750	855	748
Net margin	21%	15%	14%	14%	16%	10%	10%	13%	14%	47%	14%	14%	7%	14%	0%	14%	14%	16%	18%	14%
Diluted EPS	$2.40	$1.72	$1.71	$1.83	$2.21	$1.24	$1.36	$1.67	$1.75	$5.76	$1.75	$1.86	$0.90	$1.75	$0.04	$2.14	$2.22	$2.53	$2.90	$2.55
Operating cash flow	774	532	413	579	944	581	634	779	1,138	719	710	1,006	1,042	878	653	1,187	1,421	865	947	1,185
Capital expenditure	236	172	179	205	212	183	189	166	194	151	167	149	213	205	230	230	271	258	270	304
Free cash flow	538	360	234	374	732	398	445	613	944	568	543	857	829	673	423	957	1,150	607	677	881
Buybacks	313	304	404	378	326	287	179	208	271	476	409	416	761	303	306	301	437	405	414	529
Dividends paid	164	163	163	180	179	178	177	186	184	183	182	199	196	189	193	212	209	209	208	226
Shares outstanding	326m	326m	322m	320m	317m	316m	315m	314m	311m	309m	306m	304m	299m	298m	297m	295m	294m	293m	292m	290m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 24 September 2021, filed 9 November 2021: the filing.