TE Connectivity Ltd (NYSE:TEL) reported Q1 FY24 net sales of $3.83 billion, nearly flat Y/Y but slightly below consensus of $3.86 billion. Adjusted EPS was $1.84, beating the consensus of $1.71. Orders increased by 4% Y/Y to $3.8 billion across all segments. Transportation Solutions revenue grew by 5% Y/Y, while Industrial Solutions and Communications Solutions saw declines. The adjusted operating margin improved to 19.1%. The company generated $570 million in free cash flow and has $1.17 billion in cash. CEO Terrence Curtin highlighted growth in automotive connectivity and expects strong margins in FY24. TEL forecasts Q2 net sales of $3.95 billion and adjusted EPS of $1.82, with shares trading up 7.40% at $144.62.