TE Connectivity sees record results
Net sales in the fourth quarter for TE Connectivity were $3.8bn, up approximately 17 percent on the previous year and up 13 percent from $3.3bn on the same quarter in 2019 before the pandemic.
The quarter saw the completion of the acquisition of ERNI Group, a European connector manufacturer focused on factory automation markets, and the company predicts continuing growth for next quarter. Year to year comparisons for 2020 can show artifically high growth as a result of the Covid-19 downturn, so comparisons with 2019 provide a better view of any growth.
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Over the last year, the company saw an increase of 23 percent in sales to $14.9bn, and up 10 percent from $13.4bn in 2019. However this year surpasses 2018 which had sales of $13.98bn.
Profits in the quarter were $794m, up from $230m the same quarter in 2020. Annual profits were $2.2bn, compared to a loss of $240m in 2020 and profits of $1.8bn in 2019.
“We had a strong finish to fiscal 2021 with sales and adjusted earnings in the fourth quarter exceeding expectations despite broader global supply challenges,” said Terrence Curtin, CEO of TE Connectivity CEO.
“Our performance demonstrates the strength and diversity of our portfolio, which is reflected in sales and earnings above pre-Covid levels. We will continue to benefit from our leadership positions in long-term technology trends of electric vehicles, data and cloud, factory automation and renewable investments, which are enabling us to grow above the markets we serve,” he said.
For the first quarter of fiscal 2022, the company expects net sales of approximately $3.7bn, reflecting an increase of 4 percent on an organic basis year over year.
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