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TE Connectivity

TE Connectivity is a global manufacturer of connectivity and sensors with a focus on solutions for harsh environments. The Americas and EMEA region accounted for 34% of firm sales each with the Asia Pacific being 32%, of which 18% of revenues were generated in China. Results are now reported in three segments. The largest is Transportation Solutions (53% of FY17 sales) with Industrial Solutions (27%) and Communication Solutions (20%) rounding out the portfolio. (25 Jun 2018)

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Focused

TE Connectivity: 4Q18 | Slower Growth Ahead

Worth Watching: 31 Oct 2018, 9:38 PM ET - TE Connectivity (Baa1/A-) reported better than expected fiscal fourth quarter earnings, although sales did miss consensus estimates which has not been an uncommon theme in the Industrial space this earnings season. Sales for the quarter increas ..
Focused

TE Connectivity: 3Q18 | Another Solid Quarter

Earnings Note: 25 Jul 2018, 8:21 PM ET - TEL’s Communication unit weighed on overall results, but that was expected and the other segments held up well. After today’s performance and with order trends being favorable, TEL lifted fiscal FY18 guidance. We maintain our OP on TEL.

US Industrials: EPG Conference | Macro to Micro

Sector Analysis: 29 May 2018, 4:47 AM ET - We attended the 3-day Electrical Products Group conference in FL last week, which featured a host of Industrial firms. The macro and end-market tone was distinctly positive.  In this report we highlight key takeaways on over 15 credits.
Focused

US Cap Goods: Event Risk = Sector Underperformance

IG Note: 21 Mar 2018, 5:23 AM ET - The Capital Goods Index has been the worst performing sector on an excess return basis year-to-date. Sector returns severely lagged the Index in January with GE and UTX being notable underperformers to date.

JCI: Power Solutions in Play

IG Note: 12 Mar 2018, 9:44 PM ET - We had been flagging JCI as a credit with high event risk. Now JCI is joining other Industrials under pressure by putting Power Solutions under strategic review. We maintain our Underperform until we obtain more capital structure clarity.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.
Focused

US Industrial 2018 Outlook: Conglomerate Conundrum

Sector Analysis: 21 Jan 2018, 9:58 PM ET - Against the backdrop of a generally favorable global demand environment, event risk is the key 2018 credit concern for the conglomerate peer group. We focus on this topic and revisit our credit recommendations for more than two dozen firms.
Focused

TE Connectivity: 4Q17 | Caps off A Strong Year

Worth Watching: 02 Nov 2017, 12:26 AM ET - TE Connectivity (Baa1/A-) reported fiscal fourth quarter  sales of $3.46 bn, ahead of consensus of $3.26 bn, while adjusted earnings of $1.26/share also exceeded expectations of $1.16/share. Maintaining the strong organic trends seen last quart ..

US IG Strategy: Picks and Pans (August 2017)

Strategy Analysis: 15 Aug 2017, 4:28 PM ET - We update our US IG Picks and Pans. In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). We also explain why names have been added or removed from the list. 
Focused

TE Connectivity: New 10-Year Issuance | Buy

IG Note: 31 Jul 2017, 11:07 AM ET - We have a favorable view of TE Connectivity and for clients looking for an issuer with an A tier credit profile, we recommend TEL’s new 10-year issuance today.
Focused

Industrials Earnings Blitz: IR, ROK, TEL

Earnings Note: 26 Jul 2017, 11:38 AM ET - In this earning blitz, we highlight the key takeaways from earnings releases across the Industrials today that include Ingersoll-Rand, Rockwell Automation, and TE Connectivity.

ABB & Schneider Electric: 1Q17 Performance

Earnings Note: 25 Apr 2017, 7:20 AM ET - ABB and Schneider Electric reported above consensus revenues and like-for-like revenue growth in the low single digit range. We move to a Market Perform view on SUFP based on current pricing, while we retain our Underperform view on ABB.

Trump, Trade, Germany, and the EU

Strategy Analysis: 08 Mar 2017, 11:15 PM ET - The Trump team focuses on a bilateral deal with Germany distinct from the EU and sets the stage for more tension. We frame the US-Germany trade deficit for 2016 at the industry level.  Trade edges ahead of the Fed as a risk variable?

Johnson Controls: Marketing Euro-Denominated Debt

IG Note: 08 Mar 2017, 5:01 PM ET - JCI is expected to tap the European debt capital markets. Hence, we recap recent developments at the credit and offer our Relative Value thoughts ahead of potential issuance.

Schneider Electric: FY16 in Line, U/P on € Bonds

Earnings Note: 19 Feb 2017, 6:43 PM ET - Schneider Electric reported a slight decline in sales on an organic basis, an improvement in EBITDA margins and roughly stable net leverage. The company continues to actively return money to the shareholders.

US Industrials 2017 Outlook: Anything But Boring

Sector Outlook: 19 Jan 2017, 5:28 AM ET - In this US Industrial 2017 Outlook, we discuss macro trends, sector fundamentals, and provide credit summaries for over 20 Industrial IG debt issuers. We also maintain our Underperform recommendation on Capital Goods.

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.

Johnson Controls: 4Q16 – Shift to Market perform

Worth Watching: 08 Nov 2016, 2:17 PM ET - Johnson Controls (Baa1/BBB+) reported 4Q16 results that concluded a very busy stretch in management's efforts to become a multi-industrial company. The merger with Tyco was completed on September 2 and the spin-off of Adient took place on Octo ..

Industrials: Sector Update & 3Q16 Preview

Sector Analysis: 17 Oct 2016, 5:16 AM ET - In this report we update end-market color, highlight areas of focus during 3Q16 earnings season, discuss potential capital market activity, and feature some credits to watch such as CAT, DE, ETN, GE, JCI, PNR, UTX, and XYL.

Schneider Electric - New 8Y Bond

Worth Watching: 04 Sep 2016, 11:42 AM ET -  On Friday morning 2nd September Schneider Electric came to the market with a new eight-year bond with a minimum amount of €750 mn. Bank of America Merrill Lynch, Citi, JPMorgan, Mitsubishi UFG, and SocGen were acting as bookrunners. The new i ..

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