TE Connectivity Announces Financial Results for the Third Quarter of Fiscal Year 2020
Schaffhausen, Switzerland—August 3, 2020—Recently, TE Connectivity (hereinafter referred to as “TE”) announced its financial report for the third quarter ended June 26, 2020.
Fiscal Third Quarter Highlights
Net sales of $2.5 billion were down 20% from the previous quarter and better than the company’s forecast for a 25% decline.
Diluted loss per share from continuing operations was $0.18. Adjusted EPS of $0.59 topped company expectations.
Cash flow from continuing operations was $380 million and free cash flow was $280 million. Year to date, cash flow from continuing operations was $1.3 billion and free cash flow was $834 million. The company returned $241 million to shareholders during the quarter.
The company holds approximately $2 billion in available liquidity, with strong reserves.
Terrence Curtin, Chief Executive Officer of TE Connectivity, said, “Despite the ongoing impact of the COVID-19 outbreak in the third quarter, I am pleased to see the company’s strong sales and adjusted earnings per share for the quarter. We will continue to put the health and safety of our employees as our top priority. Our employees have performed exceptionally well in adapting to market dynamics and continuing to deliver on our commitments to our customers during this time of change. We believe the just-concluded This quarter has been a low point for the company’s recent business. We have seen the company’s order book situation improve, and we expect the company’s revenue and profit to improve in the fourth quarter of this fiscal year. We are capitalizing on the current market environment With the help of diverse product portfolios and key technology trends to drive the growth of future product proportions, the company will continue to implement the company’s global manufacturing strategy and accelerate the implementation of cost reduction measures. The above measures will help the company prepare for the expected gradual recovery of the market Deployment needs to be done.”
Fourth Quarter Outlook
For the fourth quarter of fiscal 2020, the company expects net sales to increase approximately 10% sequentially, primarily driven by growth in the Transportation Solutions business. Due to the unpredictability of future demand impacted by COVID-19, the company does not provide guidance for full-year fiscal 2020 results.
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