TE Connectivity Issues Q3 Guidance

(RTTNews) - TE Connectivity Ltd. (TEL) said, for the third quarter, the company expects net sales of approximately $4.0 billion. GAAP EPS from continuing operations are expected to be approximately $1.71, up 2% year over year, with adjusted EPS of approximately $1.85, up 5% year over year.

Second quarter bottom line totaled $541 million, or $1.75 per share compared with $433 million, or $1.36 per share, in last year's second quarter. Excluding items, TE Connectivity reported adjusted earnings of $577 million or $1.86 per share for the period. Analysts on average had expected the company to earn $1.83 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 4.6% to $3.97 billion from $4.16 billion last year. Sales were down 3% organically.

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