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TE Connectivity plc (TEL-1.11%) has submitted its 10-K filing for the fiscal year ended September 27, 2024.
The filing reports net sales of $15.8 billion, a decrease from $16.0 billion in the previous fiscal year. The decrease is attributed to sales declines in the Transportation Solutions and Industrial Solutions segments, offset by growth in the Communications Solutions segment.
Cost of sales was $10.4 billion, representing 65.6% of net sales, compared to 68.5% in the previous year. The company reported a gross margin of $5.5 billion, up from $5.1 billion in the prior year.
Operating income for the fiscal year was $2.8 billion, an increase from $2.3 billion in the previous year. This increase was primarily due to improved manufacturing productivity.
Net income for the fiscal year was $3.2 billion, up from $1.9 billion the previous year. The effective tax rate was reported as a benefit of 14.2% compared to an expense of 16.0% in the previous year.
TE Connectivity completed the acquisition of Schaffner Holding AG for CHF 294 million, net of cash acquired, and sold one business for net cash proceeds of $59 million, recording a pre-tax gain on sale of $10 million.
The company incurred restructuring charges of $144 million, primarily related to cost structure improvements across all segments.
TE Connectivity's cash and cash equivalents at the end of the fiscal year were $1.3 billion, with net cash provided by operating activities of $3.5 billion, an increase from $3.1 billion in the previous year.
During the fiscal year, the company repurchased approximately 14 million of its common shares for $2.0 billion and paid dividends of $760 million.
The filing also notes that TE Connectivity changed its jurisdiction of incorporation from Switzerland to Ireland, effective September 30, 2024, with no anticipated material changes in operations or financial results as a result of this change.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TE Connectivity plc annual 10-K report dated November 12, 2024. To report an error, please email earnings@qz.com.