Technology
TE Connectivity delivers sales and EPS above guidance in second quarter of fiscal year 2025
Published
1 year agoon
By
Third quarter guidance reflects continued momentum and Richards acquisition
GALWAY, Ireland, April 23, 2025 /PRNewswire/ — TE Connectivity plc (NYSE: TEL) today reported results for the fiscal second quarter ended Mar. 28, 2025.
Second Quarter Highlights
Net sales were $4.1 billion, up 4% on a reported basis year over year and 5% organically driven by double digit growth in the Industrial segment.GAAP diluted earnings per share (EPS) from continuing operations was $0.04, which includes a one-time non-cash tax charge due to a change in tax law in the second quarter of 2025. Adjusted EPS was $2.10, a company record and up approximately 13% year over year.Orders were $4.25 billion, up 6% both year over year and sequentially.Operating margin was 18.1% and adjusted operating margin was 19.4%, driven by strong operational performance in both segments.Cash flow from operating activities during the first half of the fiscal year was $1.5 billion and free cash flow was approximately $1.1 billion.Returned approximately $1 billion to shareholders and announced a 9% dividend increase.Richards Manufacturing Co. acquisition completed in April to capitalize on strong growth opportunities in the North American utility market.Issued One Connected World corporate responsibility report, highlighted by an 80% reduction in Scope 1 & 2 greenhouse gas emissions during the past four years.
“Our teams delivered strong operational performance that led to record adjusted EPS and results that exceeded our guidance on both sales and earnings,” said TE Connectivity CEO Terrence Curtin. “Our Transportation segment continued to execute well, capitalizing on our leading position in Asia and maintaining strong margin performance. Our Industrial segment expanded its operating margin on sales growth of 17%, driven by broad business growth and ongoing momentum in AI, aerospace and energy applications.
“Due to our long-standing business strategy and investments to locate manufacturing facilities near customers, we expect to effectively navigate the current trade environment. Our ongoing momentum and ability to pull operational levers gives us confidence in our third quarter guidance for year-over-year improvement in sales and EPS. We are well positioned for the current uncertain macroeconomic environment and remain focused on innovating in long-term industrial technology growth trends and creating value for both our customers and owners.”
Third Quarter FY25 Outlook
For the third quarter of fiscal 2025, the company expects net sales of approximately $4.30 billion, up 8% year over year. GAAP EPS from continuing operations is expected to be approximately $2.02, up nearly 9% year over year, with adjusted EPS of approximately $2.06, up 8% year over year. Third quarter guidance includes the benefit from the Richards acquisition and tariff impact assumptions, as well as tax rate headwinds of $0.04 on a year over year basis and $0.06 sequentially.
Information about TE Connectivity’s use of non-GAAP financial measures is provided below. For reconciliations of these non-GAAP financial measures, see the attached tables.
Conference Call and Webcast
The company will hold a conference call for investors today beginning at 8:30 a.m. ET. The conference call may be accessed in the following ways:
At TE Connectivity’s website: investors.te.comBy 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 (800) 715-9871 and for international callers, the dial-in number is (646) 307-1963.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 April 23.
About TE Connectivity
TE Connectivity plc (NYSE: TEL) is a global industrial technology leader creating a safer, sustainable, productive, and connected future. Our broad range of connectivity and sensor solutions enable the distribution of power, signal and data to advance next-generation transportation, energy networks, automated factories, data centers, medical technology and more. With more than 85,000 employees, including 9,000 engineers, working alongside customers in approximately 130 countries, TE ensures that EVERY CONNECTION COUNTS. Learn more at www.te.com and on LinkedIn, Facebook, WeChat, Instagram and X (formerly 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, impairment of goodwill, 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 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, impairment of goodwill, 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, impairment of goodwill, 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 (loss) per share from continuing operations (the most comparable GAAP financial measure) before special items including restructuring and other charges, acquisition-related charges, impairment of goodwill, 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 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 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 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, the extent, severity and duration of business interruptions negatively affecting our business operations; business, economic, competitive and regulatory risks, such as conditions affecting demand for products in the automotive and other industries we serve; 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, including continuing military conflict in certain parts of the world; 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. In addition, our change of incorporation from Switzerland to Ireland is subject to risks, such as the risk that the anticipated advantages might not materialize, as well as the risks that the price of our stock could decline and our position on stock exchanges and indices could change, and Irish corporate governance and regulatory schemes could prove different or more challenging than currently expected. More detailed information about these and other factors is set forth in TE Connectivity plc’s Annual Report on Form 10-K for the fiscal year ended Sept 27, 2024, 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 PLC
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
For the Quarters Ended
For the Six Months Ended
March 28,
March 29,
March 28,
March 29,
2025
2024
2025
2024
(in millions, except per share data)
Net sales
$
4,143
$
3,967
$
7,979
$
7,798
Cost of sales
2,684
2,604
5,160
5,111
Gross margin
1,459
1,363
2,819
2,687
Selling, general, and administrative expenses
454
444
881
868
Research, development, and engineering expenses
203
184
391
357
Acquisition and integration costs
9
3
14
11
Restructuring and other charges, net
45
40
95
61
Operating income
748
692
1,438
1,390
Interest income
22
19
45
41
Interest expense
(14)
(19)
(20)
(37)
Other expense, net
(1)
(5)
(2)
(8)
Income from continuing operations before income taxes
755
687
1,461
1,386
Income tax (expense) benefit
(742)
(146)
(920)
959
Income from continuing operations
13
541
541
2,345
Loss from discontinued operations, net of income taxes
—
—
—
(1)
Net income
$
13
$
541
$
541
$
2,344
Basic earnings per share:
Income from continuing operations
$
0.04
$
1.76
$
1.81
$
7.59
Net income
0.04
1.76
1.81
7.59
Diluted earnings per share:
Income from continuing operations
$
0.04
$
1.75
$
1.80
$
7.54
Net income
0.04
1.75
1.80
7.54
Weighted-average number of shares outstanding:
Basic
298
308
299
309
Diluted
300
310
301
311
TE CONNECTIVITY PLC
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
March 28,
September 27,
2025
2024
(in millions, except share data)
Assets
Current assets:
Cash and cash equivalents
$
2,554
$
1,319
Accounts receivable, net of allowance for doubtful accounts of $36 and $32, respectively
3,193
3,055
Inventories
2,603
2,517
Prepaid expenses and other current assets
724
740
Total current assets
9,074
7,631
Property, plant, and equipment, net
3,925
3,903
Goodwill
5,900
5,801
Intangible assets, net
1,161
1,174
Deferred income taxes
2,741
3,497
Other assets
855
848
Total assets
$
23,656
$
22,854
Liabilities, redeemable noncontrolling interests, and shareholders’ equity
Current liabilities:
Short-term debt
$
2,351
$
871
Accounts payable
1,843
1,728
Accrued and other current liabilities
1,805
2,147
Total current liabilities
5,999
4,746
Long-term debt
3,263
3,332
Long-term pension and postretirement liabilities
786
810
Deferred income taxes
211
199
Income taxes
396
411
Other liabilities
784
870
Total liabilities
11,439
10,368
Commitments and contingencies
Redeemable noncontrolling interests
132
131
Shareholders’ equity:
Preferred shares, $1.00 par value, 2 shares authorized, none outstanding as of March 28, 2025
—
—
Ordinary class A shares, €1.00 par value, 25,000 shares authorized, none outstanding as of March 28, 2025
—
—
Ordinary shares, $0.01 par value, 1,500,000,000 shares authorized, 301,276,687 shares issued and
common shares, CHF 0.57 par value, 316,574,781 shares authorized and issued, respectively
3
139
Accumulated earnings
12,811
14,533
Ordinary shares and common shares held in treasury, at cost, 4,139,531 and 16,656,681 shares, respectively
(615)
(2,322)
Accumulated other comprehensive income (loss)
(114)
5
Total shareholders’ equity
12,085
12,355
Total liabilities, redeemable noncontrolling interests, and shareholders’ equity
$
23,656
$
22,854
TE CONNECTIVITY PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Quarters Ended
For the Six Months Ended
March 28,
March 29,
March 28,
March 29,
2025
2024
2025
2024
(in millions)
Cash flows from operating activities:
Net income
$
13
$
541
$
541
$
2,344
Loss from discontinued operations, net of income taxes
—
—
—
1
Income from continuing operations
13
541
541
2,345
Adjustments to reconcile income from continuing operations to net cash
provided by operating activities:
Depreciation and amortization
192
192
378
386
Deferred income taxes
603
5
701
(1,212)
Non-cash lease cost
35
33
69
67
Provision for losses on accounts receivable and inventories
2
13
43
55
Share-based compensation expense
34
35
69
69
Other
22
24
34
64
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts receivable, net
(317)
(55)
(171)
72
Inventories
(14)
41
(132)
(241)
Prepaid expenses and other current assets
72
47
140
(1)
Accounts payable
(4)
(73)
146
55
Accrued and other current liabilities
(3)
(48)
(298)
(287)
Income taxes
25
3
55
15
Other
(7)
(48)
(44)
42
Net cash provided by operating activities
653
710
1,531
1,429
Cash flows from investing activities:
Capital expenditures
(230)
(167)
(435)
(318)
Proceeds from sale of property, plant, and equipment
1
—
2
2
Acquisition of businesses, net of cash acquired
4
10
(321)
(339)
Proceeds from divestiture of business, net of cash retained by business sold
—
—
—
38
Other
1
(2)
(7)
(10)
Net cash used in investing activities
(224)
(159)
(761)
(627)
Cash flows from financing activities:
Net increase (decrease) in commercial paper
1,155
30
1,245
(39)
Proceeds from issuance of debt
773
—
773
—
Repayment of debt
(579)
—
(579)
(1)
Proceeds from exercise of share options
25
22
59
33
Repurchase of ordinary/common shares
(306)
(409)
(609)
(885)
Payment of ordinary/common share dividends to shareholders
(193)
(182)
(382)
(365)
Other
(6)
—
(33)
(27)
Net cash provided by (used in) financing activities
869
(539)
474
(1,284)
Effect of currency translation on cash
2
(6)
(9)
(3)
Net increase (decrease) in cash, cash equivalents, and restricted cash
1,300
6
1,235
(485)
Cash, cash equivalents, and restricted cash at beginning of period
1,254
1,170
1,319
1,661
Cash, cash equivalents, and restricted cash at end of period
$
2,554
$
1,176
$
2,554
$
1,176
Supplemental cash flow information:
Income taxes paid, net of refunds
$
115
$
138
$
164
$
238
TE CONNECTIVITY PLC
RECONCILIATION OF FREE CASH FLOW (UNAUDITED)
For the Quarters Ended
For the Six Months Ended
March 28,
March 29,
March 28,
March 29,
2025
2024
2025
2024
(in millions)
Net cash provided by operating activities
$
653
$
710
$
1,531
$
1,429
Capital expenditures, net
(229)
(167)
(433)
(316)
Free cash flow (1)
$
424
$
543
$
1,098
$
1,113
(1) Free cash flow is a non-GAAP financial measure. See description of non-GAAP financial measures.
TE CONNECTIVITY PLC
SEGMENT DATA (UNAUDITED)
For the Quarters Ended
For the Six Months Ended
March 28,
March 29,
March 28,
March 29,
2025
2024
2025
2024
($ in millions)
Net Sales
Net Sales
Net Sales
Net Sales
Transportation Solutions
$
2,314
$
2,407
$
4,557
$
4,800
Industrial Solutions
1,829
1,560
3,422
2,998
Total
$
4,143
$
3,967
$
7,979
$
7,798
Operating
Operating
Operating
Operating
Operating
Operating
Operating
Operating
Income
Margin
Income
Margin
Income
Margin
Income
Margin
Transportation Solutions
$
445
19.2
%
$
477
19.8
%
$
891
19.6
%
$
964
20.1
%
Industrial Solutions
303
16.6
215
13.8
547
16.0
426
14.2
Total
$
748
18.1
%
$
692
17.4
%
$
1,438
18.0
%
$
1,390
17.8
%
Adjusted
Adjusted
Adjusted
Adjusted
Adjusted
Adjusted
Adjusted
Adjusted
Operating
Operating
Operating
Operating
Operating
Operating
Operating
Operating
Income (1)
Margin (1)
Income (1)
Margin (1)
Income (1)
Margin (1)
Income (1)
Margin (1)
Transportation Solutions
$
478
20.7
%
$
496
20.6
%
$
956
21.0
%
$
1,000
20.8
%
Industrial Solutions
327
17.9
239
15.3
594
17.4
466
15.5
Total
$
805
19.4
%
$
735
18.5
%
$
1,550
19.4
%
$
1,466
18.8
%
(1) Adjusted operating income and adjusted operating margin are non-GAAP financial measures. See description of non-GAAP financial measures.
TE CONNECTIVITY PLC
RECONCILIATION OF NET SALES GROWTH (DECLINE) (UNAUDITED)
Change in Net Sales for the Quarter Ended March 28, 2025
versus Net Sales for the Quarter Ended March 29, 2024
Net Sales
Organic Net Sales
Growth (Decline)
Growth (Decline) (1)
Translation (2)
Acquisitions
($ in millions)
Transportation Solutions (3):
Automotive
$
(37)
(2.1)
%
$
6
0.4
%
$
(43)
$
—
Commercial transportation
(27)
(7.0)
(20)
(5.1)
(7)
—
Sensors
(29)
(11.6)
(25)
(9.6)
(4)
—
Total Transportation Solutions
(93)
(3.9)
(39)
(1.5)
(54)
—
Industrial Solutions (3):
Automation and connected living
12
2.4
8
1.5
(10)
14
Aerospace, defense, and marine
32
9.4
37
10.8
(5)
—
Digital data networks
209
76.6
213
78.0
(4)
—
Energy
45
19.2
18
7.6
(7)
34
Medical
(29)
(13.7)
(29)
(13.7)
—
—
Total Industrial Solutions
269
17.2
247
15.7
(26)
48
Total
$
176
4.4
%
$
208
5.3
%
$
(80)
$
48
Change in Net Sales for the Six Months Ended March 28, 2025
versus Net Sales for the Six Months Ended March 29, 2024
Net Sales
Organic Net Sales
Acquisitions/
Growth (Decline)
Growth (Decline) (1)
Translation (2)
(Divestiture)
($ in millions)
Transportation Solutions (3):
Automotive
$
(111)
(3.1)
%
$
(49)
(1.3)
%
$
(50)
$
(12)
Commercial transportation
(71)
(9.6)
(61)
(8.3)
(10)
—
Sensors
(61)
(12.4)
(55)
(11.1)
(6)
—
Total Transportation Solutions
(243)
(5.1)
(165)
(3.4)
(66)
(12)
Industrial Solutions (3):
Automation and connected living
27
2.8
(13)
(1.4)
(12)
52
Aerospace, defense, and marine
76
12.0
82
12.9
(6)
—
Digital data networks
343
62.1
347
62.8
(4)
—
Energy
56
12.8
32
7.2
(10)
34
Medical
(78)
(19.0)
(78)
(19.0)
—
—
Total Industrial Solutions
424
14.1
370
12.3
(32)
86
Total
$
181
2.3
%
$
205
2.7
%
$
(98)
$
74
(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 PLC
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended March 28, 2025
(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
$
445
$
—
$
33
$
—
$
478
Industrial Solutions
303
12
12
—
327
Total
$
748
$
12
$
45
$
—
$
805
Operating margin
18.1
%
19.4
%
Income tax expense
$
(742)
$
(2)
$
(11)
$
574
$
(181)
Effective tax rate
98.3
%
22.3
%
Income from continuing operations
$
13
$
10
$
34
$
574
$
631
Diluted earnings per share from continuing operations
$
0.04
$
0.03
$
0.11
$
1.91
$
2.10
(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) Represents income tax expense related to a net increase in the valuation allowance for certain deferred tax assets associated with a ten-year tax credit obtained by a Swiss subsidiary in fiscal 2024.
(3) See description of non-GAAP financial measures.
TE CONNECTIVITY PLC
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended March 29, 2024
(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
$
477
$
—
$
19
$
496
Industrial Solutions
215
3
21
239
Total
$
692
$
3
$
40
$
735
Operating margin
17.4
%
18.5
%
Income tax expense
$
(146)
$
(1)
$
(6)
$
(153)
Effective tax rate
21.3
%
21.0
%
Income from continuing operations
$
541
$
2
$
34
$
577
Diluted earnings per share from continuing operations
$
1.75
$
0.01
$
0.11
$
1.86
(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 PLC
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Six Months Ended March 28, 2025
(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
$
891
$
—
$
65
$
—
$
956
Industrial Solutions
547
17
30
—
594
Total
$
1,438
$
17
$
95
$
—
$
1,550
Operating margin
18.0
%
19.4
%
Income tax expense
$
(920)
$
(3)
$
(20)
$
587
$
(356)
Effective tax rate
63.0
%
22.6
%
Income from continuing operations
$
541
$
14
$
75
$
587
$
1,217
Diluted earnings per share from continuing operations
$
1.80
$
0.05
$
0.25
$
1.95
$
4.04
(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 of $574 million related to a net increase in the valuation allowance for certain deferred tax assets associated with a ten-year tax credit obtained by a Swiss subsidiary in fiscal 2024 as well as income tax expense of $13 million related to the revaluation of deferred tax assets as a result of a decrease in the corporate tax rate in a non-U.S. jurisdiction.
(3) See description of non-GAAP financial measures.
TE CONNECTIVITY PLC
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Six Months Ended March 29, 2024
(UNAUDITED)
Adjustments
Acquisition-
Restructuring
Related
and Other
Adjusted
U.S. GAAP
Charges (1)
Charges, Net (1)
Tax Items (2)
(Non-GAAP) (3)
($ in millions, except per share data)
Operating income:
Transportation Solutions
$
964
$
—
$
33
$
3
$
1,000
Industrial Solutions
426
11
28
1
466
Total
$
1,390
$
11
$
61
$
4
$
1,466
Operating margin
17.8
%
18.8
%
Income tax (expense) benefit
$
959
$
(2)
$
(11)
$
(1,254)
$
(308)
Effective tax rate
(69.2)
%
21.1
%
Income from continuing operations
$
2,345
$
9
$
50
$
(1,250)
$
1,154
Diluted earnings per share from continuing operations
$
7.54
$
0.03
$
0.16
$
(4.02)
$
3.71
(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 an $874 million net income tax benefit associated with a ten-year tax credit obtained by a Swiss subsidiary and a $262 million income tax benefit related to the revaluation of deferred tax assets as a result of a corporate tax rate increase in Switzerland. Also includes a $118 million income tax benefit associated with the tax impacts of a legal entity restructuring with related costs of $4 million recorded in selling, general, and administrative expenses for other non-income taxes.
(3) See description of non-GAAP financial measures.
TE CONNECTIVITY PLC
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended June 28, 2024
(UNAUDITED)
Adjustments
Acquisition-
Restructuring
Related
and Other
Adjusted
U.S. GAAP
Charges (1)
Charges, Net (1)
(Non-GAAP) (2)
($ in millions, except per share data)
Operating income:
Transportation Solutions
$
506
$
—
$
(8)
$
498
Industrial Solutions
249
5
14
268
Total
$
755
$
5
$
6
$
766
Operating margin
19.0
%
19.3
%
Income tax expense
$
(181)
$
—
$
4
$
(177)
Effective tax rate
24.0
%
23.1
%
Income from continuing operations
$
573
$
5
$
10
$
588
Diluted earnings per share from continuing operations
$
1.86
$
0.02
$
0.03
$
1.91
(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 PLC
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Year Ended September 27, 2024
(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
$
1,880
$
—
$
67
$
3
$
1,950
Industrial Solutions
916
21
99
1
1,037
Total
$
2,796
$
21
$
166
$
4
$
2,987
Operating margin
17.6
%
18.9
%
Income tax (expense) benefit
$
397
$
(3)
$
(29)
$
(1,016)
$
(651)
Effective tax rate
(14.2)
%
21.8
%
Income from continuing operations
$
3,194
$
18
$
137
$
(1,012)
$
2,337
Diluted earnings per share from continuing operations
$
10.34
$
0.06
$
0.44
$
(3.28)
$
7.56
(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 a $636 million net income tax benefit associated with a $972 million ten-year tax credit obtained by a Swiss subsidiary reduced by a $336 million valuation allowance related to the amount of the tax credit not expected to be realized. Also includes a $262 million income tax benefit related to the revaluation of deferred tax assets as a result of a corporate tax rate increase in Switzerland and a $118 million income tax benefit associated with the tax impacts of a legal entity restructuring with related costs of $4 million recorded in selling, general, and administrative expenses for other non-income taxes.
(3) See description of non-GAAP financial measures.
TE CONNECTIVITY PLC
RECONCILIATION OF FORWARD-LOOKING NON-GAAP FINANCIAL MEASURES
TO FORWARD-LOOKING GAAP FINANCIAL MEASURES
As of April 23, 2025
(UNAUDITED)
Outlook for
Quarter Ending
June 27,
2025
Diluted earnings per share from continuing operations
$
2.02
Restructuring and other charges, net
0.02
Acquisition-related charges
0.02
Adjusted diluted earnings per share from continuing operations (1)
$
2.06
Net sales growth
8.1
%
(Acquisitions) divestitures, net
(3.0)
Organic net sales growth (1)
5.1
%
(1) See description of non-GAAP financial measures.
View original content to download multimedia:https://www.prnewswire.com/news-releases/te-connectivity-delivers-sales-and-eps-above-guidance-in-second-quarter-of-fiscal-year-2025-302435176.html
SOURCE TE Connectivity plc
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Technology
Workday Adaptive Planning Achieves FedRAMP Moderate Authorization to Support Federal Workforce and Budget Planning
Published
7 minutes agoon
July 23, 2026By
New Milestone Helps Federal Agencies Plan Workforce and Budgets in One Secure, Modern System
WASHINGTON, July 23, 2026 /PRNewswire/ — Workday Government, a wholly owned subsidiary of Workday, Inc. (NASDAQ: WDAY), the enterprise AI platform for HR, finance, and IT, today announced that Workday Adaptive Planning has achieved FedRAMP Authorization at the Moderate Impact Level. The authorization confirms that Workday Adaptive Planning meets the security and compliance standards required to handle sensitive, unclassified federal data, giving agencies a secure, compliant foundation for modern planning.
Federal agencies are under pressure to do more with less, manage costs, and maintain clear records of their decisions. Yet disconnected data, legacy systems, and manual spreadsheet work can make it hard to understand how organizational decisions affect the workforce. Workday Adaptive Planning helps agencies modernize planning by bringing workforce planning, budgeting, and forecasting together so agencies can plan with connected workforce and financial data.
“Federal agencies must align their people, funding, and priorities to deliver their missions effectively,” said Lynn Martin, general manager, Workday Government. “With FedRAMP Moderate authorization, Workday Adaptive Planning gives agencies the secure foundation they need to unify workforce and financial planning. This clarity allows leaders to evaluate trade-offs, allocate resources with impact, and prepare confidently for what lies ahead.”
With Workday Adaptive Planning, agencies can model and assess the workforce implications of organizational change, such as hiring freezes, budget reductions, or reorganizations, to understand the potential effects on headcount, costs, project timelines, and mission readiness. Agencies can also use workforce data to identify talent trends and skills gaps. Finance teams can evaluate competing program requests, allocate costs across funds and programs, monitor budgets throughout the procurement lifecycle, and identify potential overruns earlier. Built-in audit capabilities and FIPS 140-3 compliant security help agencies strengthen fiscal discipline, maintain compliance, and make faster, better-informed decisions.
“Federal agencies need a planning tool they can trust to protect their data and still move fast,” said Ben Pierce, general manager, Workday Adaptive Planning. “With FedRAMP authorization, Workday Adaptive Planning gives them a secure, modern way to make budgeting and workforce planning less painful and a lot more useful.”
As part of Workday Government Cloud, Workday Adaptive Planning works alongside Workday human capital management and financial solutions, helping agencies plan with connected data. By bringing planning into the same platform that powers HR and finance, Workday Government helps agencies move beyond systems that simply record work to a modern, connected foundation for planning safely and collaboratively.
Workday Adaptive Planning is expected to be available to Workday Government customers in early 2027.
For More Information
Explore how Workday Adaptive Planning gives government organizations the power to plan, budget, and forecast the future here.Learn about the mission of Workday Government here.
About Workday Government
Workday Government is a wholly owned subsidiary of Workday, the enterprise AI platform for HR, finance, and IT. Workday Government is dedicated to serving the U.S. government by unifying HR and finance on one intelligent platform with AI at the core, empowering agencies at every level with the clarity, confidence, and insights they need to adapt quickly, make better decisions, and deliver on their missions. Workday Government supports a range of agencies across the civilian, defense, and intelligence communities. For more information about Workday Government, visit workday.com/federal. For more information about Workday visit workday.com.
Forward-Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding Workday’s plans, beliefs, and expectations. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to, risks described in our filings with the Securities and Exchange Commission (“SEC”), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by law.
Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday’s discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.
View original content to download multimedia:https://www.prnewswire.com/news-releases/workday-adaptive-planning-achieves-fedramp-moderate-authorization-to-support-federal-workforce-and-budget-planning-302833362.html
SOURCE Workday Inc.
Technology
Ontinue Wins Gold Stevie® Award for Advancing the Future of Managed Security Operations
Published
7 minutes agoon
July 23, 2026By
Recognition Honors the Innovation Behind Ontinue’s Agentic SOC, Where AI Agents And Expert Cyber Defenders Work Together to Deliver Autonomous, Governed Security Operations
ZURICH, July 23, 2026 /PRNewswire/ — Ontinue, a leading MXDR partner providing nonstop managed security operations through its Agentic SOC, today announced it received a Gold Stevie® for Technology Excellence Award, recognizing the innovation behind its ION MXDR platform and Agentic SOC. The award was presented in the New Product of the Year – Information Technology (Cybersecurity) category, honoring Ontinue’s continued advancement of AI-powered security operations.
Ontinue was recognized for pioneering the Agentic SOC, a new operating model that treats security decision-making itself as software: governed, measurable, and built to scale with attackers who now operate at machine speed. Rather than layering AI onto existing workflows, Ontinue re-engineered its ION MXDR platform around a multi-agent architecture, with specialized agents spanning threat hunting, investigation, response, and posture hardening, that reason over each customer’s accumulated context and progressively take on more decision-making as trust is earned, while Ontinue’s Cyber Defenders retain governance and accountability throughout.
Ontinue defines an Agentic SOC as a security operations model in which software agents progressively assume responsibility for security decisions and actions, under continuous human governance, using accumulated context, policy, and learned behavior. In December 2024, this model went live in production for every ION MXDR customer, extending autonomous investigation to Tier 2-level incidents for the first time in the industry. The result is a platform that acts less like a tool and more like a team.
Ontinue’s Agentic SOC, by the numbers:
Autonomously investigates incidents within minutesCuts mean time to investigate by 50 percentResolves 99.5 percent of incidents without customer involvementDrives median response time for high-severity incidents under nine minutesPre-approves 97 percent of response actions, based on trust earned directly from customers
For Ontinue’s customers, that translates directly into business outcomes, such has stronger Secure Scores, security teams freed from alert fatigue, and hundreds of analyst hours returned to work that actually moves the business forward.
“The cybersecurity industry doesn’t need more AI features, it needs a fundamentally better way to operate security,” said Moritz Mann, Chief Executive Officer at Ontinue. “This recognition validates the work our teams have done over the past two years to transform AI from an assistant into a trusted operational capability. It’s recognition of an operating model that is already delivering measurable outcomes for customers every day.”
“We congratulate all of the winners in the third annual Stevie® Awards for Technology Excellence for their outstanding achievements,” said Stevie Awards President Maggie Miller. “Their innovations are helping shape the future of technology across every industry, and we look forward to celebrating their success on October 28.”
The Stevie Awards for Technology Excellence celebrate the remarkable accomplishments of individuals, teams, and organizations shaping the future of technology across all industry sectors. More than 700 nominations from organizations of all sizes in 37 nations and territories were submitted this year for consideration in a wide range of tech-related categories. More than 180 professionals worldwide participated in the judging process to select this year’s honorees.
Details about the Stevie Awards for Technology Excellence and the list of 2026 Stevie winners are available at http://Tech.StevieAwards.com.
About Ontinue
As a leading provider of AI-powered managed security operations, Ontinue is on a mission to give every organization the freedom to focus on what they do best; by making nonstop security excellence accessible, not just aspirational. By combining advanced AI with deep human expertise, Ontinue delivers managed security operations that are tailored to each organization’s unique environment, operational needs, and risk profile.
Ontinue’s ION SecOps Platform integrates AI-driven insights, automation, and real-time collaboration to continuously prevent, detect, and respond to threats. With deep expertise in Microsoft security technologies, Ontinue helps customers maximize the value of their existing investments while achieving stronger, more scalable security outcomes.
Continuous protection. AI-powered Nonstop SecOps. That’s Ontinue.
About the Stevie Awards
Stevie Awards are conferred in nine programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Great Employers, the Stevie Awards for Women in Business, the Stevie Awards for Technology Excellence and the Stevie Awards for Sales & Customer Service. Stevie Awards competitions receive more than 12,000 entries each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at http://www.StevieAwards.com.
CONTACT: Alison Raymond, araymond@ontinue.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/ontinue-wins-gold-stevie-award-for-advancing-the-future-of-managed-security-operations-302833367.html
SOURCE Ontinue
Technology
New Harris Poll and Ruth AI Study: 81% of Americans Would Let an AI Agent Handle Part of Their Job Search
Published
7 minutes agoon
July 23, 2026By
Nearly half would let AI negotiate their salary, while 76% have never heard that AI can provide biased career guidance
SAN FRANCISCO, July 23, 2026 /PRNewswire/ — Artificial intelligence has become a mainstream source of career and financial advice for American workers, according to a national survey of 2,131 U.S. adults conducted by The Harris Poll in collaboration with Ruth AI, the AI career strategist built for women.
The full study, The Trust Gap, is available at https://ruthapp.ai/research and has already drawn coverage from Fast Company.
Nearly half of Americans (45%) have used an AI platform such as ChatGPT, Claude, or Gemini for career or work-related advice. That rises to 66% of Millennials and 63% of Gen Z. One in three U.S. adults has used AI for advice about money at work, including salary, raises, bonuses, or negotiating pay.
Americans are also increasingly willing to let AI act on their behalf. Eighty-one percent would be comfortable having an AI agent handle at least one part of a job search, climbing to 90% of Millennials. A majority would let AI search for jobs (67%), conduct pre-interview research (67%), update their resume (65%), or apply for jobs outright (55%). Nearly half would let AI negotiate their benefits (49%) or salary (47%).
Yet awareness of the technology’s documented limitations remains low. Three in four Americans (76%) had never heard that independent research has found AI can produce biased career and salary guidance. Seventy-two percent agree that AI can sound confident even when its advice turns out to be wrong.
“Americans are handing AI some of the most consequential decisions of their working lives, from the job search to the salary ask, while most have never heard that the guidance can carry bias,” said Valerie Chapman, founder and CEO of Ruth AI. “We are delegating faster than we are asking questions. The responsibility now falls on the people building AI to earn the trust users are already giving it.”
About the Survey
The survey was conducted online within the United States by The Harris Poll from June 11-13, 2026, among a nationally representative sample of 2,131 U.S. adults, including 420 Gen Z adults, 620 Millennials, 519 Gen X adults, and 572 Baby Boomers. Data were weighted to the U.S. general adult population. Some questions were asked only of respondents who had used AI for the relevant purpose. References to research on biased AI guidance refer to external academic research (Sorokovikova, Chizhov, Eremenko & Yamshchikov, 2025; arXiv:2506.10491) and are not findings measured by this survey.
About The Harris Poll Thought Leadership Practice
Building on more than 60 years of experience pulsing societal opinion, The Harris Poll Thought Leadership Practice designs research that is credible, creative, and culturally relevant, driving thought leadership and uncovering trends for today’s biggest brands.
About Ruth AI
Ruth AI is an AI career strategist built for women, on a mission to close the $1.6 trillion gender wage gap. Based in San Francisco, Ruth AI is building a suite of AI agents that help women build personal brands, negotiate their worth, and launch their businesses. Learn more at https://ruthapp.ai.
Media Contact
Valerie Chapman
Founder and CEO, Ruth AI
419380@email4pr.com
786-375-1110
View original content to download multimedia:https://www.prnewswire.com/news-releases/new-harris-poll-and-ruth-ai-study-81-of-americans-would-let-an-ai-agent-handle-part-of-their-job-search-302833298.html
SOURCE Ruth AI
Workday Adaptive Planning Achieves FedRAMP Moderate Authorization to Support Federal Workforce and Budget Planning
Ontinue Wins Gold Stevie® Award for Advancing the Future of Managed Security Operations
New Harris Poll and Ruth AI Study: 81% of Americans Would Let an AI Agent Handle Part of Their Job Search
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