The document provides a summary of TE Connectivity's Q1 2016 earnings. Some key points:
- Sales were above guidance at $2.83 billion, down 7% year-over-year but down only 2% organically. Adjusted EPS was above the high end of guidance at $0.84, down 6% year-over-year.
- Transportation sales were above expectations, helped by strength in automotive. Industrial sales remained sluggish. Communications sales declined due to weakness in China, appliances, and data/devices markets.
- Bookings increased 3% sequentially, with book-to-bill above 1.0 across all segments. Adjusted operating margin was resilient despite macro challenges.
- Net revenue for the second quarter of fiscal 2016 was $511 million, down 10% from the previous year. Earnings per share were $0.32 excluding special items, down 3% from the previous year.
- Free cash flow on a trailing twelve month basis was $703 million, up 6% from the previous year and representing 32% of revenue.
- Guidance for the third quarter of fiscal 2016 forecasts revenue between $535-575 million and earnings per share between $0.38-0.44 excluding special items.
This document summarizes Cisco's Q2 Fiscal Year 2016 conference call. The call discussed Cisco's financial performance for Q2 2016, noting 2% revenue growth and 8% growth in non-GAAP earnings per share. Cisco also provided guidance for the next quarter and discussed key business trends, including momentum in networking, security, cloud-based solutions, and acquisitions. The call included a question and answer session with analysts.
3M reported financial results for the fourth quarter of 2015. GAAP EPS was $1.66, down 8.3% year-over-year. Excluding restructuring charges, EPS was $1.80, down 0.6% year-over-year. Sales were $7.3 billion, down 5.4% in dollar terms and 1.1% in organic local currency. Operating margins were 20.5%, down 100 basis points year-over-year but up 60 basis points excluding restructuring. The company returned $1.8 billion to shareholders through dividends and share repurchases.
- TE Connectivity reported record Q3 adjusted EPS of $1.08, up 20% year-over-year and above guidance.
- Sequential increases in revenue of 6% and orders of 7% were driven by growth in harsh environment businesses.
- For Q4, revenue is expected to be $3.35 billion at the mid-point with adjusted EPS of $1.20, including the impact of an extra week.
- Full year adjusted EPS guidance was reiterated at $4.00, up 11% year-over-year, on slightly reduced revenue of $12.25 billion at the mid-point.
Belden is a global company that provides signal transmission solutions through five business platforms: broadcast, enterprise connectivity, industrial connectivity, industrial IT, and network security. The document discusses Belden's financial performance from 2005 to 2015, highlighting improvements in EBITDA margin, return on invested capital, and free cash flow. It also outlines Belden's strategies for continued growth, margin expansion, and shareholder value creation through 2018.
Investor roadshow presentation february 2016 final-v2
The document provides forward-looking statements and guidance for fiscal year 2016. It states that certain statements made are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially. It then provides an outlook for fiscal year 2016 including total revenue growth of approximately 15% to $3.1 billion, adjusted EBITDA growth of approximately 30% to $190 million, and adjusted EPS of approximately $2.65. It also notes acquisitions completed in 2015 and 2016 that contribute to the projected revenue and earnings.
Cornerstone provides a corporate overview and highlights of its second quarter 2016 performance. It discusses its evolution over the past 16 years from 4 employees to over 2,500 clients and 25 million users today. Cornerstone also outlines its strong financial results with continued growth in revenue, bookings, clients, and users. It shares its vision and strategy to achieve $1 billion in revenue by continuing its leadership in the talent management market and pursuing opportunities in new industries, geographies, market segments, and with its large installed base.
The document provides an overview of TE Connectivity's 2013 investor meeting. It discusses forward-looking statements and non-GAAP measures. It then summarizes key aspects of TE's business including its leadership position in connectivity solutions, consistent execution of its strategy, focused connectivity portfolio across industries, and global scale. TE is positioned for consistent double-digit earnings growth through its various business segments.
TE Connectivity - 2016 Credit Suisse Technology, Media & Telecom Conference
This document provides an overview of TE Connectivity from their November 2016 presentation at the Credit Suisse Technology, Media & Telecom Conference. It discusses TE Connectivity's position as a global leader in connectivity and sensor solutions serving a $170 billion market. It also summarizes TE's strategy of focusing on harsh environment and sensor technologies through acquisitions, as well as their goal of expanding operating margins through productivity initiatives while returning capital to shareholders. Non-GAAP financial measures are also defined for investors.
1) The company reported 1.2% comparable revenue growth in Q2 2018 compared to the prior year. Digital sales increased as a percentage of total sales and mobile sales grew as a percentage of digital sales.
2) The net loss improved by $2 million, EPS improved by $0.03, and Adjusted EBITDA grew 12% compared to Q2 2017.
3) Guidance for 2018 was affirmed, with expected normalized sales growth of 2-5% and Adjusted EBITDA of $19-21 million.
This document provides a summary of Broadwind's Q4 2015 earnings conference call. It discusses Broadwind's industry data and forward-looking statements, highlights from 2016 including doubling orders and maintaining tower production, an overview of the wind market and orders/backlog, consolidated financial results including a loss in Q4 2015, results for the towers and weldments segment including an operating loss in Q4, and results for the gearing segment with declining orders from oil and gas. Broadwind provides an outlook for Q1 2016 assuming tower production has stabilized and gearing demand continues to manage costs.
The document discusses defining the future of cybersecurity and outlines challenges in the threat landscape. It then summarizes Symantec's solutions for enterprise security and cloud generation security, focusing on protecting against advanced threats, securing a mobile workforce, and ensuring safe cloud usage.
This document is Textron Inc.'s first quarter 2016 earnings call presentation which provides key financial data and discusses strategies. It notes revenues of $3.2 billion and segment profit of $280 million for Q1 2016. While manufacturing cash flow declined before pension contributions, earnings per share and revenues increased from Q1 2015. The presentation discusses quarterly sales growth across business segments and credit statistics for the finance segment.
This document discusses forward-looking statements made by the company regarding future financial performance and factors that could cause actual results to differ. It notes that estimates for fiscal year 2015 are based on prior management guidance and are not an update. The document also provides historical revenue and adjusted EBITDA figures for 2012-2014 and estimated 2015 revenue.
Q2 2016 Earnings Presentation - Bruker Corporation
- Bruker reported a 6% decline in Q2 revenue to $371.7M, driven primarily by delays in European academic funding and weaker industrial markets. With cost actions, non-GAAP gross profit margin expanded 250 bps to 47.6% and non-GAAP operating margin was flat at 10.8%.
- For H1 2016, revenue was essentially flat at $747.1M. Non-GAAP gross profit margin increased 110 bps to 47.2% and non-GAAP operating margin expanded 120 bps to 11.7%, resulting in 28% growth in non-GAAP EPS.
- Key priorities for 2016 include continuing margin expansion, strengthening business processes, and acceler
TE Connectivity acquired Creganna Medical for $895 million. Creganna Medical is a leading designer and manufacturer of minimally invasive interventional medical devices, with approximately $250 million in revenue. The acquisition expands TE's leadership in harsh environment applications and establishes it as a major player in the fast-growing $3 billion interventional medical device market. The acquisition is expected to be accretive to TE's revenue growth, adjusted EBITDA margins, and adjusted earnings per share.
The presentation provides an overview of Symantec's acquisition of LifeLock and the formation of an integrated consumer digital safety platform. Key points include:
- Symantec will combine Norton's consumer security suite with LifeLock's leading identity protection solution, creating a platform with over 50 million combined customers.
- The acquisition accelerates Symantec's transformation to a digital safety platform that protects consumers' information, devices, identity and connected home.
- LifeLock has demonstrated strong growth and retention rates, with 4.4 million members in the US and an implied customer life of 6.7 years.
- By integrating Norton and LifeLock's offerings, Symantec aims to provide comprehensive protection and monitoring
Teekay Corporation reported earnings for Q3 2015. Key highlights include:
- Teekay Parent generated $59.8 million in free cash flow in Q3 2015, a 21% increase over Q2 2015, with a strong coverage ratio of 1.49x.
- Teekay Parent completed the sale of the Knarr FPSO to Teekay Offshore for $1.26 billion, increasing its dividend by 75% and reducing net debt by $900 million.
- Teekay's daughter entities continued to perform well, with all declaring distribution increases in Q3 2015, providing stable cash flows to Teekay Parent.
- Looking ahead, Teekay Parent expects higher net revenues
Dave McClure gave a talk about reinventing venture capital through 500 Startups' model of making many small investments. He discussed how technology has lowered the costs of starting companies and how platforms provide access to large customer bases. 500 Startups makes over 100 investments per year and aims to have a portfolio size of over 100 companies to increase chances of finding unicorns. Their strategy is to make many small "bets" and double down on the most promising companies. McClure also proposed training 500 new VCs through programs with Stanford to expand access to startup funding.
Delta is positioned to grow earnings and cash flow in 2016 through modest capacity growth, lower fuel prices providing a $3 billion tailwind, and momentum from commercial initiatives. Delta's international joint ventures and equity partnerships enhance its network and provide higher quality service for customers, while improving profitability compared to operating internationally alone. Delta's transatlantic joint ventures produce above-average margins and moving decision making for its transatlantic business to Amsterdam will further accelerate benefits.
Startup Roadkill??....these financing tools will help you avoid the 18 wheelers
From Bootstrapping to Crowdfunding, the financing of startup companies requires a range of considerations along with "funding creativity" and strong dose of persistence. Great value propositions have to find a way to get funded. Here's how.
Sprint reported its fiscal third quarter 2015 results, highlighting growing postpaid connections, improved churn rates, and raised full year guidance. Key points include: postpaid phone net additions were the highest in three years; churn was the lowest ever for a third quarter; and adjusted EBITDA guidance was increased due to stabilizing revenue and cost reductions. Significant steps were also taken to improve liquidity, including a $1.1 billion sale-leaseback transaction. The document also discussed network performance improvements through LTE Plus deployments.
- The document provides an overview and financial discussion of AuRico Gold Inc. for the first quarter of 2014.
- Key highlights include gold production of 54,214 ounces, operating cash flow of $24.5 million, and cash costs per ounce of $870.
- Outlook for 2014 includes total gold production of 210,000-240,000 ounces at all-in sustaining costs of $1,100-$1,200 per ounce.
Q2 fy17 earnings slides final no guidance1ir_cisco
This document summarizes Cisco's Q2 FY 2017 conference call. Some key highlights include:
- Total revenue was $11.6 billion, down 2% year-over-year. Non-GAAP EPS was flat at $0.57.
- Cisco continues shifting toward software and recurring revenue, with 51% year-over-year growth in product deferred revenue related to recurring software/subscriptions.
- Cisco delivered strong innovation in key areas like security, collaboration, and next-gen data center.
- Cisco continues returning value to shareholders, including a 12% dividend increase to $0.29 per share. Cisco also announced its intent to acquire AppDynamics to provide customers with deep analytics across networks
- Net revenue for the second quarter of fiscal 2016 was $511 million, down 10% from the previous year. Earnings per share were $0.32 excluding special items, down 3% from the previous year.
- Free cash flow on a trailing twelve month basis was $703 million, up 6% from the previous year and representing 32% of revenue.
- Guidance for the third quarter of fiscal 2016 forecasts revenue between $535-575 million and earnings per share between $0.38-0.44 excluding special items.
This document summarizes Cisco's Q2 Fiscal Year 2016 conference call. The call discussed Cisco's financial performance for Q2 2016, noting 2% revenue growth and 8% growth in non-GAAP earnings per share. Cisco also provided guidance for the next quarter and discussed key business trends, including momentum in networking, security, cloud-based solutions, and acquisitions. The call included a question and answer session with analysts.
3M reported financial results for the fourth quarter of 2015. GAAP EPS was $1.66, down 8.3% year-over-year. Excluding restructuring charges, EPS was $1.80, down 0.6% year-over-year. Sales were $7.3 billion, down 5.4% in dollar terms and 1.1% in organic local currency. Operating margins were 20.5%, down 100 basis points year-over-year but up 60 basis points excluding restructuring. The company returned $1.8 billion to shareholders through dividends and share repurchases.
- TE Connectivity reported record Q3 adjusted EPS of $1.08, up 20% year-over-year and above guidance.
- Sequential increases in revenue of 6% and orders of 7% were driven by growth in harsh environment businesses.
- For Q4, revenue is expected to be $3.35 billion at the mid-point with adjusted EPS of $1.20, including the impact of an extra week.
- Full year adjusted EPS guidance was reiterated at $4.00, up 11% year-over-year, on slightly reduced revenue of $12.25 billion at the mid-point.
Belden is a global company that provides signal transmission solutions through five business platforms: broadcast, enterprise connectivity, industrial connectivity, industrial IT, and network security. The document discusses Belden's financial performance from 2005 to 2015, highlighting improvements in EBITDA margin, return on invested capital, and free cash flow. It also outlines Belden's strategies for continued growth, margin expansion, and shareholder value creation through 2018.
Investor roadshow presentation february 2016 final-v2TrueBlueInc
The document provides forward-looking statements and guidance for fiscal year 2016. It states that certain statements made are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially. It then provides an outlook for fiscal year 2016 including total revenue growth of approximately 15% to $3.1 billion, adjusted EBITDA growth of approximately 30% to $190 million, and adjusted EPS of approximately $2.65. It also notes acquisitions completed in 2015 and 2016 that contribute to the projected revenue and earnings.
Cornerstone provides a corporate overview and highlights of its second quarter 2016 performance. It discusses its evolution over the past 16 years from 4 employees to over 2,500 clients and 25 million users today. Cornerstone also outlines its strong financial results with continued growth in revenue, bookings, clients, and users. It shares its vision and strategy to achieve $1 billion in revenue by continuing its leadership in the talent management market and pursuing opportunities in new industries, geographies, market segments, and with its large installed base.
The document provides an overview of TE Connectivity's 2013 investor meeting. It discusses forward-looking statements and non-GAAP measures. It then summarizes key aspects of TE's business including its leadership position in connectivity solutions, consistent execution of its strategy, focused connectivity portfolio across industries, and global scale. TE is positioned for consistent double-digit earnings growth through its various business segments.
TE Connectivity - 2016 Credit Suisse Technology, Media & Telecom ConferenceTEConnectivityltd
This document provides an overview of TE Connectivity from their November 2016 presentation at the Credit Suisse Technology, Media & Telecom Conference. It discusses TE Connectivity's position as a global leader in connectivity and sensor solutions serving a $170 billion market. It also summarizes TE's strategy of focusing on harsh environment and sensor technologies through acquisitions, as well as their goal of expanding operating margins through productivity initiatives while returning capital to shareholders. Non-GAAP financial measures are also defined for investors.
1) The company reported 1.2% comparable revenue growth in Q2 2018 compared to the prior year. Digital sales increased as a percentage of total sales and mobile sales grew as a percentage of digital sales.
2) The net loss improved by $2 million, EPS improved by $0.03, and Adjusted EBITDA grew 12% compared to Q2 2017.
3) Guidance for 2018 was affirmed, with expected normalized sales growth of 2-5% and Adjusted EBITDA of $19-21 million.
This document provides a summary of Broadwind's Q4 2015 earnings conference call. It discusses Broadwind's industry data and forward-looking statements, highlights from 2016 including doubling orders and maintaining tower production, an overview of the wind market and orders/backlog, consolidated financial results including a loss in Q4 2015, results for the towers and weldments segment including an operating loss in Q4, and results for the gearing segment with declining orders from oil and gas. Broadwind provides an outlook for Q1 2016 assuming tower production has stabilized and gearing demand continues to manage costs.
The document discusses defining the future of cybersecurity and outlines challenges in the threat landscape. It then summarizes Symantec's solutions for enterprise security and cloud generation security, focusing on protecting against advanced threats, securing a mobile workforce, and ensuring safe cloud usage.
This document is Textron Inc.'s first quarter 2016 earnings call presentation which provides key financial data and discusses strategies. It notes revenues of $3.2 billion and segment profit of $280 million for Q1 2016. While manufacturing cash flow declined before pension contributions, earnings per share and revenues increased from Q1 2015. The presentation discusses quarterly sales growth across business segments and credit statistics for the finance segment.
This document discusses forward-looking statements made by the company regarding future financial performance and factors that could cause actual results to differ. It notes that estimates for fiscal year 2015 are based on prior management guidance and are not an update. The document also provides historical revenue and adjusted EBITDA figures for 2012-2014 and estimated 2015 revenue.
Q2 2016 Earnings Presentation - Bruker CorporationInvestorBruker
- Bruker reported a 6% decline in Q2 revenue to $371.7M, driven primarily by delays in European academic funding and weaker industrial markets. With cost actions, non-GAAP gross profit margin expanded 250 bps to 47.6% and non-GAAP operating margin was flat at 10.8%.
- For H1 2016, revenue was essentially flat at $747.1M. Non-GAAP gross profit margin increased 110 bps to 47.2% and non-GAAP operating margin expanded 120 bps to 11.7%, resulting in 28% growth in non-GAAP EPS.
- Key priorities for 2016 include continuing margin expansion, strengthening business processes, and acceler
TE Connectivity acquired Creganna Medical for $895 million. Creganna Medical is a leading designer and manufacturer of minimally invasive interventional medical devices, with approximately $250 million in revenue. The acquisition expands TE's leadership in harsh environment applications and establishes it as a major player in the fast-growing $3 billion interventional medical device market. The acquisition is expected to be accretive to TE's revenue growth, adjusted EBITDA margins, and adjusted earnings per share.
The presentation provides an overview of Symantec's acquisition of LifeLock and the formation of an integrated consumer digital safety platform. Key points include:
- Symantec will combine Norton's consumer security suite with LifeLock's leading identity protection solution, creating a platform with over 50 million combined customers.
- The acquisition accelerates Symantec's transformation to a digital safety platform that protects consumers' information, devices, identity and connected home.
- LifeLock has demonstrated strong growth and retention rates, with 4.4 million members in the US and an implied customer life of 6.7 years.
- By integrating Norton and LifeLock's offerings, Symantec aims to provide comprehensive protection and monitoring
Teekay Corporation reported earnings for Q3 2015. Key highlights include:
- Teekay Parent generated $59.8 million in free cash flow in Q3 2015, a 21% increase over Q2 2015, with a strong coverage ratio of 1.49x.
- Teekay Parent completed the sale of the Knarr FPSO to Teekay Offshore for $1.26 billion, increasing its dividend by 75% and reducing net debt by $900 million.
- Teekay's daughter entities continued to perform well, with all declaring distribution increases in Q3 2015, providing stable cash flows to Teekay Parent.
- Looking ahead, Teekay Parent expects higher net revenues
Dave McClure gave a talk about reinventing venture capital through 500 Startups' model of making many small investments. He discussed how technology has lowered the costs of starting companies and how platforms provide access to large customer bases. 500 Startups makes over 100 investments per year and aims to have a portfolio size of over 100 companies to increase chances of finding unicorns. Their strategy is to make many small "bets" and double down on the most promising companies. McClure also proposed training 500 new VCs through programs with Stanford to expand access to startup funding.
Delta is positioned to grow earnings and cash flow in 2016 through modest capacity growth, lower fuel prices providing a $3 billion tailwind, and momentum from commercial initiatives. Delta's international joint ventures and equity partnerships enhance its network and provide higher quality service for customers, while improving profitability compared to operating internationally alone. Delta's transatlantic joint ventures produce above-average margins and moving decision making for its transatlantic business to Amsterdam will further accelerate benefits.
From Bootstrapping to Crowdfunding, the financing of startup companies requires a range of considerations along with "funding creativity" and strong dose of persistence. Great value propositions have to find a way to get funded. Here's how.
Presentation given by CEO Jeff Weiner, and CFO Steve Sordello, at LinkedIn Q4 2015 Earnings Call. For more information, check out http://investors.linkedin.com/.
This presentation of the economic outlook for the coming decade highlights the key findings from CBO’s report The Budget and Economic Outlook: 2016 to 2026, which was released in January.
An immersive workshop at General Assembly, SF. I typically teach this workshop at General Assembly, San Francisco. To see a list of my upcoming classes, visit https://generalassemb.ly/instructors/seth-familian/4813
I also teach this workshop as a private lunch-and-learn or half-day immersive session for corporate clients. To learn more about pricing and availability, please contact me at http://familian1.com
Successful people approach life with self-control, optimism, and an open-mindedness to learn. They think long-term about goals and decisions, embrace risks and failures as learning opportunities, and keep their approach simple. Successful people also show gratitude, embrace change, maintain a work-life balance, and want to help others succeed. Most importantly, successful people take responsibility for their actions and never make excuses.
Una simple renovacion de packaging no puede justificar la subida de precio. e...EAE Business School
Una simple renovación de formato o de packaging no puede justificar la subida de precio.señala Alejandro Alegret, profesor de EAE y consultor en marketing y distribución.
The document provides information about 3M's third quarter 2015 business review, including key financial results, sales performance by business and region, and upcoming investor events. Some highlights include:
- GAAP EPS of $2.05, up 3.5% year-over-year, on sales of $7.7 billion, down 5.2% due to negative foreign exchange impact.
- Operating margins expanded to 24.3% as organic local currency sales grew 1.2%.
- Upcoming investor events include the 2016 outlook meeting in December and investor day in March.
Event Report - Informatica Informatica World 2016Holger Mueller
Learn about theTop 3 Takeaways Constellation Research analyst Holger Mueller has distilled from Informatica Informatica World 2016, happening in San Francisco, May 23rd till 26th 2016.
- The company reported results for the second quarter of 2015, with production increasing 8% year-over-year to 15.3 MBoe/d and cash operating costs decreasing 26% to $11.02/Boe.
- The company drilled 9 and completed 10 Wolfcamp wells in the quarter and continued reducing well costs, with an average of $4.5 million per well compared to $5.5 million in 2014.
- Financial highlights included $32.6 million in EBITDAX, capital expenditures of $56.9 million (mostly for drilling and completions), and liquidity of $193 million as of June 30th.
Role of CFO in the Economic Turnaround - Manufacturing Sector Growth Rate - P...Resurgent India
The document discusses growth in India's manufacturing sector and the rupee movement against the US dollar. It states that India's manufacturing output is projected to reach $1 trillion by 2025, generating 90 million jobs. However, manufacturing declined 0.2% in 2013-2014 due to high interest rates, regulatory practices, and limited raw materials. The government is taking steps to boost the sector through increased exports and companies setting up plants in India. The rupee hit a historic low against the dollar in August 2013 but recovered in the first quarter of 2014, with fluctuations attributed to factors like the current account deficit, forex reserves, and foreign investors.
Atento reported its financial results for the second quarter of 2015. Revenue grew 11% year-over-year to $515.7 million, driven by strong growth in Brazil and the Americas. Adjusted EBITDA increased 15.8% to $62.1 million with margins expanding 40 basis points to 12%. The company reaffirmed its full year 2015 guidance and remains focused on profitable growth through new client wins and margin expansion initiatives.
- Teradata presented its third quarter 2015 results, highlighting its realigned structure into two divisions focused on data and analytics and marketing applications.
- It discussed its broad portfolio of workload-specific platforms that can scale across multiple dimensions to meet business needs rather than being limited by technology.
- Teradata has a strong balance sheet and cash flow position with over 40% of revenue coming from recurring sources and continued growth in cash from operations and free cash flow.
H1 2015 Venture Capital Financing in CanadaAmir Bashir
Toronto startups attracted the most venture capital financing in Canada for the first half of 2015, receiving $157M of the total $360M. Toronto and Waterloo/Kitchener combined captured 60% of all VC financing. Seed and Series A rounds saw strong activity with average deals of $1.1M and $5.7M respectively. Analytics was the top technology trend receiving investment, as storing, organizing and analyzing massive datasets has become important. While consumer startups receive media attention, 71% of VC dollars were actually invested in B2B startups, with many of the largest rounds going to unknown B2B companies.
Sprint reported its fiscal 1Q15 results with the following highlights:
- Postpaid phone net losses improved for the third consecutive quarter and postpaid churn was the best ever.
- Network performance improved significantly with 180 RootScore awards in the first half of 2015 compared to 27 in the same period last year.
- Cost reduction efforts and operational efficiencies increased adjusted EBITDA 14% year-over-year despite a decline in operating revenues.
- Strong liquidity of $6.6 billion and no significant debt maturities until December 2016.
- Guidance for fiscal 2015 forecasts consolidated adjusted EBITDA between $7.2-7.6 billion and cash capex of approximately $5 billion
Supply Chain Metrics That Matter: Semiconductors and Hard Disk Drives - 18 FE...Lora Cecere
Executive Overview
Supply chain leaders struggle to align corporate and supply chain strategy and drive improved performance. We term this difficult balancing act The Effective Frontier and explain it as the process of balancing growth, profitability, cycle and complexity within a company’s supply chain operations.
A supply chain is a complex system with increasing complexity. A major gap in many supply chain strategies is a nuanced understanding of supply chain potential when these elements are viewed together as a system.
The focus of this report is semiconductor and hard disk drive manufacturers. As seen in table 1, when it comes to supply chain performance, the industry is neither the best nor the worst. They fall squarely in the middle. While middle of the pack in operating margin, the industry has shown an increase in the cash-to-cash cycle and a decrease in inventory turns. With increasing complexity, the industry has struggled to maintain inventory turn performance over the period.
Companies further back in the supply chain have struggled to a higher degree to balance The Effective Frontier than those closer to usage. This is largely due to the bullwhip effect—the distortion of a demand signal as it gets passed downstream from trading partner to trading partner. The chemical industry manufacturers, like semiconductor & hard disk drive manufacturers, are three to five levels back in the supply chain. Comparing the results in table 1 for the two industries illustrates how much better the semiconductor & hard disk drive manufacturers have done in a similar orientation. Operating margin is comparable across the two, but the chemical industry has a higher cash-to-cash cycle level and almost a 50% lower inventory turns value.
Semiconductor and hard disk drive manufacturers have been successful in a challenging downstream position. Cost pressure from OEMS has not (as of yet) cut into margin, and growth levels have remained strong with the move to mobile. Inventory remains problematic with all six companies in this report, demonstrating increased DOI and decreased inventory turns, since the start of the century. Part of this is likely due to the lengthening of the global supply chain, while another part is partly due to rising product and process complexity, but it remains a concern.
Historically, the industry has made strong gains on productivity. An increasing move towards automation in the precision driven manufacturing environment is expected to continue the rise in revenue per employee performance.
In this report, we discuss the financial realities of the semiconductor and hard disk drive supply chain and offer recommendations for improvement.
Solid Q3 2015 earnings for TE Connectivity with sales up 1% year-over-year and adjusted EPS up 6% year-over-year. Sales were below guidance due to softness in certain end markets and foreign exchange headwinds. Adjusted gross margin and adjusted operating margin increased 50 basis points each due to productivity gains from the TE Operating Advantage program. Full year 2015 guidance was adjusted downward slightly due to weakness in China and supply chain adjustments, but adjusted EPS growth is still expected to be 10% year-over-year at the midpoint.
TE Connectivity reported strong Q2 2015 results with sales up 4% and adjusted EPS up 6% year-over-year. However, foreign exchange headwinds reduced revenue by $246M and EPS by $0.09 compared to the prior year. The company maintained its full-year 2015 outlook despite additional FX headwinds. Key highlights included organic sales growth across all business segments, margin expansion through productivity gains, and free cash flow of $217M. TE Connectivity also provided Q3 2015 revenue guidance of $3.13B to $3.23B, representing 3-7% organic sales growth year-over-year.
The document provides TE Connectivity's financial results for Q2 2015, with sales up 4% to $3.08 billion and adjusted EPS up 6% to $0.91, driven by strong performance across transportation, industrial, and communications solutions segments. Each segment saw organic sales growth, with transportation up 3%, industrial up 5%, and communications up 16%. The results exceeded guidance and demonstrate the company's ability to drive margin expansion and earnings growth despite foreign exchange headwinds.
Q1 2015 TE Connectivity Ltd. Earnings Conference CallTEConnectivityltd
TE Connectivity reported Q1 2015 earnings and announced the planned divestiture of its Broadband Networks Solutions business. Key points:
- Revenue was $3.47 billion, up 4% year-over-year, with adjusted EPS of $0.98, up 20% year-over-year.
- BNS will be sold to CommScope for $3 billion, about 10 times the business' adjusted EBITDA. The sale is expected to close by the end of 2015.
- For FY2015, guidance remains unchanged with adjusted EPS expected between $4.05-$4.35, up 11% over prior year despite foreign exchange headwinds.
Q1 2015 TE Connectivity Ltd. Earnings Conference CallTEConnectivityltd
TE Connectivity reported Q1 2015 earnings and announced the planned divestiture of its Broadband Networks Solutions business. Key points:
- Revenue was $3.47 billion, up 4% year-over-year, with adjusted EPS of $0.98, up 20% year-over-year.
- BNS will be sold to CommScope for $3 billion, about 10 times the business' adjusted EBITDA. The sale is expected to close by the end of 2015.
- For FY2015, guidance remains unchanged with adjusted EPS expected between $4.05-$4.35, up 11% over prior year despite foreign exchange headwinds.
TE Connectivity reported Q1 2015 earnings and announced plans to divest its Broadband Networks Solutions business. Key points:
- Revenue was $3.47 billion, up 4% year-over-year, with adjusted EPS of $0.98, up 20% year-over-year.
- TE will sell its BNS business to CommScope for $3 billion, recognizing the transaction is expected to be neutral to EPS one year after closing.
- The majority of the sale proceeds will be used for share repurchases.
- Full-year 2015 guidance was reiterated with adjusted EPS expected between $4.05-$4.35, up 11% year-over-year
Transportation sales grew 15% in Q4 2016 driven by strength in automotive, particularly in Asia and Europe. Industrial Solutions sales grew 16% due to acquisitions, while Communications Solutions sales declined 1% organically. Adjusted EPS was $1.27, above guidance. For the full year, sales were flat at $12.24B while adjusted EPS grew 13% to $4.08, above original guidance. The company expects continued sales and EPS growth in 2017.
- TE Connectivity reported Q3 2014 earnings with sales of $3.58 billion, up 4% year-over-year. Adjusted EPS was $1.00, up 14% year-over-year.
- Adjusted operating margin was 15.4%, up 60 basis points from the prior year, driven by volume growth, product mix, and productivity gains.
- Free cash flow for the quarter was $530 million. The company returned $169 million to shareholders in the form of dividends and share repurchases.
- For the full year 2014, the company expects sales of $13.95 billion at the midpoint, up 5% from 2013. Adjusted EPS is expected to be
- TE Connectivity reported strong Q1 2017 results with 7% year-over-year organic sales growth and record profitability. Adjusted EPS increased 37% to $1.15 per share.
- Transportation sales grew 11% organically driven by content growth in automotive. Industrial sales were flat organically. Communications sales grew 3% organically.
- Adjusted operating margin expanded 190 basis points to 17.5% due to increased volume and productivity. Free cash flow was $218 million.
- For FY2017, TE Connectivity is raising guidance with organic sales growth increased to 4% and adjusted EPS raised to $4.40 despite $0.16 in FX headwinds.
- TE Connectivity reported Q2 2014 sales of $3.43 billion, up 6% organically versus the prior year. Adjusted EPS was $0.95, up 25% versus the prior year.
- For full year 2014, the company expects sales between $13.95-$14.1 billion, up 5% organically from the prior year. Adjusted EPS is expected to be between $3.78-$3.84, up 17% from the prior year.
- The company also announced the planned acquisition of SEACON Group, a leading provider of underwater connector technology, for $490 million. The acquisition is expected to close in the current fiscal year.
This document provides a summary of DuPont's fourth quarter and full year 2015 earnings conference call. It discusses DuPont's financial results including operating earnings per share, net sales, segment operating earnings, and regional net sales highlights. The document also discusses factors impacting the fourth quarter results such as currency exchange rates, tax rates, and weakness in certain markets like agriculture. Additionally, it provides details on DuPont's balance sheet, cash flow, cost savings initiatives, the planned DowDuPont merger, and assumptions for key markets and the macroeconomic outlook in 2016.
Masco Corporation reported first quarter 2015 earnings. Total sales increased 7% excluding foreign currency effects. All segments saw sales growth in local currencies, with plumbing products seeing 10% international sales growth. Operating profit increased 15% due to cost productivity and operating leverage gains. The company repurchased around 4 million shares in the quarter and acquired Endless Pools, Inc. Management expects full year sales and profit growth to continue.
- Third quarter earnings results presentation from Masco Corporation dated October 27, 2015
- Sales increased 4% excluding foreign currency effects, with North American sales up 3% and international up 4%
- Improved demand, operating leverage, cost control and cost productivity drove profit margin expansion and earnings growth despite currency headwinds
- All business segments showed strong profitability with margins expanding across most segments
This document provides an earnings presentation for Myers Industries' first quarter of 2015. It summarizes key financial metrics such as sales, gross profit margin, SG&A expenses, and income. It also discusses segment-level results for Material Handling and Distribution. The presentation notes sales increases from the Scepter acquisition but declines in agricultural end markets. It provides an outlook expecting continued challenges in agriculture but benefits from strategic actions. The appendix reconciles non-GAAP metrics and provides market indicators for relevant industries.
- DuPont's 1Q 2015 earnings results were lower than 1Q 2014, with operating earnings down 15% and GAAP earnings down 27%. Segment operating earnings were down 14%. Net sales declined 9%, driven by currency impacts.
- Performance Materials results were up due to strong volume growth in ethylene and performance polymers, offsetting lower ethylene prices. Electronics & Communications grew on higher consumer electronics demand. Agriculture results declined due to currency impacts and lower planted corn acreage.
- DuPont expects Chemours to declare a $100M dividend in 3Q15 after the planned Performance Chemicals spinoff in July 2015, and for DuPont to return the majority of the $4B proceeds to shareholders via share repurch
This document provides a summary of Air Products' Q4 FY16 earnings conference call. Some key points:
- Safety results improved with a 20% reduction in employee lost time injury rate and a 12% reduction in employee recordable injury rate.
- FY16 sales were $9.5 billion, down 4% due to volume, energy/raw material pass-through, and currency impacts. EBITDA was up 10% to $3.3 billion and operating margin increased to 23.1%.
- Q4 sales were $2.5 billion, up 1% year-over-year. EBITDA increased 9% to $855 million and operating margin rose to 23.7
- TE Connectivity reported Q4 2014 earnings with sales of $3.58 billion, up 4% year-over-year. Adjusted EPS was $1.02, up 10% from the prior year, and adjusted operating margin expanded 30 basis points to 16.0%.
- For full-year 2014, sales were $13.9 billion, up 5% from 2013. Adjusted EPS increased 17% to $3.79 and free cash flow grew 15% to $1.73 billion.
- Key business segments performed well, with Transportation Solutions revenue up 7% driven by strong growth in automotive, and Industrial Solutions revenue increasing 10% on strength in aerospace, oil & gas, and
The document is Myers Industries' fourth quarter and full year 2015 earnings presentation. It summarizes key financial results including a 9% decline in Q4 net sales and flat full year net sales on a constant currency basis. Adjusted gross margin increased 350 basis points to 29.9% for the full year. It also provides an outlook for 2016 with served markets expected to be flat to down low single digits and initiatives focused on margin growth and SG&A reductions.
The document provides an earnings presentation for Myers Industries for the second quarter of 2015. It summarizes financial results including a 7.6% increase in net sales driven by an acquisition and new product sales, though partially offset by decreased sales in some end markets. It also reports increases in gross profit margin and decreases in SG&A expenses. The presentation discusses segment level results, provides guidance for the full year 2015, and includes appendices with financial summaries and reconciliations as well as market indicators for relevant industries.
- The company achieved comparable revenue growth for the first time since Q1 2016 and launched 13 new brands, many showing potential for growth.
- The net loss and adjusted EBITDA improved 7% compared to the previous year. Digital sales increased 240 basis points to 53.0% of total sales.
- Guidance for 2018 affirms expectations of normalized sales growth between 2-5% and adjusted EBITDA growth between 5-17%.
- TE Connectivity reported record Q2 2017 performance with 8% organic sales growth and adjusted EPS of $1.19, up 32% year-over-year.
- Transportation Solutions saw 9% organic growth driven by strength in automotive. Industrial Solutions grew 3% organically led by factory automation. Communications Solutions grew 9% organically across all businesses.
- TE Connectivity is raising FY17 guidance, expecting 6% organic sales growth and adjusted EPS of $4.58-$4.66, up 17% year-over-year at the midpoint.
This document provides an overview of TE Connectivity from the company's presentation at the UBS Global Technology Conference in November 2015. It includes forward-looking statements and defines non-GAAP financial measures. TE Connectivity is a global leader in connectivity and sensors, with annual revenue of over $12 billion. The company benefits from growth megatrends of connectivity, electrification, and automation across multiple industries. TE Connectivity has achieved consistent growth and margin expansion through strategic acquisitions, a focus on harsh environments, and productivity initiatives. The company aims to continue delivering shareholder value through organic sales growth, earnings growth, strong cash flow generation, and returning capital to shareholders.
Tom Lynch, CEO of TE Connectivity, presented at the Sanford C. Bernstein Strategic Decisions Conference in May 2015. The presentation contained forward-looking statements about TE's financial performance, including organic sales growth targets of 5-7% and double-digit earnings growth. It also discussed TE's focus on harsh environment applications, recent acquisitions, and track record of consistent performance and shareholder returns through operating margin expansion and strong free cash flow generation.
- Bob Hau, CFO of TE Connectivity, presented at the UBS Global Technology Conference in November 2014
- TE Connectivity provides connectivity and sensor solutions across industries like transportation, industrial, consumer, and networks
- The company has a diversified portfolio and global scale to accelerate growth, with an aim for long-term organic revenue growth of 5-7% through expansion in existing markets and acquisitions
- TE Connectivity has achieved over 15% operating margins below $14B in revenue and expects to continue delivering double-digit earnings growth and strong free cash flow conversion
TE Connectivity - Citi industrials boston - September 2014TEConnectivityltd
- Bob Hau, CFO of TE Connectivity, presented at the Citi - Industrials Conference in September 2014.
- TE Connectivity provides connectivity and sensor solutions across industries like transportation, industrial, network solutions, and consumer solutions. They have over 7,000 engineers and serve customers in more than 150 countries.
- The acquisition of Measurement Specialties would create an unrivaled leader in connectors and sensors, providing customers with the broadest portfolio of connectivity and sensing solutions and leveraging TE's scale in the attractive sensor market.
TE Connectivity - Citi Global Technology Conference 2014TEConnectivityltd
- The document discusses TE Connectivity, a global technology company focused on connectivity and sensors. It provides an overview of TE's businesses, markets, innovation capabilities, and financial performance.
- TE has a broad portfolio of connectivity and sensing solutions across industries like automotive, industrial, transportation, and consumer. The acquisition of Measurement Specialties would expand TE's sensor portfolio and market opportunity.
- TE reported $13.3 billion in revenue for FY13 and targets 5-7% organic sales growth annually through serving growing technology trends in areas like green tech, data growth, and the internet of things.
Sanford C. Bernstein Strategic Decisions Conference 2014TEConnectivityltd
Tom Lynch, Chairman and CEO of TE Connectivity, presented at the Sanford C. Bernstein Strategic Decisions Conference in May 2014. In his presentation, Lynch discussed TE Connectivity's position across multiple industries, investment in innovation, global scale and financial performance. He stated that TE Connectivity is well positioned for long-term organic sales growth of 5-7% annually through 2020 by building on trends in greener technologies, increased data usage, and other factors. Lynch highlighted the company's focus on research and development, acquisitions, productivity gains, and returning capital to shareholders.
TE Connectivity provides connectivity and sensor solutions across industries. It has a global presence with over 7,000 engineers, 5,800 salespeople, and manufacturing sites in over 150 countries. The company focuses on growing markets involving increased electronics in vehicles, more data availability, green energy, and automated production. It aims to strengthen its position through innovation, acquisitions, productivity improvements, and capital returns to shareholders. Key financial targets include adjusted operating margin over 15%, double-digit adjusted EPS growth, free cash flow near net income, and return on invested capital over 18%.
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2. Forward-Looking Statements
and Non-GAAP Measures
2
Forward-Looking Statements
This presentation 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 presentation include statements addressing our future financial condition and operating results and
our planned sale of the Circuit Protection Devices business. Examples of factors that could cause actual results to differ materially from
those described in the forward-looking statements include, among others, business, economic, competitive and regulatory risks, such as
conditions affecting demand for products, particularly in the automotive and data and devices industries; 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; developments in the credit markets; future goodwill impairment; compliance with current and future
environmental and other laws and regulations; the possible effects on us of changes in tax laws, tax treaties and other legislation; the risk
that we do not realize the anticipated benefits from the sale of the Broadband Network Solutions business; the risk that the sale of the Circuit
Protection Devices business may not be consummated, or if consummated, we do not realize the anticipated benefits from such transaction;
and the risk that the conditions precedent to our proposed tax litigation settlement with the IRS relating to our intercompany debt dispute are
not met and the intercompany debt dispute is not settled. More detailed information about these and other factors is set forth in our Annual
Report on Form 10-K for the fiscal year ended Sept. 25, 2015 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.
Non-GAAP Measures
Where we have used non-GAAP financial measures, reconciliations to the most comparable GAAP measure are provided, along with a
disclosure on the usefulness of the non-GAAP measure, in this presentation.
3. Performing well in a challenging macro environment
• Sales above the midpoint of Guidance, down 7% Y/Y and down 2% organically to $2.83B
• Adjusted EPS of $0.84, above the high end of Guidance, down 6% Y/Y and flat at
constant currency
• Results above Guidance driven by Transportation and SubCom
• FX headwinds Y/Y: $184M sales and $0.05 EPS
• Returned $1.4B to shareholders including $1.3B in share buybacks
• Free cash flow of $237M
• Excluding SubCom, Book-to-Bill of 1.04 and orders increased 3% sequentially
Business highlights
• Continued strong performance in Transportation with sales above expectations
• Industrial remains sluggish with inventory corrections continuing to impact end markets
• Continued execution of our harsh strategy
• Last year’s acquisitions in the sensors and medical markets gaining momentum
• Announced the sale of the Circuit Protection business; on track to close in Q2
Organic Sales Growth, Adjusted EPS, Adjusted EPS in Constant Currency and Free Cash Flow are non-GAAP measures; see Appendix for description
and reconciliation.
Q1 2016 Summary
3
4. FY15 FY16
Q1 Q4 Q1
Transportation 1,668 1,480 1,583
Industrial 818 720 728
Communications
Ex SubCom
515 448 408
Total TE
Ex SubCom
3,001 2,648 2,719
Total TE Ex SubCom
@ Constant Currency
2,846 2,653 2,758
Book to Bill
Ex SubCom
1.03 0.95 1.04
Segment Orders Summary
($ in millions)
4
Stabilization in order trends with strong book to bill
• Q1 3% sequential growth
in orders driven by
Transportation
• Industrial orders stabilizing;
Slightly better than
expected OEM orders
more than offset weaker
distribution orders
• Book to bill of 1.04 with all
segments exceeding 1.0
5. Y/Y Growth Rates Actual Organic
Automotive $1,141 (7)% 1%
Commercial
Transportation
185 (11)% (5)%
Sensors 181 1% 9%
Transportation
Solutions
$1,507 (7)% 1%
$ in Millions
Sales
• TE Automotive sales performance driven by strength in
EMEA and North America offsetting weakness in China
• Commercial Transportation impacted by continued
weakness in global construction and agriculture markets and
the North America heavy truck markets
• Sensors momentum in automotive across multiple
applications; Acquisition rationale playing out as expected
• Adjusted Operating Margin above Guidance expectations;
Y/Y impacted by product mix and investment for growth
Business Performance
20.9% 18.6%
Q1 2015 Q1 2016
Actual
Down 7%
Organic
Up 1%
Actual Organic
Orders $1,583 (5)% 3%
Adjusted Operating Margin
Adjusted Operating
Income
$280M,
Down 17%
$1,612
$1,507
Q1 2015 Q1 2016
Organic Sales Growth, Adjusted Operating Income and Adjusted Operating Margin are non-GAAP measures; see Appendix for description and reconciliation.
Transportation Solutions
5
*
* FY16 Sensors includes an extra 2 weeks of sales due to the timing of the Measurement Specialties acquisition in FY15 (Closed October 9th, 2014)
6. 12.5%
11.0%
Q1 2015 Q1 2016
$784
$709
Q1 2015 Q1 2016
Y/Y Growth Rates Actual Organic
Industrial Equipment $289 (7)% (7)%
Aerospace &
Defense
218 (6)% (3)%
Oil and Gas 34 (44)% (44)%
Energy 168 (7)% 4%
Industrial Solutions $709 (10)% (6)%
$ in Millions
Sales
• EMEA strength driven by Energy and Industrial
Equipment; North America and China impacted by
corrections in the supply chain
• Distribution channel driving Y/Y declines; OEM business
performance as expected
• Oil and Gas market remains weak
• Adjusted Operating Margin down Y/Y as expected with
declines in Oil and Gas business
Business Performance
Actual
Down 10%
Organic
Down 6%
Actual Organic
Orders $728 (11)% (8)%
Adjusted Operating Margin
Adjusted Operating
Income
$78M,
Down 20%
Industrial Solutions
6
Organic Sales Growth, Adjusted Operating Income and Adjusted Operating Margin are non-GAAP measures; see Appendix for description and reconciliation.
7. 10.1%
13.9%
Q1 2015 Q1 2016
$653
$617
Q1 2015 Q1 2016
Y/Y Growth Rates Actual Organic
SubCom $222 66% 66%
Appliances 131 (17)% (13)%
Data & Devices 264 (27)% (25)%
Communications
Solutions
$617 (6)% (3)%
$ in Millions
Sales
• SubCom upside driven by an early program
completion; multiple programs remain in force
• Appliances impacted by significant weakness in Asia
and supply chain corrections in the Americas
• Data & Devices decline Y/Y due to product exits,
sluggish market in China and inventory corrections
• Adjusted Operating Margin in line with expectations
excluding the impact of the early SubCom program
completion
Business Performance
Actual
Down 6%
Organic
Down 3%
Actual Organic
Orders ex SubCom $408 (21)% (18)%
Adjusted Operating Margin
Adjusted Operating
Income
$86M,
Up 30%
7
Communications Solutions
Organic Sales Growth, Adjusted Operating Income and Adjusted Operating Margin are non-GAAP measures; see Appendix for description and reconciliation.
8. Adjusted Operating Income, Adjusted Operating Margin and Adjusted EPS are non-GAAP measures;
see Appendix for description and reconciliation.
($ in Millions, except per share amounts) Q1 FY15 Q1 FY16
Net Sales $ 3,049 $ 2,833
Operating Income $ 425 $ 398
Acquisition Related Charges 51 6
Restructuring & Other Charges, net 25 40
Adjusted Operating Income $ 501 $ 444
Operating Margin 13.9% 14.0%
Adjusted Operating Margin 16.4% 15.7%
GAAP Earnings Per Share $ 1.05 $ 0.83
Acquisition Related Charges 0.09 0.01
Restructuring & Other Charges, net 0.06 0.07
Tax Items (0.31) (0.07)
Adjusted EPS $ 0.89 $ 0.84
Adjusted EPS decline driven by foreign currency headwinds of $0.05
Q1 Financial Summary
8
9. 21.4% 20.8%
Q1 2015 Q1 2016
$ in Millions
Adjusted Gross Margin Percentage
Adjusted Operating Margin
Free Cash Flow
Adjusted Gross Margin Percentage, Free Cash Flow, Adjusted Operating Margin and Adjusted EBITDA Margin are non-GAAP measures; See Appendix for description
and reconciliation.
34.3%
33.4%
Q1 2015 Q1 2016
$79
$237
Q1 2015 Q1 2016
TE Operating Advantage (TEOA)
9
16.4%
15.7%
Q1 2015 Q1 2016
Adjusted EBITDA Margin
Adjusted Margin resiliency in a challenging macro environment
10. Guidance*
Continued China weakness and supply chain adjustments impacting Q2 sales
Transportation
Solutions
Industrial
Solutions
Communications
Solutions
TE Connectivity
Highlights
Sales $2.88B to $3.08B
Adjusted EPS $0.84 to $0.92
• Sales down 3% and down 1% organic Y/Y at midpoint
• Sales impacted by $73M FX headwind Y/Y
• Adjusted EPS down 3% at midpoint, includes ~$0.03 FX
headwind
• Automotive growth expected across regions and above
1% global auto production; Commercial Transportation
strength in EMEA offsetting weaker North America
• Industrial Solutions continues to be impacted by the
slowdown in China, supply chain adjustments and Oil and
Gas weakness
• Communications impacted by weak China, supply chain
adjustments and product exits
• SubCom Y/Y growth continues with execution on
programs in force
Up Low Single Digits
Up Mid Single Digits Organic
Down Low Double Digits
Down High Single Digits Organic
Down Mid Single Digits
Down Mid Single Digits Organic
* Assumes foreign exchange rates and commodity prices that are consistent with current levels
Organic Sales Growth and Adjusted EPS are non-GAAP measures; see Appendix for description and reconciliation.
Q2 Outlook
10
11. Sales Up 4% Organically, with 15% Adjusted EPS Growth Y/Y in Constant Currency
Sales of $11.9B - $12.7B
Adjusted EPS of $3.80 - $4.20
• Sales up 1% at midpoint, up 4% organic at midpoint
• FX impacting sales by ~$344M Y/Y
• Adjusted EPS up 11% at midpoint, with ~$0.13 FX
headwind
• Includes a 53rd week, which will occur in the 4th quarter
• Transportation remains strong with high single
digit Automotive organic growth expected on
2% global auto production growth
• Industrial and distribution inventory corrections
expected to be completed in Q2 with growth
expected in second half
• Communications impacted by sale of Circuit
Protection and product exits
• SubCom sales expected to be up low double
digits Y/Y
Up Mid Single Digits
Up High Single Digits Organic
Down High Single Digits
Down Low Single Digits Organic
Flat Y/Y
Up Low Single Digits Organic
FY16 Outlook
Guidance*
Transportation
Solutions
Industrial
Solutions
TE Connectivity
Highlights
11
Communications
Solutions
* Assumes foreign exchange rates and commodity prices that are consistent with current levels
Organic Sales Growth, Adjusted EPS and Adjusted EPS in Constant Currency are non-GAAP measures; see Appendix for description and reconciliation.
13. Y/Y Q1 2016
13
Sales
(in millions)
Adjusted
EPS
Q1 2015 Results
(Recast in March 23, 2015 Form 8-K)
$3,049 $0.89
FX Impact (184) (0.05)
Operational Performance (32) -
Q1 2016 Results $2,833 $0.84
Adjusted EPS is a non-GAAP measure; See Appendix for description and reconciliation.
14. Y/Y Q2 2016
14
Sales
(in millions)
Adjusted
EPS
Q2 2015 Results $3,082 $0.91
FX Impact (73) (0.03)
Operational Performance (29) -
Q2 2016 Guidance $2,980 $0.88
Adjusted EPS is a non-GAAP measure; See Appendix for description and reconciliation.
Guidance Range
Sales $2.88B - $3.08B
Adjusted EPS $0.84 - $0.92
15. Y/Y 2016
15
Sales
(in millions)
Adjusted
EPS
2015 Results $12,233 $3.60
FX Impact (344) (0.13)
Operational Performance,
Including Share Buyback
411 0.53
2016 Guidance* $12,300 $4.00
Adjusted EPS is a non-GAAP measure; See Appendix for description and reconciliation.
* 53 Week Year
Guidance Range
Sales $11.9B - $12.7B
Adjusted EPS $3.80 - $4.20
16. Liquidity Summary
($ in Millions) Q1 2016 Q1 2015
Beginning Cash Balance $3,329 $2,457
Free Cash Flow 237 79
Dividends (127) (118)
Share repurchases (1,249) (155)
Acquisitions, net of cash required - (1,511)
Repayment of long-term debt - (223)
Net increase in commercial paper - 270
Proceeds from exercise of share options 34 16
Other (1) 53
Ending Cash Balance $2,223 $868
Total Debt $3,870 $4,133
($ in Millions) Q1 2016 Q1 2015
Cash from Continuing Operations $367 $205
Capital expenditures, net
Tax payments, net
(138)
8
(130)
4
Free Cash Flow $237 $79
A/R - $ $1,878 $2,036
Days Sales Outstanding* 61 60
Inventory (Excl. CIP) - $ $1,606 $1,686
Days on Hand* 78 75
Accounts Payable - $ $1,108 $1,252
Days Outstanding* 54 56
Free Cash Flow is a non-GAAP measure, see Appendix for description
* Adjusted to exclude the impact of acquisitions.
Free Cash Flow and Working Capital Liquidity, Cash & Debt
Q1 Balance Sheet & Cash Flow Summary
16
18. Non-GAAP Measures
“Organic Sales Growth,” “Sales in Constant Currency,” “Adjusted Gross Margin,” “Adjusted Gross Margin Percentage,” “Adjusted Operating Income,” “Adjusted Operating Income in Constant
Currency,” “Adjusted Operating Margin,” “Adjusted Other Income, Net,” “Adjusted Income Tax Expense,” “Adjusted Effective Tax Rate,” ”Adjusted Income from Continuing Operations,”
“Adjusted Earnings Per Share,” “Adjusted Earnings Per Share in Constant Currency,” “Adjusted EBITDA,” “Adjusted EBITDA Margin,” and “Free Cash Flow” are non-GAAP measures and
should not be considered replacements for results in accordance with accounting principles generally accepted in the U.S. (“GAAP”). These non-GAAP measures may not be comparable to
similarly-titled measures reported by other companies. 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 measures in combination with the most directly comparable GAAP measures in order to better
understand the amounts, character and impact of any increase or decrease in reported amounts. The following provides additional information regarding these non-GAAP measures:
Organic Sales Growth – is a useful measure of our underlying results and trends in the business. It is also a significant component in our incentive compensation plans. The difference
between reported net sales growth (the most comparable GAAP measure) and Organic Sales Growth consists of the impact from foreign currency exchange rates and acquisitions and
divestitures, if any. Organic Sales Growth is a useful measure of our performance because it excludes items that: i) are not completely under management’s control, such as the impact of
changes in foreign currency exchange rates; or ii) do not reflect the underlying growth of the company, such as acquisition and divestiture activity.
Sales in Constant Currency – represents net sales (the most comparable GAAP measure) excluding the impact of fluctuations in foreign currency exchange rates between periods. We
believe constant currency information provides valuable supplemental information regarding our sales.
Adjusted Gross Margin and Adjusted Gross Margin Percentage – represent gross margin and gross margin percentage (the most comparable GAAP measures) before special items
including acquisition related charges, if any. We present Adjusted Gross Margin and Adjusted Gross Margin Percentage before special items to give investors a perspective on the
underlying business results. These measures should be considered in conjunction with gross margin calculated using our GAAP results in order to understand the amounts, character and
impact of adjustments to gross margin.
Adjusted Operating Income – represents operating income (the most comparable GAAP measure) before special items including charges or income related to restructuring and other
charges, acquisition related charges, impairment charges, and other income or charges, if any. We utilize Adjusted Operating Income to assess segment level core operating performance
and to provide insight to management in evaluating segment operating plan execution and underlying market conditions. It also is a significant component in our incentive compensation
plans. Adjusted Operating Income is a useful measure for investors because it provides insight into our underlying operating results, trends, and the comparability of these results between
periods.
Adjusted Operating Income in Constant Currency – represents Adjusted Operating Income excluding the impact of fluctuations in foreign currency exchange rates between periods. We
believe constant currency information provides valuable supplemental information regarding our operating income.
Adjusted Operating Margin – represents operating margin (the most comparable GAAP measure) before special items including charges or income related to restructuring and other
charges, acquisition related charges, impairment charges, and other income or charges, if any. We present Adjusted Operating Margin before special items to give investors a perspective on
the underlying business results. This measure should be considered in conjunction with operating margin calculated using our GAAP results in order to understand the amounts, character
and impact of adjustments to operating margin.
Adjusted Other Income, Net – represents other income, net (the most comparable GAAP measure) before special items including tax sharing income related to certain proposed adjustments
to prior period tax returns and other tax items, if any. We present Adjusted Other Income, Net as we believe that it is appropriate for investors to consider results excluding these items in
addition to results in accordance with GAAP.
18
19. Adjusted Income Tax Expense – represents income tax expense (the most comparable GAAP measure) after adjusting for the tax effect of special items including charges related to
restructuring and other charges, acquisition related charges, impairment charges, other income or charges, and certain significant special tax items, if any. We present Adjusted Income Tax
Expense to provide investors further information regarding the tax effects of adjustments used in determining the non-GAAP financial measure Adjusted Income from Continuing Operations (as
defined below).
Adjusted Effective Tax Rate – represents effective income tax rate (the most comparable GAAP measure) after adjusting for the tax effect of special items including charges related to
restructuring and other charges, acquisition related charges, impairment charges, other income or charges, and certain significant special tax items, if any. We present Adjusted Effective Tax
Rate to provide investors further information regarding the tax rate effects of adjustments used in determining the non-GAAP financial measure Adjusted Income from Continuing Operations (as
defined below).
Adjusted Income from Continuing Operations – represents income from continuing operations attributable to TE Connectivity Ltd. (the most comparable GAAP measure) before special items
including charges or income related to restructuring and other charges, acquisition related charges, impairment charges, tax sharing income related to certain proposed adjustments to prior
period tax returns and other tax items, certain significant special tax items, other income or charges, if any, and, if applicable, the related tax effects. We present Adjusted Income from
Continuing Operations as we believe that it is appropriate for investors to consider results excluding these items in addition to results in accordance with GAAP. Adjusted Income from
Continuing Operations provides additional information regarding our underlying operating results, trends and the comparability of these results between periods.
Adjusted Earnings Per Share – represents diluted earnings per share from continuing operations attributable to TE Connectivity Ltd. (the most comparable GAAP measure) before special items,
including charges or income related to restructuring and other charges, acquisition related charges, impairment charges, tax sharing income related to certain proposed adjustments to prior
period tax returns and other tax items, certain significant special tax items, other income or charges, if any, and, if applicable, the related tax effects. We present Adjusted Earnings Per Share
because we believe that it is appropriate for investors to consider results excluding these items in addition to results in accordance with GAAP. We believe such a measure provides a picture of
our results that is more comparable among periods since it excludes the impact of special items, which may recur, but tend to be irregular as to timing, thereby making comparisons between
periods more difficult. It also is a significant component in our incentive compensation plans.
Adjusted Earnings Per Share in Constant Currency – represents Adjusted Earnings Per Share excluding the impact of fluctuations in foreign currency exchange rates between periods. We
believe constant currency information provides valuable supplemental information regarding our earnings per share.
Adjusted EBITDA and Adjusted EBITDA Margin - represent net income and net income as a percentage of net sales (the most comparable GAAP measures) before interest expense, interest
income, income taxes, depreciation, and amortization, as adjusted for net other income, income from discontinued operations, and special items including charges or income related to
restructuring and other charges, acquisition related charges, impairment charges, and other income or charges, if any. We present Adjusted EBITDA and Adjusted EBITDA Margin to give
investors a perspective in assessing our operating performance, trends, and the comparability of our results between periods.
Free Cash Flow (FCF) – is a useful measure of our ability to generate cash. The difference between net cash provided by continuing operating activities (the most comparable GAAP 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 continuing operating activities excluding voluntary pension contributions and the cash impact of special items, if any, minus net capital
expenditures. 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. Voluntary pension contributions are excluded from the GAAP measure because this activity is driven by economic financing decisions rather than operating activity. Certain
special items, including net payments related to pre-separation tax matters, also are considered by management in evaluating Free Cash Flow.
Free Cash Flow subtracts 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 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.
Non-GAAP Measures (cont.)
19
20. Operating Adjusted Operating
Y/Y Actual Y/Y Organic Margin for the Margin for the
December 25, December 26, Sales Sales Quarter Ended Quarter Ended
Segment 2015 2014 Growth Growth (1)
December 25, 2015 December 25, 2015 (1)
Transportation Solutions 1,507$ 1,612$ (6.5) % 0.9 % 17.3 % 18.6 %
Industrial Solutions 709 784 (9.6) (6.3) 9.3 11.0
Communications Solutions 617 653 (5.5) (3.0) 11.5 13.9
Total 2,833$ 3,049$ (7.1) % (1.8) % 14.0 % 15.7 %
(1)
See description and reconciliation of non-GAAP measures contained in this Appendix.
For the Quarters Ended
Net Sales
($ in millions)
20
Segment Summary
for the Quarter Ended December 25, 2015
21. Reconciliation of Net Sales Growth– Q1 16 vs. Q1 15
21
Translation (2)
Acquisitions
Transportation Solutions (3)
:
Automotive 10$ 0.8 % (93)$ -$ (83)$ (6.8) % 76 %
Commercial Transportation (11) (5.2) (13) - (24) (11.5) 12
Sensors 16 9.1 (14) - 2 1.1 12
Total 15 0.9 (120) - (105) (6.5) 100 %
Industrial Solutions (3)
:
Aerospace, Defense, Oil, and Gas:
Aerospace and Defense (6) (2.7) (12) 5 (13) (5.5) 30
Oil and Gas (27) (44.2) - - (27) (44.2) 5
Aerospace, Defense, Oil, and Gas total (33) (11.2) (12) 5 (40) (13.7) 35
Industrial Equipment (22) (7.1) (16) 16 (22) (7.1) 41
Energy 6 3.5 (19) - (13) (7.2) 24
Total (49) (6.3) (47) 21 (75) (9.6) 100 %
Communications Solutions (3)
:
Data and Devices (88) (24.6) (9) - (97) (26.9) 43
Subsea Communications 88 65.7 - - 88 65.7 36
Appliances (20) (13.4) (7) - (27) (17.1) 21
Total (20) (3.0) (16) - (36) (5.5) 100 %
Total (54)$ (1.8) % (183)$ 21$ (216)$ (7.1) %
Percentage of
Change in Net Sales for the Quarter Ended December 25, 2015 Segment's Total
Net Sales for the
Quarter Ended
versus Net Sales for the Quarter Ended December 26, 2014
Organic (1)
Total
(3)
Industry end market information is presented consistently with our internal management reporting and may be periodically revised as management deems necessary.
December 25, 2015
($ in millions)
(1)
Represents the change in net sales resulting from volume and price changes, before consideration of acquisitions, divestitures, and the impact of changes in foreign currency
exchange rates. Organic net sales growth is a non-GAAP measure. See description of non-GAAP measures contained in this Appendix.
(2)
Represents the change in net sales resulting from changes in foreign currency exchange rates.
22. Reconciliation of Non-GAAP Financial Measures to GAAP
Financial Measures for the Quarter Ended December 25, 2015
22
Acquisition Restructuring
Related and Other Tax Adjusted
U.S. GAAP Charges Charges, Net Items (1)
(Non-GAAP) (2)
Operating Income:
Transportation Solutions 261$ 3$ 16$ -$ 280$
Industrial Solutions 66 3 9 - 78
Communications Solutions 71 - 15 - 86
Total 398$ 6$ 40$ -$ 444$
Operating Margin 14.0% 15.7%
Other Income, Net 8$ -$ -$ -$ 8$
Income Tax Expense (58)$ (2)$ (12)$ (28)$ (100)$
Effective Tax Rate 15.2% 23.4%
Income from Continuing Operations 324$ 4$ 28$ (28)$ 328$
DilutedEarnings per Share from
Continuing Operations 0.83$ 0.01$ 0.07$ (0.07)$ 0.84$
Adjustments
($ in millions, except per share data)
(2)
See description of non-GAAP measures contained in this Appendix.
(1)
Income tax benefits related to deferred tax assets recognized in connection with the anticipated sale of the Circuit Protection Devices
business.
23. Reconciliation of Non-GAAP Financial Measures to GAAP
Financial Measures for the Quarter Ended December 26, 2014
23
Acquisition Restructuring
Related and Other Tax Adjusted
U.S. GAAP Charges (1)
Charges, Net Items (2)
(Non-GAAP) (3)
Operating Income:
Transportation Solutions 295$ 41$ 1$ -$ 337$
Industrial Solutions 86 10 2 - 98
Communications Solutions 44 - 22 - 66
Total 425$ 51$ 25$ -$ 501$
Operating Margin 13.9% 16.4%
Other Income (Expense), Net (70)$ -$ -$ 83$ 13$
Income Tax (Expense) Benefit 109$ (14)$ (1)$ (211)$ (117)$
Effective Tax Rate NM(4)
24.1%
Income from Continuing Operations 435$ 37$ 24$ (128)$ 368$
DilutedEarnings per Share from
Continuing Operations 1.05$ 0.09$ 0.06$ (0.31)$ 0.89$
(4)
Not meaningful.
(1)
Includes $24 million of acquisition and integration costs and $27 million of non-cash amortization associated with fair value adjustments
related to acquired inventories and customer order backlog recorded in cost of sales.
(2)
Includes $189 million of income tax benefits associated with the settlement of audits of prior year income tax returns as well as the related
impact of $83 million to other expense pursuant to the tax sharing agreement with Tyco International and Covidien. Also includes income tax
benefits related to the impacts of certain non-U.S. tax law changes and the associated reduction in the valuation allowance for tax loss
carryforwards.
(3)
See description of non-GAAP measures contained in this Appendix.
Adjustments
($ in millions, except per share data)
24. Reconciliation of Non-GAAP Financial Measures to GAAP
Financial Measures for the Quarter Ended March 27, 2015
24
Acquisition Restructuring
Related and Other Tax Adjusted
U.S. GAAP Charges (1)
Charges, Net Items (2)
(Non-GAAP) (3)
Operating Income:
Transportation Solutions 323$ 10$ -$ -$ 333$
Industrial Solutions 84 12 16 - 112
Communications Solutions 41 - 20 - 61
Total 448$ 22$ 36$ -$ 506$
Operating Margin 14.5% 16.4%
Other Income (Expense), Net (5)$ -$ -$ 11$ 6$
Income Tax Expense (94)$ (4)$ (10)$ 5$ (103)$
Effective Tax Rate 22.9% 21.5%
Income from Continuing Operations 316$ 18$ 26$ 16$ 376$
DilutedEarnings per Share from
Continuing Operations 0.77$ 0.04$ 0.06$ 0.04$ 0.91$
(1)
Includes $6 million of non-cash amortization associated with fair value adjustments related to acquired inventories and customer order
backlog recorded in cost of sales, $14 million of acquisition and integration costs, and $2 million of restructuring costs.
(2)
Includes an income tax charge for the estimated tax impacts of certain intercompany dividends related to the restructuring and anticipated
sale of the Broadband Network Solutions business. Also includes an income tax benefit associated with the settlement of audits of prior year
income tax returns and the related impact to other expense pursuant to the tax sharing agreement with Tyco International and Covidien.
(3)
See description of non-GAAP measures contained in this Appendix.
Adjustments
($ in millions, except per share data)
25. Reconciliation of Non-GAAP Financial Measures to GAAP
Financial Measures for the Year Ended September 25, 2015
25
Acquisition Restructuring
Related and Other Tax Adjusted
U.S. GAAP Charges (1)
Charges, Net Items (2)
(Non-GAAP) (3)
Operating Income:
Transportation Solutions 1,193$ 61$ 39$ -$ 1,293$
Industrial Solutions 352 33 44 - 429
Communications Solutions 204 - 66 - 270
Total 1,749$ 94$ 149$ -$ 1,992$
Operating Margin 14.3% 16.3%
Other Income (Expense), Net (55)$ -$ -$ 84$ 29$
Income Tax Expense (337)$ (22)$ (29)$ (36)$ (424)$
Effective Tax Rate 21.4% 22.3%
Income from Continuing Operations 1,238$ 72$ 120$ 48$ 1,478$
DilutedEarnings per Share from
Continuing Operations 3.01$ 0.18$ 0.29$ 0.12$ 3.60$
(2)
Includes $264 million of income tax benefits associated with the settlement of audits of prior year income tax returns as well as the related
impact of $84 million to other expense pursuant to the tax sharing agreement with Tyco International and Covidien. Also includes $216
million of income tax charges associated with the tax impacts of certain intercompany legal entity restructurings made in connection with our
integration of Measurement Specialties, Inc. and $29 million of income tax charges for the tax impacts of certain intercompany dividends
related to the restructuring and sale of the Broadband Network Solutions business.
($ in millions, except per share data)
(1)
Includes $55 million of acquisition and integration costs, $36 million of non-cash amortization associated with fair value adjustments
related to acquired inventories and customer order backlog recorded in cost of sales, and $3 million of restructuring costs.
Adjustments
(3)
See description of non-GAAP measures contained in this Appendix.
26. Reconciliation of Gross Margin & Gross Margin Percentage
26
December 25, September 25, December 26,
2015 2015 2014
Net Sales 2,833$ 2,984$ 3,049$
Cost of Sales 1,888 2,016 2,029
Gross Margin 945 968 1,020
Gross Margin Percentage 33.4% 32.4% 33.5%
Acquisition Related Charges 1 2 27
AdjustedGross Margin (1)
946$ 970$ 1,047$
AdjustedGross Margin Percentage (1)
33.4% 32.5% 34.3%
(1)
See description of non-GAAP measures contained in this Appendix.
For the Quarters Ended
($ in millions)
27. Reconciliation of Free Cash Flow
27
December 25, December 26,
2015 2014
Net cash provided by continuing operating activities 367$ 205$
Capital expenditures, net (138) (130)
Payments related to pre-separation U.S. taxmatters, net 1 4
Payments related to income taxes on the sale of the Broadband Network Solutions business 7 -
Free cash flow(1)
237$ 79$
(1)
See description of non-GAAP measures contained in this Appendix.
For the Quarters Ended
(in millions)
28. Reconciliation of Adjusted EBITDA Margin
28
December 25, December 26,
2015 2014
Net Income 353$ 472$
(Income) fromdiscontinued operations (29) (37)
Income taxexpense (benefit) 58 (109)
Other (income) expense, net (8) 70
Interest expense 30 34
Interest income (6) (5)
Operating Income 398$ 425$
Acquisition related charges 6 51
Restructuring and other charges, net 40 25
AdjustedOperating Income(1)
444$ 501$
Depreciation and amortization(2)
145 150
AdjustedEBITDA (1)
589$ 651$
Net Sales 2,833$ 3,049$
Net income as a % of net sales 12.5% 15.5%
Adjusted EBITDA margin(1)
20.8% 21.4%
(1)
See description of non-GAAP measures contained in this Appendix.
(2)
Excludes $1 million and $10 million of non-cash amortization associated with fair value adjustments related to acquired
customer order backlog for the quarters ended December 25, 2015 and December 26, 2014, respectively, as these charges are
included in the acquisition related charges line.
For the Quarters Ended
($ in millions)
29. Reconciliation of Forward-Looking Non-GAAP Financial Measures
to Forward-Looking GAAP Financial Measures for Q2 2016 and
Fiscal 2016
29
Outlook for
Quarter Ending
March 25, Outlook for
2016 Fiscal 2016
Dilutedearnings per share from continuing operations
Connectivity Ltd. (GAAP) $0.78 - $0.86 $3.66 - $4.06
Restructuring and other charges, net 0.05 0.18
Acquisition related charges 0.01 0.03
Taxitems - (0.07)
Adjusteddilutedearnings per share from continuing operations (non-GAAP) (1)
$0.84 - $0.92 $3.80 - $4.20
Net sales growth (GAAP) (7) - 0% (3) - 4%
Translation 2 3
(Acquisitions) divestitures 1 1
Organic net sales growth (non-GAAP) (1)
(4) - 3% 1 - 8%
(1)
See description of non-GAAP measures contained in this Appendix.
30. Impact of Changes in Foreign Currency Exchange Rates for
Q1 2016, Q2 2016 and Fiscal 2016
30
Adjusted
Operating
Net Sales Income (1)
Adjusted EPS (1)
Quarter endedDecember 26, 2014 3,049$ 501$ 0.89$
Impact of changes in foreign currency exchange rates (184) (2)
(30) (0.05)
Operational performance (32) (27) -
Quarter endedDecember 25, 2015 2,833$ 444$ 0.84$
Net Sales Adjusted EPS (1)
Quarter endedMarch 27, 2015 3,082$ 0.91$
Impact of changes in foreign currency exchange rates (73) (0.03)
Operational performance (29) -
Outlook for the quarter ending March 25, 2016 (3) 2,980$ 0.88$
Net Sales Adjusted EPS (1)
Year endedSeptember 25, 2015 12,233$ 3.60
Impact of changes in foreign currency exchange rates (344) (0.13)
Operational performance 411 0.53
Outlook for the year ending September 30, 2016 (3) 12,300$ 4.00$
(3)
Outlook is as of January 20, 2016.
(in millions, except per share data)
(in millions, except per share data)
(in millions, except per share data)
(1)
See description of non-GAAP measures contained in this Appendix.
(2)
Includes $1 million impact of changes in foreign currency exchange rates on sales from acquisitions.