EX-99.1 2 a18-37220_2ex99d1.htm EX-99.1

Exhibit 99.1

 

TE CONNECTIVITY LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

 

 

 

For the Quarters Ended

 

For the Years Ended

 

 

 

September 28,

 

June 29,

 

March 30,

 

December 29,

 

September 29,

 

June 30,

 

March 31,

 

December 30,

 

September 28,

 

September 29,

 

September 30,

 

 

 

2018

 

2018

 

2018

 

2017

 

2017

 

2017

 

2017

 

2016

 

2018

 

2017

 

2016 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

3,509

 

$

3,581

 

$

3,562

 

$

3,336

 

$

3,235

 

$

3,095

 

$

3,007

 

$

2,848

 

$

13,988

 

$

12,185

 

$

11,352

 

Cost of sales

 

2,327

 

2,394

 

2,350

 

2,172

 

2,168

 

2,035

 

1,966

 

1,833

 

9,243

 

8,002

 

7,525

 

Gross margin

 

1,182

 

1,187

 

1,212

 

1,164

 

1,067

 

1,060

 

1,041

 

1,015

 

4,745

 

4,183

 

3,827

 

Selling, general, and administrative expenses

 

414

 

394

 

409

 

377

 

398

 

396

 

393

 

356

 

1,594

 

1,543

 

1,396

 

Research, development, and engineering expenses

 

171

 

171

 

173

 

165

 

155

 

157

 

152

 

147

 

680

 

611

 

603

 

Acquisition and integration costs

 

5

 

4

 

3

 

2

 

1

 

1

 

2

 

2

 

14

 

6

 

22

 

Restructuring and other charges (credits), net

 

22

 

64

 

6

 

34

 

22

 

20

 

59

 

46

 

126

 

147

 

(2

)

Operating income

 

570

 

554

 

621

 

586

 

491

 

486

 

435

 

464

 

2,331

 

1,876

 

1,808

 

Interest income

 

4

 

3

 

4

 

4

 

6

 

3

 

4

 

3

 

15

 

16

 

17

 

Interest expense

 

(27

)

(26

)

(28

)

(26

)

(35

)

(31

)

(33

)

(31

)

(107

)

(130

)

(127

)

Other income (expense), net

 

(1

)

(1

)

1

 

2

 

(11

)

(13

)

(10

)

(8

)

1

 

(42

)

(677

)

Income from continuing operations before income taxes

 

546

 

530

 

598

 

566

 

451

 

445

 

396

 

428

 

2,240

 

1,720

 

1,021

 

Income tax (expense) benefit

 

1,128

 

(77

)

(108

)

(599

)

(62

)

(55

)

(22

)

(41

)

344

 

(180

)

826

 

Income (loss) from continuing operations

 

1,674

 

453

 

490

 

(33

)

389

 

390

 

374

 

387

 

2,584

 

1,540

 

1,847

 

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

 

(13

)

1

 

—

 

(7

)

45

 

45

 

31

 

22

 

(19

)

143

 

162

 

Net income

 

$

1,661

 

$

454

 

$

490

 

$

(40

)

$

434

 

$

435

 

$

405

 

$

409

 

$

2,565

 

$

1,683

 

$

2,009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

4.82

 

$

1.30

 

$

1.40

 

$

(0.09

)

$

1.10

 

$

1.10

 

$

1.05

 

$

1.09

 

$

7.38

 

$

4.34

 

$

5.05

 

Income (loss) from discontinued operations

 

(0.04

)

—

 

—

 

(0.02

)

0.13

 

0.13

 

0.09

 

0.06

 

(0.05

)

0.40

 

0.44

 

Net income (loss)

 

4.79

 

1.30

 

1.40

 

(0.11

)

1.23

 

1.23

 

1.14

 

1.15

 

7.33

 

4.74

 

5.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

4.78

 

$

1.29

 

$

1.38

 

$

(0.09

)

$

1.09

 

$

1.09

 

$

1.04

 

$

1.08

 

$

7.32

 

$

4.30

 

$

5.01

 

Income (loss) from discontinued operations

 

(0.04

)

—

 

—

 

(0.02

)

0.13

 

0.13

 

0.09

 

0.06

 

(0.05

)

0.40

 

0.44

 

Net income (loss)

 

4.75

 

1.29

 

1.38

 

(0.11

)

1.22

 

1.22

 

1.13

 

1.14

 

7.27

 

4.70

 

5.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

347

 

349

 

351

 

352

 

353

 

355

 

356

 

356

 

350

 

355

 

366

 

Diluted

 

350

 

352

 

354

 

352

 

356

 

358

 

359

 

359

 

353

 

358

 

369

 

 

(1) Fiscal 2016 was a 53-week year.