TE Connectivity plc Q3 FY2024 results: revenue $4.0 billion, down 0.5% on the year

TE Connectivity plc (TEL) reported revenue of $4.0 billion for Q3 FY2024, the quarter ended 28 June 2024, down 0.5% on the same quarter a year earlier. Net income was $573 million, up 8.5% on the year, and diluted earnings per share $1.86. The figures are the company's own, from the 10-Q it filed with the SEC on 29 July 2024.

Revenue$4.0 billiondown 0.5%

Net income$573 millionup 8.5%

Diluted EPS$1.86

QuarterQ3 FY2024ended 28 June 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	3,979	3,967	n/a	n/a
Cost of revenue	2,593	2,604	n/a	n/a
Gross profit	1,386	1,363	n/a	n/a
Gross margin	34.8%	34.4%	n/a
Selling, general and administrative	431	444	n/a	n/a
Operating income	755	692	n/a	n/a
Operating margin	19.0%	17.4%	n/a
Interest expense	18.0	19.0	n/a	n/a
Pre-tax income	754	687	n/a	n/a
Income tax	181	146	n/a	n/a
Effective tax rate	24.0%	21.3%	n/a
Net income	573	541	n/a	n/a
Net margin	14.4%	13.6%	n/a
Diluted EPS	$1.86	$1.75	n/a	n/a

$ million except per share. 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 and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	1,006	710	n/a	n/a
Capital expenditure	149	167	n/a	n/a
Free cash flow	857	543	n/a	n/a
Free cash flow margin	21.5%	13.7%	n/a
Depreciation and amortisation	208	192	n/a	n/a
Share-based compensation	31.0	35.0	n/a	n/a
Buybacks	416	409	n/a	n/a
Dividends paid	199	182	n/a	n/a
Dividend per share	$0.65	$0.59	n/a	n/a
Diluted shares, weighted	308m	310m	n/a	n/a
Shares outstanding at period end	304m	306m	n/a	n/a

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

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Total assets	22,898	22,824	n/a	n/a
Cash and equivalents	1,469	1,176	n/a	n/a
Receivables	2,889	2,874	n/a	n/a
Inventory	2,669	2,744	n/a	n/a
Goodwill	5,664	5,678	n/a	n/a
Long-term debt	2,953	2,961	n/a	n/a
Shareholders' equity	12,632	12,449	n/a	n/a

Quarterly results, the last 12 quarters

	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	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	2,750	2,507	2,604	2,593	2,685	2,476	2,684	2,934	3,089	2,930	2,999	3,325
Gross profit	1,285	1,324	1,363	1,386	1,383	1,360	1,459	1,600	1,660	1,739	1,745	1,835
Gross margin	32%	35%	34%	35%	34%	35%	35%	35%	35%	37%	37%	36%
SG&A	412	424	444	431	433	427	454	491	494	538	536	532
Operating income	635	698	692	755	651	690	748	857	916	963	954	981
Operating margin	16%	18%	17%	19%	16%	18%	18%	19%	19%	21%	20%	19%
Interest expense	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	634	699	687	754	657	706	755	846	897	961	942	971
Tax rate	13%	-158%	21%	24%	58%	25%	98%	25%	26%	22%	9%	23%
Net income	552	1,803	541	573	276	528	13.0	638	663	750	855	748
Net margin	14%	47%	14%	14%	7%	14%	0%	14%	14%	16%	18%	14%
Diluted EPS	$1.76	$5.76	$1.75	$1.86	$0.96	$1.75	$0.04	$2.14	$2.23	$2.53	$2.90	$2.55
Operating cash flow	1,138	719	710	1,006	1,042	878	653	1,187	1,421	865	947	1,185
Capital expenditure	194	151	167	149	213	205	230	230	271	258	270	304
Free cash flow	944	568	543	857	829	673	423	957	1,150	607	677	881
Buybacks	271	476	409	416	761	303	306	301	437	405	414	529
Dividends paid	184	183	182	199	196	189	193	212	209	209	208	226
Shares outstanding	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

* 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. 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.

Source

10-Q for the period ended 28 June 2024, filed 29 July 2024, accession 0001558370-24-010267: the filing on EDGAR. All of TE Connectivity plc's filings: EDGAR company page.

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