TE Connectivity's board approves recommendation to raise annualized dividend to $2.00 per share

Rhea-AI Summary

The Board of Directors of TE Connectivity Ltd. (NYSE: TEL) has recommended increasing the quarterly dividend from $0.48 to $0.50 per share, effective from April 2021. This change raises the annual dividend to $2.00 per share. The proposal will be submitted for shareholder approval on March 10, 2021. TE Connectivity, a $12 billion global industrial technology leader, specializes in connectivity and sensor solutions across various industries.

Positive

• Quarterly dividend increased from $0.48 to $0.50 per share.
• Annual dividend raised to $2.00 per share.

Negative

• None.

SCHAFFHAUSEN, Switzerland, Dec. 11, 2020 /PRNewswire/ -- The TE Connectivity Ltd. (NYSE: TEL) Board of Directors today approved a recommendation to increase the company's quarterly dividend from $0.48 to $0.50 per share, for the four fiscal quarters starting in April 2021, the beginning of the third fiscal quarter. The recommendation would raise the company's dividend from the annual rate of $1.92 per share to $2.00 per share, and will be presented for shareholder approval at the company's Annual General Meeting of Shareholders on March 10, 2021.

About TE Connectivity

TE Connectivity Ltd. (NYSE: TEL) is a $12 billion global industrial technology leader creating a safer, sustainable, productive, and connected future. Our broad range of connectivity and sensor solutions, proven in the harshest environments, enable advancements in transportation, industrial applications, medical technology, energy, data communications, and the home. With approximately 80,000 employees, including more than 7,500 engineers, working alongside customers in approximately 140 countries, TE ensures that EVERY CONNECTION COUNTS. Learn more at www.te.com and on LinkedIn, Facebook, WeChat and Twitter.

Forward-Looking Statements

This release 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 release include statements addressing our future financial condition and operating results, and the impact on our operations resulting from the coronavirus disease 2019 ("COVID-19"). Examples of factors that could cause actual results to differ materially from those described in the forward-looking statements include, among others, the extent, severity and duration of COVID-19 negatively affecting our business operations; business, economic, competitive and regulatory risks, such as conditions affecting demand for products in the automotive and other industries we serve; 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; and the possible effects on us of changes in tax laws, tax treaties and other legislation, including the effects of Swiss tax reform. In addition, the extent to which COVID-19 will impact our business and our financial results will depend on future developments, which are highly uncertain and cannot be predicted. Such developments may include the geographic spread of the virus, the severity of the virus, the duration of the outbreak, the impact on our suppliers' and customers' supply chains, the actions that may be taken by various governmental authorities in response to the outbreak in jurisdictions in which we operate, and the possible impact on the global economy and local economies in which we operate. More detailed information about these and other factors is set forth in TE Connectivity Ltd.'s Annual Report on Form 10-K for the fiscal year ended Sept. 25, 2020 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.

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SOURCE TE Connectivity Ltd.

FAQ

What is the new dividend amount for TE Connectivity (TEL)?

TE Connectivity's new dividend amount is $0.50 per share, effective from April 2021.

When will TE Connectivity's dividend increase be approved?

The dividend increase will be presented for shareholder approval on March 10, 2021.

What is the total annual dividend for TE Connectivity after the increase?

After the increase, the total annual dividend for TE Connectivity will be $2.00 per share.