TE Connectivity Announces Fourth Quarter and Full Year 2021 Financial Results

Latest update time：2021-11-12 12:49

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Recently, TE Connectivity (hereinafter referred to as "TE") announced its fourth quarter and full year financial report ending September 24, 2021.

Fourth Quarter Highlights

Quarterly net sales were $3.8 billion, up approximately 17% from the same period last fiscal year.

Operating margin increased compared to the same period in fiscal 2020, with strong performance across all solutions.

Diluted GAAP earnings per share from continuing operations were $2.40. Adjusted earnings per share were $1.69, up 46% from the same period last fiscal year.

Cash flow from continuing operations was $774 million, and free cash flow was $536 million.

In the fourth quarter, the company completed the acquisition of ERNI Group AG (ERNI), a European connector manufacturer focused on the factory automation market.

Fiscal Year 2021 Highlights

Fiscal year net sales were $14.9 billion, up 23% from fiscal 2020.

Operating profit margin increased compared to fiscal 2020, with all major solutions increasing.

GAAP EPS from continuing operations for fiscal 2021 was $6.77, compared to a GAAP loss per share from continuing operations of $0.78 in fiscal 2020; Adjusted EPS for fiscal 2021 was $6.51, compared to Adjusted EPS of $4.26 in fiscal 2020.

Cash flow from continuing operations was $2.7 billion, free cash flow was $2.1 billion, $1.5 billion was returned to shareholders, and more than $400 million was used for acquisitions.

The company has established new ESG (environmental, social and corporate governance) commitments to reduce its absolute greenhouse gas emissions by more than 40% by 2030.

Despite broader challenges facing the global supply chain, we closed fiscal 2021 well, with fourth-quarter sales and adjusted earnings exceeding expectations. I am very pleased with the team's continued execution in a changing environment. We achieved excellent performance, as reflected in sales and earnings above pre-pandemic levels. This performance also fully demonstrates the strength and diversity of our business portfolio. We will continue to benefit from TE's leadership in long-term technology trends such as electric vehicles, data and cloud businesses, factory automation and renewable energy investments, which will help us achieve above-market growth in the markets we serve. We expect sales and earnings to continue to grow in the first quarter of fiscal 2022.

Outlook for the first quarter of fiscal year 2022

For the first quarter of fiscal 2022, the company expects net sales to be approximately $3.7 billion, up 5% year-over-year and 4% organically. GAAP earnings per share from continuing operations are expected to be approximately $1.50, and adjusted earnings per share are expected to be approximately $1.60, up 9% year-over-year.

For information about TE Connectivity's use of non-GAAP financial measures (non-GAAP measures), please refer to "Read More".

TE Connectivity and the TE Connectivity logo are trademarks.

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