TE Connectivity: Fiscal 1Q Earnings Snapshot
SCHAFFHAUSEN, Switzerland (AP) _ TE Connectivity Ltd. (TEL) on Wednesday reported fiscal first-quarter profit of $26 million.
On a per-share basis, the Schaffhausen, Switzerland-based company said it had net income of 8 cents. Earnings, adjusted for one-time gains and costs, came to $1.21 per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.14 per share.
The electronics maker posted revenue of $3.17 billion in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $3.11 billion.
For the current quarter ending in April, TE Connectivity expects its per-share earnings to range from $1.22 to $1.28.
The company said it expects revenue in the range of $3.1 billion to $3.3 billion for the fiscal second quarter.
TE Connectivity expects full-year earnings in the range of $4.95 to $5.25 per share, with revenue ranging from $12.85 billion to $13.25 billion.
TE Connectivity shares have climbed slightly more than 2% since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 1%. The stock has increased 23% in the last 12 months.