TE Connectivity fiscal 2024 adjusted operating income hit $2.99 billion; sales fell
TE Connectivity released unaudited segment results for fiscal 2024 and recast prior periods to reflect a new segment structure effective for the first quarter of fiscal 2025. Fiscal 2024 adjusted operating income rose to $2.99 billion from $2.68 billion, while net sales declined to $15.85 billion from $16.03 billion, and the company said the recast does not restate previously reported financial statements.
- Fiscal 2024 net sales were $15.85 billion, compared with $16.03 billion in fiscal 2023.
- Fiscal 2024 operating income was $2.80 billion, compared with $2.30 billion; adjusted operating income was $2.99 billion, compared with $2.68 billion.
- Fourth-quarter fiscal 2024 net sales were $4.07 billion, compared with $4.04 billion for the quarter ended September 29, 2023; adjusted operating income was $755 million, compared with $699 million.
- Effective for the first quarter of fiscal 2025, the Communications Solutions businesses moved into Industrial Solutions, and Transportation Solutions and Industrial Solutions are the two reporting segments.