TE Connectivity announces first quarter financial results for fiscal year 2023

TE's first-quarter sales and adjusted earnings per share both topped expectations. This is due to the continued execution capabilities of our global teams in a dynamically changing macro environment.

TE Transportation Solutions outperforms the market, benefiting from TE's global leadership in electric vehicles. All TE Industrial Solutions divisions experienced organic growth. Across these two solution areas, we continue to see strong demand and backlog trends. In Communications Electronics Solutions, we saw lower sales volumes due to softer end-market performance as customers across our supply chain consumed excess inventory.

While we cannot control the (external) demand environment, TE will continue to work hard to drive profit improvement throughout the year. We are confident in TE's ability to achieve long-term growth and profitability as our customers continue to rely on TE's technology to drive important trends including electric vehicles, renewable energy, factory automation and cloud computing to create a safer, more reliable world. A sustainable, efficient and connected future.