TE Connectivity (” TE “) today announced its financial results for the third quarter of fiscal year 2023 ended June 30, 2023.

Q3 highlights

Net sales were $4.0 billion, in line with expectations. Year-over-year sales growth in transportation solutions and industrial solutions partially offset the expected decline in communications electronics solutions sales.
GAAP diluted earnings per share from continuing operations of $1.67; Adjusted earnings per share were $1.77, beating expectations for both.
The order book was $4 billion, reflecting a steady flow across solutions.
Cash flow from operating operations for the quarter was $779 million; Strong free cash flow of $614 million; Approximately $1.2 billion has been returned to shareholders so far this fiscal year.
The company publishes the “Connecting Our World” annual Corporate Responsibility report to ensure that it meets the standards of the Science Carbon Target Initiative (SBTi).
Terrence Curtin, Chief Executive Officer of TE Connectivity, said, “We achieved higher than expected earnings in the quarter, with year-over-year sales growth in transportation solutions and industrial solutions. This is driven by the strategic positioning of our business portfolio around key growth and sustainability trends.

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TE’s global leadership position in electric vehicles has once again enabled us to achieve strong results in the transportation solutions segment. We continue to capitalize on the growth momentum in renewable energy applications and the continued recovery in the commercial aviation and medical markets for industrial solutions. “While communications electronics solutions (sales) were generally down as expected, it is encouraging that TE continues to win projects in AI applications, and our high-speed connectivity solutions in this area will drive future growth.”

Mr. Terrence Curtin, Chief Executive Officer of TE Connectivity, also noted, “In the fiscal year to date, TE’s free cash flow increased by more than 40% year-over-year, reflecting our strong business model. The company’s third quarter performance and fourth quarter guidance support our commitment to improve profits in the second half of the fiscal year. We continue to believe TE is well positioned for long-term profitable growth as our customers rely on TE’s technology to drive important trends including electric vehicles, renewable energy, factory automation and artificial intelligence.”

Fiscal year 2023 fourth quarter results Outlook

For the fourth quarter of fiscal 2023, the Company expects net sales of approximately $4 billion. GAAP earnings per share from continuing operations are expected to be approximately $1.63 and adjusted earnings per share to be approximately $1.75.