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TE Connectivity announces first quarter results for fiscal year 2020

January 29, 2020
GAAP EPS includes unguided impact of Swiss tax reform; Adjusted EPS exceeds high end of guidance

SCHAFFHAUSEN, Switzerland, Jan. 29, 2020 /PRNewswire/ -- TE Connectivity Ltd. (NYSE: TEL) today reported results for the fiscal first quarter ended December 27, 2019.

TE Connectivity Ltd. Logo. (PRNewsFoto/TE Connectivity Ltd.) (PRNewsfoto/TE Connectivity Ltd.)

First Quarter Highlights

  • Net sales were $3.2 billion, down 5% on a reported and organic basis over the first quarter of 2019.
  • Diluted earnings per share (EPS) from continuing operations were $0.07, below the company's GAAP guidance due to a non-cash charge from Swiss tax reform. Adjusted EPS were $1.21, exceeding the high end of the company's guidance.
  • Cash flow from continuing operating activities was $411 million and free cash flow was $243 million, with $297 million returned to shareholders.
  • Total orders were $3.2 billion, up 1% sequentially, and the book-to-bill ratio was 1.02.
  • Company is updating full year guidance based on first quarter results.

"I'm pleased with our performance in the first quarter where we delivered sales and adjusted earnings per share above our expectations and generated strong cash flow in what continues to be a challenging market environment," said Terrence Curtin, chief executive officer of TE Connectivity. "Our Industrial segment grew ahead of guidance driven by strength in our defense, medical, aerospace and energy businesses, while our Transportation segment continued to outperform auto production declines due to our strong content position in the long-term growth trends of electric and connected vehicles. We were pleased to see sequential orders growth this quarter, signaling stabilization in key end markets. Based on our first quarter results, we are updating our GAAP EPS guidance and raising our sales and adjusted EPS guidance for the full year."

2020 Outlook 
The company has updated full year guidance to net sales expectations of $12.85 to $13.25 billion, reflecting 3% actual and 2% organic decline at the mid-point versus the prior year. Diluted EPS from continuing operations are expected to be $3.23 to $3.53, including net restructuring, acquisition-related and other charges of $0.66 and a tax-related charge of $1.06. The company expects adjusted EPS of $4.95 to $5.25.

For the fiscal second quarter of 2020, the company expects net sales of $3.1 billion to $3.3 billion, reflecting a decrease of 6% on an actual basis and 5% on an organic basis year over year at the mid-point. Diluted EPS from continuing operations are expected to be $1.05 to $1.11, including net restructuring, acquisition-related and other charges of $0.17. The company expects adjusted EPS of $1.22 to $1.28.

Information about TE Connectivity's use of non-GAAP financial measures is provided below. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, see the attached tables.

Conference Call and Webcast
The company will hold a conference call today beginning at 8:30 a.m. ET. The dial-in information is provided here:

  • At TE Connectivity's website: investors.te.com  
  • By telephone: For both "listen-only" participants and those participants who wish to take part in the question-and-answer portion of the call, the dial-in number in the United States is (866) 211-4092, and for international callers, the dial-in number is (647) 689-6620. 
  • A replay of the conference call will be available on TE Connectivity's investor website at investors.te.com at 11:30 a.m. ET on January 29, 2020.

About TE Connectivity
TE Connectivity Ltd. (NYSE: TEL) is a $13 billion global industrial technology leader creating a safer, sustainable, productive, and connected future. Our broad range of connectivity and sensor solutions, proven in the harshest environments, enable advancements in transportation, industrial applications, medical technology, energy, data communications, and the home. With nearly 80,000 employees, including more than 8,000 engineers, working alongside customers in approximately 150 countries, TE ensures that EVERY CONNECTION COUNTS. Learn more at www.te.com and on LinkedIn, Facebook, WeChat and Twitter.

Non-GAAP Financial Measures
We present non-GAAP performance and liquidity measures as we believe it is appropriate for investors to consider adjusted financial measures in addition to results in accordance with accounting principles generally accepted in the U.S. ("GAAP"). These non-GAAP financial measures provide supplemental information and should not be considered replacements for results in accordance with GAAP. Management uses non-GAAP financial measures internally for planning and forecasting purposes and in its decision-making processes related to the operations of our company. We believe these measures provide meaningful information to us and investors because they enhance the understanding of our operating performance, ability to generate cash, and the trends of our business. Additionally, we believe that investors benefit from having access to the same financial measures that management uses in evaluating our operations. The primary limitation of these measures is that they exclude the financial impact of items that would otherwise either increase or decrease our reported results. This limitation is best addressed by using these non-GAAP financial measures in combination with the most directly comparable GAAP financial measures in order to better understand the amounts, character, and impact of any increase or decrease in reported amounts. These non-GAAP financial measures may not be comparable to similarly-titled measures reported by other companies.

The following provides additional information regarding our non-GAAP financial measures:

  • Organic Net Sales Growth (Decline) – represents net sales growth (decline) (the most comparable GAAP financial measure) excluding the impact of foreign currency exchange rates, and acquisitions and divestitures that occurred in the preceding twelve months, if any. Organic Net Sales Growth (Decline) is a useful measure of our performance because it excludes items that are not completely under management's control, such as the impact of changes in foreign currency exchange rates, and items that do not reflect the underlying growth of the company, such as acquisition and divestiture activity. This measure is a significant component in our incentive compensation plans.
  • Adjusted Operating Income and Adjusted Operating Margin – represent operating income and operating margin, respectively, (the most comparable GAAP financial measures) before special items including restructuring and other charges, acquisition-related charges, and other income or charges, if any. We utilize these adjusted measures in combination with operating income and operating margin to assess segment level operating performance and to provide insight to management in evaluating segment operating plan execution and market conditions. Adjusted Operating Income is a significant component in our incentive compensation plans.
  • Adjusted Other Income (Expense), Net – represents net other income (expense) (the most comparable GAAP financial measure) before special items including tax sharing income related to adjustments to prior period tax returns and other items, if any.
  • Adjusted Income Tax (Expense) Benefit and Adjusted Effective Tax Rate – represent income tax (expense) benefit and effective tax rate, respectively (the most comparable GAAP financial measures) after adjusting for the tax effect of special items including restructuring and other charges, acquisition-related charges, other income or charges, and certain significant tax items, if any.
  • Adjusted Income from Continuing Operations – represents income from continuing operations (the most comparable GAAP financial measure) before special items including restructuring and other charges, acquisition-related charges, tax sharing income related to adjustments to prior period tax returns and other tax items, other income or charges, and certain significant tax items, if any, and, if applicable, the related tax effects.
  • Adjusted Earnings Per Share – represents diluted earnings per share from continuing operations (the most comparable GAAP financial measure) before special items including restructuring and other charges, acquisition-related charges, tax sharing income related to adjustments to prior period tax returns and other tax items, other income or charges, and certain significant tax items, if any, and, if applicable, the related tax effects. This measure is a significant component in our incentive compensation plans.
  • Free Cash Flow (FCF) – is a useful measure of our ability to generate cash. The difference between net cash provided by continuing operating activities (the most comparable GAAP financial measure) and Free Cash Flow consists mainly of significant cash outflows and inflows that we believe are useful to identify. We believe Free Cash Flow provides useful information to investors as it provides insight into the primary cash flow metric used by management to monitor and evaluate cash flows generated from our operations.

Free Cash Flow is defined as net cash provided by continuing operating activities excluding voluntary pension contributions and the cash impact of special items, if any, minus net capital expenditures. Voluntary pension contributions are excluded from the GAAP financial measure because this activity is driven by economic financing decisions rather than operating activity. Certain special items, including net payments related to pre-separation tax matters and cash paid (collected) pursuant to collateral requirements related to cross-currency swap contracts, are also excluded by management in evaluating Free Cash Flow. Net capital expenditures consist of capital expenditures less proceeds from the sale of property, plant, and equipment. These items are subtracted because they represent long-term commitments.

In the calculation of Free Cash Flow, we subtract certain cash items that are ultimately within management's and the Board of Directors' discretion to direct and may imply that there is less or more cash available for our programs than the most comparable GAAP financial measure indicates. It should not be inferred that the entire Free Cash Flow amount is available for future discretionary expenditures, as our definition of Free Cash Flow does not consider certain non-discretionary expenditures, such as debt payments. In addition, we may have other discretionary expenditures, such as discretionary dividends, share repurchases, and business acquisitions, that are not considered in the calculation of Free Cash Flow.

Forward-Looking Statements
This release contains certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance, financial condition or achievements to differ materially from anticipated results, performance, financial condition or achievements. All statements contained herein that are not clearly historical in nature are forward-looking and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. We have no intention and are under no obligation to update or alter (and expressly disclaim any such intention or obligation to do so) our forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by law. The forward-looking statements in this release include statements addressing our future financial condition and operating results. Examples of factors that could cause actual results to differ materially from those described in the forward-looking statements include, among others, business, economic, competitive and regulatory risks, such as conditions affecting demand for products, particularly in the automotive and data and devices industries; competition and pricing pressure; fluctuations in foreign currency exchange rates and commodity prices; natural disasters and political, economic and military instability in countries in which we operate; developments in the credit markets; future goodwill impairment; compliance with current and future environmental and other laws and regulations; and the possible effects on us of changes in tax laws, tax treaties and other legislation, including the effects of Swiss tax reform. More detailed information about these and other factors is set forth in TE Connectivity Ltd.'s Annual Report on Form 10-K for the fiscal year ended Sept. 27, 2019 as well as in our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed by us with the U.S. Securities and Exchange Commission.

 

TE CONNECTIVITY LTD.

 CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)










For the Quarters Ended


December 27,


December 28,


2019


2018


(in millions, except per share data)

Net sales

$            3,168


$            3,347

Cost of sales 

2,138


2,233

Gross margin

1,030


1,114

Selling, general, and administrative expenses

367


389

Research, development, and engineering expenses

161


161

Acquisition and integration costs

7


5

Restructuring and other charges, net

24


75

Operating income  

471


484

Interest income

6


5

Interest expense

(12)


(27)

Other income (expense), net

5


(1)

Income from continuing operations before income taxes

470


461

Income tax expense

(447)


(78)

Income from continuing operations

23


383

Income (loss) from discontinued operations, net of income taxes

3


(107)

Net income

$                 26


$               276









Basic earnings per share:




Income from continuing operations

$              0.07


$              1.12

Income (loss) from discontinued operations

0.01


(0.31)

Net income  

0.08


0.81





Diluted earnings per share:




Income from continuing operations

$              0.07


$              1.11

Income (loss) from discontinued operations

0.01


(0.31)

Net income  

0.08


0.80





Weighted-average number of shares outstanding: 




Basic

335


342

Diluted

337


344



TE CONNECTIVITY LTD.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)










December 27,


September 27,


2019


2019


(in millions, except share data)

Assets




Current assets:




Cash and cash equivalents

$               742


$               927

Accounts receivable, net of allowance for doubtful accounts of $29 and $25, respectively

2,338


2,320

Inventories

2,003


1,836

Prepaid expenses and other current assets

483


471

Total current assets

5,566


5,554

Property, plant, and equipment, net

3,659


3,574

Goodwill

5,846


5,740

Intangible assets, net

1,602


1,596

Deferred income taxes

2,360


2,776

Other assets

943


454

Total assets

$          19,976


$          19,694





Liabilities and shareholders' equity




Current liabilities:




Short-term debt

$               561


$               570

Accounts payable

1,433


1,357

Accrued and other current liabilities

1,410


1,613

Total current liabilities

3,404


3,540

Long-term debt

3,412


3,395

Long-term pension and postretirement liabilities

1,365


1,367

Deferred income taxes

142


156

Income taxes

247


239

Other liabilities

849


427

Total liabilities

9,419


9,124

Commitments and contingencies




Shareholders' equity:




Common shares, CHF 0.57 par value, 350,951,381 shares authorized and issued

154


154

Accumulated earnings 

12,206


12,256

Treasury shares, at cost, 16,520,951 and 15,862,337 shares, respectively

(1,389)


(1,337)

Accumulated other comprehensive loss

(414)


(503)

Total shareholders' equity

10,557


10,570

Total liabilities and shareholders' equity

$          19,976


$          19,694



TE CONNECTIVITY LTD.

 CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)










For the Quarters Ended


December 27,


December 28,


2019


2018


(in millions)

Cash flows from operating activities:




Net income

$                 26


$               276

(Income) loss from discontinued operations, net of income taxes

(3)


107

Income from continuing operations

23


383

Adjustments to reconcile income from continuing operations to net cash 




provided by operating activities:




Depreciation and amortization

174


168

Deferred income taxes

394


(11)

Non-cash lease cost

27


-

Provision for losses on accounts receivable and inventories

20


23

Share-based compensation expense

22


23

Other 

10


18

Changes in assets and liabilities, net of the effects of acquisitions




and divestitures:




Accounts receivable, net

(24)


(26)

Inventories

(176)


(119)

Prepaid expenses and other current assets

(23)


67

Accounts payable

94


(9)

Accrued and other current liabilities

(185)


(190)

Income taxes

10


15

Other

45


(14)

Net cash provided by continuing operating activities

411


328

Net cash used in discontinued operating activities

-


(31)

Net cash provided by operating activities

411


297

Cash flows from investing activities:




Capital expenditures

(176)


(210)

Proceeds from sale of property, plant, and equipment

2


1

Acquisition of businesses, net of cash acquired

(115)


-

Proceeds from divestiture of discontinued operation, net of cash retained by sold operation

-


288

Other

-


3

Net cash provided by (used in) continuing investing activities

(289)


82

Net cash used in discontinued investing activities

-


(2)

Net cash provided by (used in) investing activities

(289)


80

Cash flows from financing activities:




Net increase (decrease) in commercial paper

(9)


63

Proceeds from issuance of debt

-


350

Repayment of debt

-


(441)

Proceeds from exercise of share options

14


7

Repurchase of common shares

(139)


(519)

Payment of common share dividends to shareholders

(154)


(150)

Transfers to discontinued operations 

-


(33)

Other

(26)


(29)

Net cash used in continuing financing activities

(314)


(752)

Net cash provided by discontinued financing activities

-


33

Net cash used in financing activities

(314)


(719)

Effect of currency translation on cash

7


(1)

Net decrease in cash, cash equivalents, and restricted cash

(185)


(343)

Cash, cash equivalents, and restricted cash at beginning of period

927


848

Cash, cash equivalents, and restricted cash at end of period

$               742


$               505





Supplemental cash flow information:




Interest paid on debt, net

$                   4


$                 19

Income taxes paid, net of refunds

43


75

 

 

TE CONNECTIVITY LTD.

RECONCILIATION OF FREE CASH FLOW (UNAUDITED)










For the Quarters Ended


December 27,


December 28,


2019


2018


(in millions)

Net cash provided by continuing operating activities

$               411


$               328

Excluding:




Cash (collected) paid pursuant to collateral requirements related




to cross-currency swap contracts

6


(50)

Capital expenditures, net

(174)


(209)

Free cash flow (1)

$               243


$                 69





(1) Free cash flow is a non-GAAP financial measure. See description of non-GAAP financial measures.

 

 

TE CONNECTIVITY LTD.

CONSOLIDATED SEGMENT DATA (UNAUDITED)














For the Quarters Ended 


December 27,


December 28,


2019


2018


($ in millions)


Net Sales



Net Sales


Transportation Solutions

$            1,868



$            1,986


Industrial Solutions

927



928


Communications Solutions

373



433


Total

$            3,168



$            3,347















Operating

Operating


Operating

Operating


Income

Margin


Income

Margin

Transportation Solutions

$               316

16.9%


$               332

16.7%

Industrial Solutions

115

12.4


100

10.8

Communications Solutions

40

10.7


52

12.0

Total

$               471

14.9%


$               484

14.5%














Adjusted

Adjusted


Adjusted

Adjusted


Operating

Operating


Operating

Operating


Income (1)

Margin (1)


Income (1)

Margin (1)

Transportation Solutions

$               325

17.4%


$               356

17.9%

Industrial Solutions

132

14.2


138

14.9

Communications Solutions

45

12.1


71

16.4

Total

$               502

15.8%


$               565

16.9%







(1) Adjusted operating income and adjusted operating margin are non-GAAP financial measures. See description of non-GAAP financial measures.

 

 

TE CONNECTIVITY LTD.

RECONCILIATION OF NET SALES GROWTH (DECLINE) (UNAUDITED)






















Change in Net Sales for the Quarter Ended December 27, 2019


 versus Net Sales for the Quarter Ended December 28, 2018


Net Sales


Organic Net Sales






Growth (Decline)


Growth (Decline) (1)


Translation (2)


Acquisitions


($ in millions)

Transportation Solutions (3):










Automotive

$                (64)

(4.4)%


$                (43)

(2.9)%


$                (21)


$                    -

Commercial transportation

(39)

(13.1)


(45)

(15.6)


(7)


13

Sensors

(15)

(6.8)


(25)

(11.3)


(2)


12

Total

(118)

(5.9)


(113)

(5.6)


(30)


25

Industrial Solutions (3):










Aerospace, defense, oil, and gas

24

8.4


27

9.4


(3)


-

Industrial equipment

(52)

(16.5)


(47)

(15.0)


(5)


-

Medical

11

6.5


12

6.9


(1)


-

Energy

16

10.0


19

12.1


(3)


-

Total

(1)

(0.1)


11

1.2


(12)


-

Communications Solutions (3):










Data and devices

(38)

(14.8)


(38)

(14.8)


-


-

Appliances

(22)

(12.5)


(21)

(11.4)


(1)


-

Total

(60)

(13.9)


(59)

(13.7)


(1)


-

Total 

$              (179)

(5.3)%


$              (161)

(4.8)%


$                (43)


$                 25





















(1) Organic net sales growth (decline) is a non-GAAP financial measure. See description of non-GAAP financial measures.

(2) Represents the change in net sales resulting from changes in foreign currency exchange rates.

(3) Industry end market information is presented consistently with our internal management reporting and may be periodically revised as management deems necessary.

 

 

TE CONNECTIVITY LTD.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

For the Quarter Ended December 27, 2019

(UNAUDITED)
























Adjustments






Acquisition-


Restructuring








Related


and Other




Adjusted


U.S. GAAP


Charges (1)


Charges, Net (1)


Tax Items (2)


(Non-GAAP) (3)


($ in millions, except per share data)

Operating income:










Transportation Solutions

$               316


$                   5


$                   4


$                    -


$               325

Industrial Solutions

115


2


15


-


132

Communications Solutions

40


-


5


-


45

Total 

$               471


$                   7


$                 24


$                    -


$               502











Operating margin

14.9%








15.8%











Other income, net

$                   5


$                    -


$                    -


$                    -


$                   5











Income tax expense

$              (447)


$                  (1)


$                    -


$               355


$                (93)











Effective tax rate

95.1%








18.6%











Income from continuing operations 

$                 23


$                   6


$                 24


$               355


$               408











Diluted earnings per share from 










continuing operations

$              0.07


$              0.02


$              0.07


$              1.05


$              1.21











(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in
effect for each such jurisdiction.

(2) Income tax expense related to the tax impacts of certain measures of Swiss tax reform.

(3) See description of non-GAAP financial measures.

 

 

TE CONNECTIVITY LTD.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

For the Quarter Ended December 28, 2018

(UNAUDITED)




















Adjustments






Acquisition-


Restructuring






Related


and Other


Adjusted


U.S. GAAP


Charges (1)


Charges, Net (1)


(Non-GAAP) (2)


($ in millions, except per share data)

Operating income:








Transportation Solutions

$               332


$                   3


$                 21


$               356

Industrial Solutions

100


3


35


138

Communications Solutions

52


-


19


71

Total 

$               484


$                   6


$                 75


$               565









Operating margin

14.5%






16.9%









Other expense, net

$                  (1)


$                    -


$                    -


$                  (1)









Income tax expense

$                (78)


$                  (1)


$                (19)


$                (98)









Effective tax rate

16.9%






18.1%









Income from continuing operations 

$               383


$                   5


$                 56


$               444









Diluted earnings per share from 








continuing operations

$              1.11


$              0.01


$              0.16


$              1.29









(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and
the tax laws in effect for each such jurisdiction.

(2) See description of non-GAAP financial measures.

 

 

TE CONNECTIVITY LTD.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

For the Quarter Ended March 29, 2019

(UNAUDITED)
























Adjustments






Acquisition-


Restructuring








Related


and Other


Tax


Adjusted


U.S. GAAP


Charges (1)


Charges, Net (1)


Items (2)


(Non-GAAP) (3)


($ in millions, except per share data)

Operating income:










Transportation Solutions

$               316


$                   4


$                 24


$                    -


$               344

Industrial Solutions

137


5


17


-


159

Communications Solutions

77


-


1


-


78

Total 

$               530


$                   9


$                 42


$                    -


$               581











Operating margin

15.5%








17.0%











Other income, net

$                   1


$                    -


$                    -


$                    -


$                   1











Income tax expense

$                (91)


$                  (2)


$                (10)


$                 15


$                (88)











Effective tax rate

17.5%








15.4%











Income from continuing operations 

$               429


$                   7


$                 32


$                 15


$               483











Diluted earnings per share from 










continuing operations

$              1.26


$              0.02


$              0.09


$              0.04


$              1.42











(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for
each such jurisdiction.

(2) Includes income tax expense associated with the tax impacts of certain legal entity restructurings and intercompany transactions.

(3) See description of non-GAAP financial measures.

 

 

TE CONNECTIVITY LTD.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

For the Year Ended September 27, 2019

(UNAUDITED)
























Adjustments






Acquisition-










Related Charges


Restructuring








and Other


and Other


Tax


Adjusted


U.S. GAAP


Items (1)(2)


Charges, Net (1)


Items (3)


(Non-GAAP) (4)


($ in millions, except per share data)

Operating income:










Transportation Solutions

$            1,226


$                 31


$               144


$                    -


$            1,401

Industrial Solutions

543


15


63


-


621

Communications Solutions

209


1


48


-


258

Total 

$            1,978


$                 47


$               255


$                    -


$            2,280











Operating margin

14.7%








17.0%











Other income, net

$                   2


$                    -


$                    -


$                    -


$                   2











Income tax (expense) benefit

$                 15


$                  (9)


$                (61)


$              (291)


$              (346)











Effective tax rate

(0.8)%








15.5%











Income from continuing operations 

$            1,946


$                 38


$               194


$              (291)


$            1,887











Diluted earnings per share from 










continuing operations

$              5.72


$              0.11


$              0.57


$             (0.86)


$              5.55











(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for
each such jurisdiction.

(2) Includes acquisition-related charges of $30 million and a write-off of spare parts of $17 million.

(3) Includes a $216 million income tax benefit related to the tax impacts of certain measures of Swiss tax reform, a $90 million income tax benefit related to the
effective settlement of a tax audit in a non-U.S. jurisdiction, and $15 million of income tax expense associated with the tax impacts of certain legal entity
restructurings and intercompany transactions.

(4) See description of non-GAAP financial measures.

 

 

TE CONNECTIVITY LTD.

RECONCILIATION OF FORWARD-LOOKING NON-GAAP FINANCIAL MEASURES

TO FORWARD-LOOKING GAAP FINANCIAL MEASURES

As of January 29, 2020

(UNAUDITED)






Outlook for




Quarter Ending




March 27,


 Outlook for 


2020


Fiscal 2020

Diluted earnings per share from continuing operations

 $1.05 - $1.11 


 $3.23 - $3.53 

Restructuring and other charges, net

0.14


0.58

Acquisition-related charges

0.03


0.08

Tax items

-


1.06

Adjusted diluted earnings per share from continuing operations (1)

 $1.22 - $1.28 


 $4.95 - $5.25 









Net sales growth (decline)

(9)% - (3)%


(4)% - (2)%

Translation

2


2

(Acquisitions) divestitures, net

(1)


(1)

Organic net sales growth (decline) (1)

(8)% - (2)%


(3)% - (1)%









(1) See description of non-GAAP financial measures.

 

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SOURCE TE Connectivity Ltd.