TE Connectivity Q2 Earnings Rise, Tops Estimates

(RTTNews) - TE Connectivity Ltd.(TEL) Wednesday reported higher earnings for the second quarter, reflecting growth in sales, driven by strong performance in most of its markets.

Net income attributable to TE was $362 million compared with $277 million during the year-ago quarter. Earnings per share amounted to $0.87 versus $0.66 in the prior year.

On an adjusted basis, earnings was reported at $0.95 per share. On average, 11 analysts polled by Thomson Reuters expected earnings per share of $0.91 for the quarter. Analysts' estimates typically exclude one-time items.

The company's net sales for the quarter rose 6 percent to $3.43 billion from $3.27 billion during the prior-year period. Analysts estimated revenues of $3.45 billion for the quarter.

For the third quarter, the company expects adjusted earnings in the range of $0.96 - $1.00 per share and forecasts net sales between $3.54 billion and $3.64 billion. Anlaysts estimate earnings of $1.02 per share and revenue of $3.62 billion.

For the full year, TE expects earnings of $3.62 - $3.74 per share and adjusted earnings per share of $3.72 - $3.84. The company forecasts annual net sales between $13.8 and $14.1 billion. Analysts estimate earnings to be $3.78 per share and revenue of $14.02 billion for the year.

In addition, the company said its shareholders approved an annual dividend of $1.16 per share, representing a 16 percent increase.