Tyco Electronics Reports Strong Second Quarter Results; Increases Full-Year Outlook

-- Net Sales Increased 14 Percent to $3.7 Billion; Organic Sales Growth of 7 Percent

-- Earnings Per Share (EPS) From Continuing Operations of $0.62 on a GAAP Basis, Up 9 Percent; Adjusted EPS of $0.67, an Increase of 12 Percent Over Prior Year

-- Income From Operations of $501 Million Increased 20 Percent and Adjusted Operating Income of $514 Million Increased 17 Percent

-- Company Increases 2008 Outlook for Adjusted EPS From Continuing Operations to $2.60 to $2.66, an Increase of 21 to 24 Percent Over Prior Year

PRNewswire-FirstCall
PEMBROKE, Bermuda
(BSX:TEL)
May 1, 2008

PEMBROKE, Bermuda, May 1 /PRNewswire-FirstCall/ -- Tyco Electronics Ltd. (NYSE: TEL)(BSX: TEL) today reported net sales of $3.7 billion for the fiscal second quarter ended Mar. 28, 2008, an increase of 14 percent over the prior- year period. Excluding currency effects, organic sales growth was 7 percent. GAAP diluted earnings per share (EPS) from continuing operations were $0.62 for the quarter, compared to $0.57 in the prior-year period. Included in EPS from continuing operations was $0.05 of net charges -- comprised of $0.04 per share of income related to a gain from the sale of real estate, which was more than offset by a charge of $0.05 per share for the company's portion of a Tyco International securities litigation settlement with the State of New Jersey and $0.04 per share of restructuring costs. This compares to $0.03 per share of charges in the prior-year quarter. Adjusted diluted EPS from continuing operations were $0.67 in the quarter, an increase of 12 percent over last year's adjusted EPS of $0.60.

"We had a strong second quarter with double-digit sales and earnings growth," said Tyco Electronics Chief Executive Officer Tom Lynch. "The strength of our businesses that serve the global industrial and infrastructure markets more than offset slower growth in the consumer markets served by our Electronic Components segment. Our adjusted operating income grew by 17 percent and our adjusted operating margin improved slightly, compared to the prior year. We also repurchased over 10 million of our shares in the quarter and announced that we are pursuing another divestiture to further focus our company."

Organic Sales Growth, Adjusted Operating Income, Adjusted EPS, Adjusted Operating Margin and Free Cash Flow are all non-GAAP financial measures and are described at the end of this press release. For a reconciliation of these non-GAAP measures, see the attached tables. All dollar amounts are pre-tax and stated in millions. All comparisons are to the quarter ended Mar. 30, 2007 unless otherwise indicated.

       ($ in millions)           Mar. 28,      Mar. 30,
                                   2008          2007    $ Change   % Change

  Net Sales                       $3,662        $3,204      $458       14%
  Operating Income                  $501          $419       $82       20%
  Restructuring-Related Costs       $(26)          $(8)
  Other Items, Net                   $13          $(14)
  Adjusted Operating Income         $514          $441       $73       17%
  Operating Margin                  13.7%         13.1%
  Adjusted Operating Margin         14.0%         13.8%

GAAP operating income was $501 million, compared to $419 million in the prior-year period, an increase of 20 percent. The operating margin on a GAAP basis was 13.7 percent, compared to 13.1 percent in the prior-year period. Included in the current quarter operating income was a $36 million pre-tax gain on the sale of real estate, which was more than offset by a $23 million charge related to the company's portion of a Tyco International securities litigation settlement with the State of New Jersey and $26 million of restructuring costs. Included in prior-year operating income were $8 million of restructuring costs and $14 million of separation-related costs. Excluding these items in both periods, adjusted operating income was $514 million compared to $441 million a year ago, an increase of 17 percent. The adjusted operating margin was 14.0 percent, compared to 13.8 percent a year ago, primarily reflecting the benefit of higher sales volumes and a favorable sales mix in the Undersea Telecommunications and Wireless Systems segments.

CASH FLOW

Free cash flow was $349 million in the quarter, an increase of 47 percent, primarily due to higher operating income levels. Net cash used in continuing operating activities was $457 million, reflecting the $936 million transfer of escrowed funds to satisfy a 2007 Tyco International class action settlement. The settlement was previously funded and had no impact on the company's financial position or cash levels. Adjusting for this item, cash from continuing operations was $479 million, an increase of 32 percent.

  OTHER ITEMS

  -- The company is pursuing the divestiture of the Radio Frequency
     Components and Subsystems business formerly in its Wireless Systems
     segment.  The company has reported this business as a discontinued
     operation and all periods presented have been reclassified to exclude
     the results of this business from continuing operations.  The business
     generated revenue of $114 million and operating income of $4 million in
     the second quarter.

  -- The company's Board of Directors authorized an increase in the
     company's share repurchase program to $1.25 billion from $750 million.
     During the quarter, the company repurchased 10.3 million shares.  At
     the end of the quarter, the company had approximately $650 million
     remaining on the current authorization.

  ORDERS

Total company orders grew 16 percent compared to the prior year. On an organic basis, excluding the effects of currency translation, orders grew 9 percent and the book-to-bill ratio was 1.05. Excluding the company's Undersea Telecommunications and Wireless Systems segments, which are project-oriented businesses with uneven order patterns, orders grew 14 percent overall and 5 percent organically in the quarter, and the book-to-bill ratio was 1.05.

COMPANY RAISES FISCAL 2008 OUTLOOK

The company now expects adjusted EPS from continuing operations of $2.60 to $2.66 for the full fiscal year 2008, compared to $2.14 in the prior year -- an increase of 21 to 24 percent. This compares to the company's prior outlook of $2.45 to $2.55 per share. The company continues to expect restructuring- related costs of approximately $130 million ($0.17 per share) for the full year. The company expects full-year sales growth of 14 to 16 percent with organic sales growth of 7 to 9 percent. This outlook assumes stable foreign exchange rates and raw material prices for the remainder of the fiscal year and excludes the one-time $1.15 per share benefit related to the company's tax sharing agreement from the adoption of FIN 48.

For the third quarter of fiscal 2008, the company expects sales growth of 15 to 17 percent over prior-year sales of $3.3 billion, with organic sales growth of 7 to 9 percent. The company further expects diluted EPS from continuing operations of $0.63 to $0.65, which includes restructuring costs of approximately $0.03 per share. Adjusted EPS from continuing operations are expected to be $0.66 to $0.68, an increase of 35 to 39 percent over the prior- year quarter. This outlook assumes a 36 percent tax rate and Other Income of approximately $15 to $20 million, compared to a 41 percent tax rate and no Other Income in last year's third quarter adjusted income. The combination of a lower tax rate and increased Other Income favorably impacts the year-over- year comparison by approximately $0.07 per share.

"Our revised outlook reflects our second quarter performance, along with the strength of our order rates and backlog, primarily in businesses that serve the global infrastructure and industrial markets, as well as our automotive business outside the U.S.," said Lynch.

SEGMENT RESULTS

Tyco Electronics is comprised of four reporting segments: Electronic Components, Network Solutions, Undersea Telecommunications and Wireless Systems.

Electronic Components

The Electronic Components segment is one of the world's largest suppliers of passive electronic components, including connectors and interconnect systems, relays, switches, circuit protection devices, touchscreens, sensors, and wire and cable.

  ($ in millions)         Mar. 28,   Mar. 30,                     Organic
                            2008       2007   $ Change  % Change   Growth

  Net Sales                $2,760     $2,540    $220        9%        1%
  Operating Income           $419       $351     $68       19%
  Restructuring-Related
   Costs                     $(15)       $(8)
  Other Items                 $36       $(11)
  Adjusted Operating
   Income                    $398       $370     $28        8%
  Operating Margin           15.2%      13.8%
  Adjusted Operating
   Margin                    14.4%      14.6%

Sales in the segment grew 9 percent year over year, or 1 percent organically. On an organic basis, strong growth in the industrial machinery (+16 percent), communications (+14 percent) and aerospace and defense (+11 percent) markets was mostly offset by declines in certain consumer-related markets -- including declines in the computer (-6 percent), consumer electronics (-20 percent) and appliance (-5 percent) markets. Sales to the automotive market grew 2 percent, with 6 percent growth in markets outside North America more than offsetting a 17 percent decline in North America.

Operating income increased by $68 million, which included a $36 million gain on the sale of real estate, and adjusted operating income grew $28 million. The adjusted operating margin decreased slightly due to lower volume growth and increases in commodities prices, partially offset by pricing and productivity improvements. Restructuring costs in the quarter were $15 million, compared to $8 million of restructuring and $11 million of separation-related costs in the prior-year quarter.

Network Solutions

The Network Solutions segment is one of the world's largest suppliers of infrastructure components and systems for the communication service provider, building networks and energy markets.

  ($ in millions)         Mar. 28,   Mar. 30,                     Organic
                            2008       2007   $ Change  % Change   Growth

  Net Sales                  $517       $454     $63       14%        5%
  Operating Income            $53        $59     $(6)     (10)%
  Restructuring-Related       $(9)        $0
   Costs                       $0        $(2)
  Other Items
  Adjusted Operating
   Income                     $62        $61      $1        2%
  Operating Margin           10.3%      13.0%
  Adjusted Operating
   Margin                    12.0%      13.4%

Segment sales grew 14 percent compared to the prior-year quarter, or 5 percent organically. On an organic basis, sales to the building networks and energy markets grew 14 percent and 5 percent respectively, both reflecting strong demand in Europe, Middle East and Africa (EMEA) and Asia. Sales to the communication service provider market decreased 1 percent, primarily due to slower than expected network investment by certain European carriers, mostly offset by growth in North America.

Operating income decreased by $6 million and adjusted operating income increased by $1 million. The decrease in the adjusted operating margin primarily relates to a lower-margin sales mix and lower productivity levels in EMEA as a result of the revenue decline in the communication service provider market. Restructuring costs in the quarter were $9 million, compared to no such costs in the prior-year quarter.

Undersea Telecommunications

The company's Undersea Telecommunications segment is a world leader in developing, manufacturing, installing and maintaining the world's most advanced fiber optic undersea networks.

  ($ in millions)         Mar. 28,   Mar. 30,                     Organic
                            2008       2007   $ Change  % Change   Growth

  Net Sales                  $272       $122    $150      123%      122%
  Operating Income            $39         $4     $35        NM
  Restructuring-Related
   Costs                      $(2)        $0
  Adjusted Operating                                        NM
   Income                     $41         $4     $37
  Operating Margin           14.3%       3.3%
  Adjusted Operating
   Margin                    15.1%       3.3%

Sales in the segment grew 122 percent organically versus the prior year, due to continued investment in undersea fiber optic network capacity, primarily in emerging markets. Adjusted operating income increased $37 million and the adjusted operating margin increased to 15.1 percent, driven by higher volumes and a favorable project mix. Restructuring-related costs in the current quarter were $2 million, compared to no such costs in the prior- year quarter.

Wireless Systems

The Wireless Systems segment is a leading innovator of wireless technology for critical communications.

  ($ in millions)         Mar. 28,   Mar. 30,                     Organic
                            2008       2007   $ Change  % Change   Growth

  Net Sales                  $113        $88     $25       28%       24%
  Operating Income            $13         $5      $8      160%
  Other Items                  $0        $(1)
  Adjusted Operating
   Income                     $13         $6      $7      117%
  Operating Margin           11.5%       5.7%
  Adjusted Operating
   Margin                    11.5%       6.8%

Sales in the segment grew $25 million versus the prior year, primarily due to increased radio sales related to the federally-mandated re-banding efforts of a customer. Adjusted operating income increased $7 million due to higher sales volumes and a more favorable sales mix. There were no other items in the current quarter, compared to separation-related costs of $1 million in the prior-year quarter.

ABOUT TYCO ELECTRONICS

Tyco Electronics Ltd. is a leading global provider of engineered electronic components, network solutions, undersea telecommunication systems and wireless systems, with 2007 sales of $13.0 billion to customers in more than 150 countries. We design, manufacture and market products for customers in industries from automotive, appliance and aerospace and defense to telecommunications, computers and consumer electronics. With over 7,000 engineers and worldwide manufacturing, sales and customer service capabilities, Tyco Electronics' commitment is our customers' advantage. More information on Tyco Electronics can be found at http://www.tycoelectronics.com/.

CONFERENCE CALL AND WEBCAST

The company will hold a conference call for investors today beginning at 8:30 a.m. EDT. The call can be accessed in three ways:

  * At Tyco Electronics' website: http://investors.tycoelectronics.com/.

  * By telephone: For both "listen-only" participants and those participants
    who wish to take part in the question-and-answer portion of the call,
    the telephone dial-in number in the United States is (800) 230-1059.
    The telephone dial-in number for participants outside the United States
    is (612) 332-0923.

  * An audio replay of the conference call will be available beginning at
    10:30 a.m. on May 1, 2008 and ending at 11:59 p.m. on May 8, 2008.  The
    dial-in number for participants in the United States is (800) 475-6701.
    For participants outside the United States, the replay dial-in number is
    (320) 365-3844. The replay access code for all callers is 917010.

  NON-GAAP MEASURES

"Organic Sales Growth," "Adjusted Operating Income," "Adjusted Earnings Per Share," "Adjusted Operating Margin," and "Free Cash Flow" (FCF) are non- GAAP measures and should not be considered replacements for GAAP results.

"Organic Sales Growth" is a useful measure used by the company to measure the underlying results and trends in the business. The difference between reported net sales growth (the most comparable GAAP measure) and Organic Sales Growth (the non-GAAP measure) consists of the impact from foreign currency, acquisitions and divestitures. Organic Sales Growth is a useful measure of the company's performance because it excludes items that: i) are not completely under management's control, such as the impact of foreign currency exchange; or ii) do not reflect the underlying growth of the company, such as acquisition and divestiture activity. It is also a component of the company's compensation programs. The limitation of this measure is that it excludes items that have an impact on the company's sales. This limitation is best addressed by using organic sales growth in combination with the GAAP numbers. See the accompanying tables to this press release for the reconciliation presenting the components of Organic Sales Growth.

The company has presented its operating income before unusual items including costs related to the separation, legal settlements, restructuring costs and other income or charges ("Adjusted Operating Income"). The company utilizes 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 is also a significant component in the company's incentive compensation plans. Adjusted Operating Income is a useful measure for investors because it better reflects the company's underlying operating results, trends and the comparability of these results between periods. The difference between Adjusted Operating Income and operating income (the most comparable GAAP measure) consists of the impact of charges related to litigation settlement costs, separation-related costs and restructuring costs and other income or charges that may mask the underlying operating results and/or business trends. The limitation of this measure is that it excludes the financial impact of items that would otherwise either increase or decrease the company's reported operating income. This limitation is best addressed by using Adjusted Operating Income in combination with operating income (the most comparable GAAP measure) in order to better understand the amounts, character and impact of any increase or decrease on reported results.

The company has presented adjusted diluted earnings per share, which is earnings per share from continuing operations before unusual items, including costs related to the separation, legal settlements, restructuring costs, loss on retirement of debt and other income or charges ("Adjusted Earnings Per Share"). The company presents Adjusted Earnings Per Share because we believe that it is appropriate for investors to consider results excluding these items in addition to our 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 unusual items, which may recur occasionally, but tend to be irregular as to timing, thereby making comparisons between periods more difficult. This limitation is best addressed by using Adjusted Earnings Per Share in combination with earnings per share (the most comparable GAAP measure) in order to better understand the amounts, character and impact of any increase or decrease on reported results.

The company has presented its operating margin before unusual items including costs related to the separation, legal settlements, restructuring costs and other income or charges ("Adjusted Operating Margin"). The company presents and forecasts its Adjusted Operating Margin before unusual items to give investors a perspective on the underlying business results. Because the company cannot predict the amount and timing of such items and the associated charges or gains that will be recorded in the company's financial statements, it is difficult to include the impact of those items in the forecast.

"Free Cash Flow" (FCF) is a useful measure of the company's cash generation which is free from any significant existing obligation. The difference between cash flows from operating activities (the most comparable GAAP measure) and FCF (the non-GAAP measure) consists mainly of significant cash outflows that the company believes are useful to identify. FCF permits management and investors to gain insight into the number that management employs to measure cash that is free from any significant existing obligation. The difference reflects the impact from:

  -- net capital expenditures,
  -- voluntary pension contributions, and
  -- cash impact of unusual items.

Net capital expenditures are subtracted because they represent long-term commitments. Voluntary pension contributions are subtracted from the GAAP measure because this activity is driven by economic financing decisions rather than operating activity. The company forecasts its cash flow results excluding any voluntary pension contributions because it has not yet made a determination about the amount and timing of any future such contributions. In addition, the company's forecast excludes the cash impact of unusual items because the company cannot predict the amount and timing of such items.

The limitation associated with using FCF is that it subtracts cash items that are ultimately within management's and the Board of Directors' discretion to direct and that therefore may imply that there is less or more cash that is available for the company's programs than the most comparable GAAP measure. This limitation is best addressed by using FCF in combination with the GAAP cash flow numbers.

FCF as presented herein may not be comparable to similarly-titled measures reported by other companies. The measure should be used in conjunction with other GAAP financial measures. Investors are urged to read the company's financial statements as filed with the Securities and Exchange Commission, as well as the accompanying tables to this press release that show all the elements of the GAAP measures of Cash Flows from Operating Activities, Cash Flows from Investing Activities, Cash Flows from Financing Activities and a reconciliation of the company's total cash and cash equivalents for the period. See the accompanying tables to this press release for a cash flow statement presented in accordance with GAAP and a reconciliation presenting the components of FCF.

FORWARD-LOOKING STATEMENTS

This release may contain certain "forward-looking statements" within the meaning of the United States 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 or achievements to differ materially from anticipated results, performance 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. The forward-looking statements in this release include statements addressing the following subjects: future financial condition and operating results. Economic, business, competitive and/or regulatory factors affecting Tyco Electronics' businesses are examples of factors, among others, that could cause actual results to differ materially from those described in the forward- looking statements. In addition, Tyco Electronics' historical combined financial information is not necessarily representative of the results it would have achieved as an independent, publicly-traded company and may not be a reliable indicator of its future results. Tyco Electronics has no intention and is under no obligation to update or alter (and expressly disclaims any such intention or obligation to do so) its forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by law. More detailed information about these and other factors is set forth in Tyco Electronics' Annual Report on Form 10-K for the fiscal year ended September 28, 2007 and Quarterly Report on Form 10-Q for the quarterly period ended December 28, 2007, as well as in current reports on Form 8-K filed by Tyco Electronics.

                          TYCO ELECTRONICS LTD.
 CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (UNAUDITED)

                                   For the Quarters     For the Six Months
                                         Ended                 Ended
                                  March 28,  March 30,  March 28,  March 30,
                                    2008       2007       2008       2007
                                     (in millions, except per share data)

  Net sales                        $3,662     $3,204     $7,220     $6,179
  Cost of sales                     2,692      2,372      5,358      4,560
     Gross income                     970        832      1,862      1,619
  Selling, general, and
   administrative expenses            421        405        820        795
  Litigation settlement                23          -         23          -
  Restructuring and other
   charges, net                        25          8         46         17
     Income from operations           501        419        973        807
  Interest income                       9         14         19         29
  Interest expense                    (49)       (58)       (99)      (118)
  Other income                         13          -        605          -
     Income from continuing
      operations before income
      taxes and minority interest     474        375      1,498        718
  Income taxes                       (171)       (93)      (326)      (200)
  Minority interest                    (1)        (1)        (2)        (2)
     Income from continuing
      operations                      302        281      1,170        516
  Income (loss) from discontinued
   operations, net of income taxes     (1)        (4)        80         42
     Net income                      $301       $277     $1,250       $558

  Basic earnings per share:
     Income from continuing
      operations                    $0.62      $0.57      $2.38      $1.04
     Income (loss) from
      discontinued operations           -      (0.01)      0.17       0.08
     Net income                     $0.62      $0.56      $2.55      $1.12

  Diluted earnings per share:
     Income from continuing
      operations                    $0.62      $0.57      $2.37      $1.04
     Income (loss) from
      discontinued operations           -      (0.01)      0.16       0.08
     Net income                     $0.62      $0.56      $2.53      $1.12

  Weighted-average number of
   shares outstanding:
     Basic                            486        497        491        497
     Diluted                          489        497        494        497



                          TYCO ELECTRONICS LTD.
            CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

                                              March 28,       September 28,
                                                2008              2007
                                            (in millions, except share data)
  Assets
  Current Assets:
    Cash and cash equivalents                       $748              $942
    Accounts receivable, net of allowance
     for doubtful accounts of $51 and
     $57, respectively                             2,806             2,594
    Inventories                                    2,427             2,049
    Class action settlement escrow                     -               928
    Class action settlement receivable                 -             2,064
    Prepaid expenses and other current
     assets                                          779               589
    Deferred income taxes                            238               325
    Assets held for sale                             290               505
      Total current assets                         7,288             9,996
  Property, plant, and equipment, net              3,618             3,412
  Goodwill                                         7,209             7,177
  Intangible assets, net                             522               526
  Deferred income taxes                            2,085             1,397
  Receivable from Tyco International
   Ltd. and Covidien                               1,390               844
  Other assets                                       363               336
      Total Assets                               $22,475           $23,688

  Liabilities and Shareholders' Equity
  Current Liabilities:
    Current maturities of long-term debt             $22                $5
    Accounts payable                               1,527             1,343
    Class action settlement liability                  -             2,992
    Accrued and other current liabilities          1,672             1,417
    Deferred revenue                                 325               181
    Liabilities held for sale                        102               266
      Total current liabilities                    3,648             6,204
  Long-term debt                                   3,173             3,373
  Long-term pension and postretirement
   liabilities                                       657               607
  Deferred income taxes                              271               271
  Income taxes                                     2,535             1,242
  Other liabilities                                  610               599
      Total Liabilities                           10,894            12,296
  Commitments and contingencies
  Minority interest                                   11                15
  Shareholders' equity:
    Preferred shares, $0.20 par
     value, 125,000,000 shares
     authorized; none outstanding                      -                 -
    Common shares, $0.20 par value,
     1,000,000,000 shares authorized;
     499,131,506 and 497,467,930 issued,
     respectively                                    100                99
    Capital in excess:
      Share premium                                   40                13
      Contributed surplus                         10,084            10,029
    Accumulated earnings                             665               186
    Treasury stock, at cost, 17,475,675
     and 44,454 shares, respectively                (610)               (2)
    Accumulated other comprehensive
     income                                        1,291             1,052
      Total Shareholders' Equity                  11,570            11,377
      Total Liabilities and Shareholders'
       Equity                                    $22,475           $23,688



                          TYCO ELECTRONICS LTD.
 CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (UNAUDITED)

                                   For the Quarter      For the Six Months
                                        Ended                  Ended
                                  March 28,  March 30,  March 28,  March 30,
                                    2008       2007       2008       2007
                                                (in millions)
  Cash Flows From Operating
   Activities:
  Net income                       $301       $277     $1,250       $558
    (Income) loss from
     discontinued operations,
     net of income taxes              1          4        (80)       (42)
  Income from continuing
   operations                       302        281      1,170        516
  Adjustments to reconcile net
   cash (used in) provided by
   operating activities:
    Non-cash restructuring and
     other charges, net              13          -         20          -
    Depreciation and amortization   137        128        271        251
    Deferred income taxes            85         36        127         57
    Tax sharing income              (13)         -       (605)         -
    Class action settlement        (936)         -       (936)         -
    Other                           (37)        15         20         47
    Changes in assets and
     liabilities, net of the
     effects of acquisitions
     and divestitures:
      Accounts receivable, net      (39)       (53)       (71)       (13)
      Inventories                  (159)        (6)      (287)      (216)
      Accounts payable               29        (50)        34          3
      Accrued and other
       liabilities                  123         85        (34)       (73)
      Income taxes                  (29)         -         17          -
      Deferred revenue               34        (40)       147         25
      Other                          33        (32)        57        (21)
        Net cash (used in)
         provided by continuing
         operating activities      (457)       364        (70)       576
        Net cash provided by
         (used in) discontinued
         operating activities        11         (4)        17          3
        Net cash (used in)
         provided by operating
         activities                (446)       360        (53)       579
  Cash Flows From Investing
   Activities:
  Capital expenditures             (157)      (150)      (283)      (597)
  Proceeds from sale of property,
   plant, and equipment              27         24         31         31
  Class action settlement escrow    936          -        936          -
  Proceeds from divestiture of
   discontinued operations, net
   of cash retained by businesses
   sold                               -          -        102        227
  Other                              (8)        (3)       (17)        (2)
        Net cash provided by
         (used in) continuing
         investing activities       798       (129)       769       (341)
        Net cash used in
         discontinued investing
         activities                  (1)        (4)        (4)       (11)
        Net cash provided by
         (used in) investing
         activities                 797       (133)       765       (352)
  Cash Flows From Financing
   Activities:
  Net increase in commercial paper  145          -        650          -
  Repayment of long-term debt      (251)        (7)      (951)        (7)
  Proceeds from long-term debt        -          -        100          -
  Allocated debt activity             -         10          -         29
  Net transactions with former
   parent                             -       (220)         -       (240)
  Repurchase of common shares      (360)         -       (592)         -
  Payment of common dividends       (66)         -       (136)         -
  Proceeds from exercise of
   share options                      9          -         28          -
  Other                              (3)         7         (9)         6
        Net cash used in
         continuing financing
         activities                (526)      (210)      (910)      (212)
        Net cash (used in)
         provided by discontinued
         financing activities        (9)        11        (15)        13
        Net cash used in financing
         activities                (535)      (199)      (925)      (199)
  Effect of currency translation
   on cash                           11          5         17         12
  Net (decrease) increase in cash
   and cash equivalents            (173)        33       (196)        40
  Less: net (increase) decrease
   in cash and cash equivalents
   related to discontinued
   operations                        (1)        (3)         2         (5)
  Cash and cash equivalents at
   beginning of period              922        477        942        472
  Cash and cash equivalents at
   end of period                   $748       $507       $748       $507

  Supplemental Cash Flow
   Information:
  Income taxes paid, net of
   refunds                         $118        $61       $199       $136

  Reconciliation to Free Cash
   Flow:
  Net cash (used in) provided
   by continuing operating
   activities                     $(457)      $364       $(70)      $576
  Capital expenditures, net        (130)      (126)      (252)      (566)
  Class action settlement           936          -        936          -
  Free cash flow (1)               $349       $238       $614        $10


  (1) Free cash flow is a non-GAAP measure.  See description of non-GAAP
      measures contained in this release.



                          TYCO ELECTRONICS LTD.
            CONSOLIDATED AND COMBINED SEGMENT DATA (UNAUDITED)

                                         For the Quarters Ended
                                       March 28,        March 30,
                                         2008             2007
                                            ($ in millions)
  Net Sales:
  Electronic Components                  $2,760           $2,540
  Network Solutions                         517              454
  Undersea Telecommunications               272              122
  Wireless Systems                          113               88
    Total                                $3,662           $3,204

  Income from Operations:
  Electronic Components                    $419   15.2%     $351   13.8%
  Network Solutions                          53   10.3%       59   13.0%
  Undersea Telecommunications                39   14.3%        4    3.3%
  Wireless Systems                           13   11.5%        5    5.7%
  Litigation settlement                     (23)               -
    Total                                  $501   13.7%     $419   13.1%


                                       For the Six Months Ended
                                       March 28,        March 30,
                                         2008             2007
                                            ($ in millions)
  Net Sales:
  Electronic Components                  $5,400           $4,930
  Network Solutions                       1,029              875
  Undersea Telecommunications               586              198
  Wireless Systems                          205              176
    Total                                $7,220           $6,179

  Income from Operations:
  Electronic Components                    $771   14.3%     $678   13.8%
  Network Solutions                         122   11.9%      113   12.9%
  Undersea Telecommunications                82   14.0%        3    1.5%
  Wireless Systems                           21   10.2%       13    7.4%
  Litigation settlement                     (23)               -
    Total                                  $973   13.5%     $807   13.1%



                          TYCO ELECTRONICS LTD.
               NET SALES GROWTH RECONCILIATION (UNAUDITED)

                                                                  Percentage
                                                                      of
                                                                   Segment's
                                                                     Total
                                                                      Net
                                  Change in Net Sales for the        Sales
                                 Quarter Ended March 28, 2008       for the
                               versus Net Sales for the Quarter     Quarter
                                     Ended March 30, 2007            Ended

                                                                      March
                                                                        28,
                             Organic(1)  Translation(2)     Total      2008
                                        ($ in millions)
  Electronic Components (3):
    Automotive               $20    2.0%      $102      $122    12.1%   41%
    Computer                 (15)  (6.1)         9        (6)   (2.4)    9
    Communications            26   13.7         15        41    21.6     8
    Industrial                23   16.1         14        37    26.4     6
    Appliance                 (7)  (5.2)         9         2     1.5     5
    Aerospace and Defense     10   10.8          5        15    17.2     4
    Consumer Electronics     (11) (20.4)         3        (8)  (15.1)    2
    Other                    (18)  (2.7)        35        17     2.5    25
      Total                   28    1.1        192       220     8.7   100
  Network Solutions (3):
    Energy                    10    5.1         21        31    15.4    45
    Communication Service
     Provider                 (1)  (0.8)         9         8     6.1    27
    Building Networks         15   14.2         10        25    23.6    25
    Other                     (2) (12.9)         1        (1)   (6.7)    3
      Total                   22    4.9         41        63    13.9   100%
  Undersea
   Telecommunications        149  122.0          1       150   123.0
  Wireless Systems            21   24.3          4        25    28.4
     Total                  $220    6.8%      $238      $458    14.3%


                                                                  Percentage
                                                                      of
                                                                   Segment's
                                                                     Total
                                                                      Net
                                                                     Sales
                                Change in Net Sales for the Six     for the
                                  Months Ended March 28, 2008         Six
                              versus Net Sales for the Six Months    Months
                                      Ended March 30, 2007           Ended

                                                                      March
                                                                        28,
                             Organic(1)  Translation(2)     Total      2008
                                        ($ in millions)
  Electronic Components (3):
    Automotive               $96    5.0%      $180      $276    14.3%   41%
    Computer                 (29)  (5.6)        18       (11)   (2.1)   10
    Communications            68   17.9         27        95    25.2     9
    Industrial                39   14.2         25        64    23.3     6
    Appliance                (12)  (4.6)        16         4     1.6     5
    Aerospace and Defense     17   10.4         10        27    16.4     3
    Consumer Electronics     (13) (11.6)         6        (7)   (6.5)    2
    Other                    (38)  (2.9)        60        22     1.7    24
      Total                  128    2.6        342       470     9.5   100
  Network Solutions (3):
    Energy                    25    6.7         42        67    17.1    45
    Communication Service
     Provider                 23    9.5         18        41    16.6    28
    Building Networks         24   12.3         22        46    22.3    24
    Other                      -  (10.0)         -         -       -     3
      Total                   72    8.2         82       154    17.6   100%
  Undersea
   Telecommunications        385  194.5          3       388   196.0
  Wireless Systems            25   14.1          4        29    16.5
     Total                  $610    9.8%      $431    $1,041    16.8%


  (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 in this release.
  (2) Represents the change in net sales resulting from changes in foreign
      currency exchange rates.
  (3) Industry end market information about net sales is presented
      consistently with our internal management reporting and may be
      periodically revised as management deems necessary.



                          TYCO ELECTRONICS LTD.
        ADJUSTED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
                   For the Quarter Ended March 28, 2008

                                                     Adjustments
                                               Restructuring
                                                    and            Adjusted
                                                   Other    Other  Results
                                                  Charges,  Items (Non-GAAP)
                                         US GAAP    Net     Net(1)    (2)
                                       (in millions, except per share data)

  Net sales                               $3,662      $-      $-    $3,662
  Cost of sales                            2,692      (1)      -     2,691
    Gross income                             970       1       -       971
  Selling, general, and administrative
   expenses                                  421       -      36       457
  Litigation settlement                       23       -     (23)        -
  Restructuring and other charges, net        25     (25)      -         -
    Income from operations                   501      26     (13)      514
  Interest income                              9       -       -         9
  Interest expense                           (49)      -       -       (49)
  Other income                                13       -       -        13
    Income from continuing operations
     before income taxes and minority
     interest                                474      26     (13)      487
  Income taxes                              (171)     (8)     20      (159)
  Minority interest                           (1)      -       -        (1)
    Income from continuing operations       $302     $18      $7      $327

  Basic earnings per share:
    Income from continuing operations      $0.62                     $0.67
  Diluted earnings per share:
    Income from continuing operations      $0.62                     $0.67
  Weighted-average number of shares
   outstanding:
    Basic                                    486                       486
    Diluted                                  489                       489


   ADJUSTED CONSOLIDATED INCOME FROM OPERATIONS BY SEGMENT (UNAUDITED)
                   For the Quarter Ended March 28, 2008

                                                     Adjustments
                                               Restructuring
                                                    and            Adjusted
                                                   Other    Other  Results
                                                  Charges,  Items (Non-GAAP)
                                         US GAAP    Net     Net(1)    (2)
                                                    (in millions)
  Income from Operations:
  Electronic Components                    $419      $15     $(36)    $398
  Network Solutions                          53        9        -       62
  Undersea Telecommunications                39        2        -       41
  Wireless Systems                           13        -        -       13
  Litigation settlement                     (23)       -       23        -
    Total                                  $501      $26     $(13)    $514


  (1) Consists of a $36 million gain on the sale of real estate and $23
      million of costs related to the settlement of securities litigation
      with the State of New Jersey.
  (2) Adjusted results is a non-GAAP measure.  See description of non-GAAP
      measures contained in this release.



                          TYCO ELECTRONICS LTD.
        ADJUSTED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
                 For the Six Months Ended March 28, 2008

                                                 Adjustments
                                       Restructuring                Adjusted
                                            and      Tax     Other   Results
                                           Other   Sharing   Items,  (Non-
                                          Charges,  Income    Net     GAAP)
                               US GAAP      Net      (1)      (2)      (3)
                                   (in millions, except per share data)

  Net sales                     $7,220       $-        $-      $-    $7,220
  Cost of sales                  5,358       (1)        -       -     5,357
    Gross income                 1,862        1         -       -     1,863
  Selling, general, and
   administrative expenses         820        -         -      36       856
  Litigation settlement             23        -         -     (23)        -
  Restructuring and other
   charges, net                     46      (46)        -       -         -
    Income from operations         973       47         -     (13)    1,007
  Interest income                   19        -         -       -        19
  Interest expense                 (99)       -         -       -       (99)
  Other income                     605        -      (572)      -        33
    Income from continuing
     operations before income
     taxes and minority
     interest                    1,498       47      (572)    (13)      960
  Income taxes                    (326)     (14)        -      20      (320)
  Minority interest                 (2)       -         -       -        (2)
    Income from continuing
     operations                 $1,170      $33     $(572)     $7      $638

  Basic earnings per share:
    Income from continuing
     operations                  $2.38                                $1.30
  Diluted earnings per share:
    Income from continuing
     operations                  $2.37                                $1.29

  Weighted-average number of
   shares outstanding:
     Basic                         491                                  491
     Diluted                       494                                  494


     ADJUSTED CONSOLIDATED INCOME FROM OPERATIONS BY SEGMENT (UNAUDITED)
                   For the Six Months Ended March 28, 2008

                                                 Adjustments
                                       Restructuring                Adjusted
                                            and      Tax     Other   Results
                                           Other   Sharing   Items,  (Non-
                                          Charges,  Income    Net     GAAP)
                               US GAAP      Net      (1)      (2)      (3)
                                                (in millions)
  Income from Operations:
  Electronic Components           $771      $30        $-    $(36)     $765
  Network Solutions                122       14         -       -       136
  Undersea Telecommunications       82        3         -       -        85
  Wireless Systems                  21        -         -       -        21
  Litigation settlement            (23)       -         -      23         -
    Total                         $973      $47        $-    $(13)   $1,007


  (1) In connection with the adoption of FIN 48, the Company recorded income
      pursuant to its Tax Sharing Agreement with Tyco International and
      Covidien.
  (2) Consists of a $36 million gain on the sale of real estate and $23
      million of costs related to the settlement of securities litigation
      with the State of New Jersey.
  (3) Adjusted results is a non-GAAP measure.  See description of non-GAAP
      measures contained in this release.



                          TYCO ELECTRONICS LTD.
          ADJUSTED COMBINED STATEMENT OF OPERATIONS (UNAUDITED)
                   For the Quarter Ended March 30, 2007

                                                 Adjustments
                                                     Restructuring  Adjusted
                                           Separation     and       Results
                                            Related      Other       (Non-
                                             Costs      Charges,      GAAP)
                                  US GAAP     (1)         Net         (2)
                                    (in millions, except per share data)

  Net sales                        $3,204       $-          $-       $3,204
  Cost of sales                     2,372        -           -        2,372
    Gross income                      832        -           -          832
  Selling, general, and
   administrative expenses            405      (14)          -          391
  Restructuring and other
   charges, net                         8        -          (8)           -
    Income from operations            419       14           8          441
  Interest income                      14        -           -           14
  Interest expense                    (58)       -           -          (58)
    Income from continuing
     operations before income
     taxes and minority interest      375       14           8          397
  Income taxes                        (93)      (4)         (2)         (99)
  Minority interest                    (1)       -           -           (1)
    Income from continuing
     operations                      $281      $10          $6         $297

  Basic and diluted earnings
   per share:
    Income from continuing
     operations                     $0.57                             $0.60

  Weighted-average number
   of shares outstanding:
    Basic and diluted                 497                               497


     ADJUSTED COMBINED INCOME FROM OPERATIONS BY SEGMENT (UNAUDITED)
                   For the Quarter Ended March 30, 2007

                                                 Adjustments
                                                     Restructuring  Adjusted
                                           Separation     and       Results
                                            Related      Other       (Non-
                                             Costs      Charges,      GAAP)
                                  US GAAP     (1)         Net         (2)
                                                 (in millions)
  Income from Operations:
  Electronic Components              $351      $11          $8         $370
  Network Solutions                    59        2           -           61
  Undersea Telecommunications           4        -           -            4
  Wireless Systems                      5        1           -            6
    Total                            $419      $14          $8         $441


  (1) Includes $14 million of costs related to building separate company
      functions that did not exist in the prior year.
  (2) Adjusted results is a non-GAAP measure.  See description of non-GAAP
      measures contained in this release.



                          TYCO ELECTRONICS LTD.
          ADJUSTED COMBINED STATEMENT OF OPERATIONS (UNAUDITED)
                 For the Six Months Ended March 30, 2007

                                                 Adjustments
                                                     Restructuring  Adjusted
                                           Separation     and       Results
                                            Related      Other       (Non-
                                             Costs      Charges,      GAAP)
                                  US GAAP     (1)         Net         (2)
                                    (in millions, except per share data)

  Net sales                        $6,179       $-          $-       $6,179
  Cost of sales                     4,560        -           -        4,560
    Gross income                    1,619        -           -        1,619
  Selling, general, and
   administrative expenses            795      (16)          -          779
  Restructuring and other
   charges, net                        17        -         (17)           -
    Income from operations            807       16          17          840
  Interest income                      29        -           -           29
  Interest expense                   (118)       -           -         (118)
    Income from continuing
     operations before income
     taxes and minority interest      718       16          17          751
  Income taxes                       (200)      (5)         (5)        (210)
  Minority interest                    (2)       -           -           (2)
    Income from continuing
     operations                      $516      $11         $12         $539

  Basic and diluted earnings
   per share:
    Income from continuing
     operations                     $1.04                             $1.08

  Weighted-average number of
   shares outstanding:
    Basic and diluted                 497                               497


     ADJUSTED COMBINED INCOME FROM OPERATIONS BY SEGMENT (UNAUDITED)
                 For the Six Months Ended March 30, 2007

                                                 Adjustments
                                                     Restructuring  Adjusted
                                           Separation     and       Results
                                            Related      Other       (Non-
                                             Costs      Charges,      GAAP)
                                  US GAAP     (1)         Net         (2)
                                                 (in millions)
  Income from Operations:
  Electronic Components              $678      $13         $16         $707
  Network Solutions                   113        2           -          115
  Undersea Telecommunications           3        -           1            4
  Wireless Systems                     13        1           -           14
    Total                            $807      $16         $17         $840


  (1) Includes $16 million of costs related to building separate company
      functions that did not exist in the prior year.
  (2) Adjusted results is a non-GAAP measure.  See description of non-GAAP
      measures contained in this release.

SOURCE: Tyco Electronics Ltd.

CONTACT: Media Relations: Sheri Woodruff, Office: +1-610-893-9555,
Mobile: +1-609-933-9243, swoodruff@tycoelectronics.com, or Investor Relations:
John Roselli, Office: +1-610-893-9559, john.roselli@tycoelectronics.com, or
Keith Kolstrom, Office: +1-610-893-9551, keith.kolstrom@tycoelectronics.com,
all of Tyco Electronics Ltd.

Web site: http://www.tycoelectronics.com/


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