TE Connectivity sees softening market despite 9% growth
Swiss connector and sensor giant TE Connectivity has seen significant growth in 2022 but is not immune to the cycles of the rest of the industry.
Net sales for Q4 were $4.4bn, up 21% organically year over year, with growth across all segments. However order levels were slightly lower at $4.3B with a book to bill of 0.98 and for the next quarter, the company expects net sales of approximately $3.75bn, a drop of 2%.
For the full year, net sales were a record $16.3bn, up 9% on 2021 which was also a record year, bouncing back after Covid-19.
“Our strong finish and record performance in fiscal 2022 were due to both the strategic positioning of our portfolio and the ability of our global teams to continue executing in a dynamic macro environment. For the full year, we delivered double-digit organic growth, including growth in all segments,” said Terrence Curtin, CEO of TE Connectivity.
“We remain focused on innovating with our customers around the world to enhance our leadership position in long term growth and sustainability trends including electric vehicles, cloud computing, renewable energy and factory automation applications. Our order and backlog trends remain favourable, and while we may experience cyclicality in certain markets from broader macro challenges as we enter 2023, we are confident that we are well positioned to capitalize on long-term trends that will drive future growth.”
Transportation connectivity and sensors is the largest segment with revenue of $9.2bn in 2022, twice the size of the Industrial segment. Along with communications connectivity, all three areas saw growth.
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For the Quarters Ended |
For the Years Ended |
||||||||||||||||||||||
|
September 30, |
September 24, |
September 30, |
September 24, |
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|
2022 |
2021 |
2022 |
2021 |
||||||||||||||||||||
|
($ in millions) |
|||||||||||||||||||||||
|
Net Sales |
Net Sales |
Net Sales |
Net Sales |
||||||||||||||||||||
|
Transportation Solutions |
$ |
2,447 |
$ |
2,198 |
$ |
9,219 |
$ |
8,974 |
|||||||||||||||
|
Industrial Solutions |
1,252 |
1,017 |
4,520 |
3,844 |
|||||||||||||||||||
|
Communications Solutions |
660 |
603 |
2,542 |
2,105 |
|||||||||||||||||||
|
Total |
$ |
4,359 |
$ |
3,818 |
$ |
16,281 |
$ |
14,923 |
|||||||||||||||
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