...December 6, 2023 We expect TE Connectivity to return to modest revenue growth this fiscal year aided by secular automotive demand tailwinds and a stabilization in the communications segment. Following a revenue decline of 1.5% in fiscal 2023 (ended Sept. 29), we expect a return to revenue growth in the low-single-digit percent area in fiscal 2024 supported by a backlog that remains near record levels. The decline last fiscal year was due to reduced demand in the communications segment and industrial equipment subsegment from the consumption of excess channel inventory. This was only partly offset by growth in the transportation segment and the rest of the industrial solutions segment. In fiscal 2024, communications should benefit from the ramp up of artificial intelligence-related programs in the data center and the stabilization of channel inventory levels, as orders had already begun to increase sequentially in the September quarter. While macroeconomic uncertainties remain, we expect...
