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TE Connectivity plc (TEL) has submitted its 10-Q filing for the quarterly period ended December 27, 2024.
The report highlights a change in the place of incorporation from Switzerland to Ireland, effective in fiscal 2025, with no anticipated changes in operations or financial results.
The company has reorganized its management structure into two segments: Transportation Solutions and Industrial Solutions, effective for fiscal 2025.
Net sales in the first quarter of fiscal 2025 were $3,836 million, consistent with the same period in fiscal 2024. The Industrial Solutions segment saw an increase in net sales, while the Transportation Solutions segment experienced a decline.
Operating income for the quarter was $690 million, a slight decrease from $698 million in the same quarter of the previous year.
Net income for the quarter was $528 million, compared to $1,803 million in the previous year. The decline was attributed to a significant income tax benefit in the prior year.
TE Connectivity reported net cash provided by operating activities of $878 million, an increase from $719 million in the previous year.
The company acquired two businesses for a total of $325 million, net of cash acquired, which are now part of the Industrial Solutions segment.
TE Connectivity initiated a restructuring program aimed at footprint consolidation and cost structure improvements, with expected charges of approximately $100 million for fiscal 2025.
TE Connectivity's board authorized a $2.5 billion increase in its share repurchase program, with $2.4 billion remaining available under the authorization as of December 27, 2024.
The company continues to manage risks related to legal proceedings, trade compliance matters, and environmental issues, with no material adverse effects anticipated on its financial position.
TE Connectivity expects its net sales for the second quarter of fiscal 2025 to be approximately $3.95 billion, with an anticipated diluted loss per share from continuing operations of approximately $0.05.
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 quarterly 10-Q report dated January 24, 2025. To report an error, please email earnings@qz.com.