TE Connectivity Sees Higher Q2 Earnings, Above Market View; Stock Up In Pre-market

(RTTNews) - Swiss industrial technology firm TE Connectivity Ltd. (TEL), while reporting significantly higher earnings and nearly flat net sales for its first quarter, on Wednesday said it sees higher results for its second quarter.

For the second quarter of fiscal 2024, earnings per share from continuing operations are expected to be approximately $1.75, up 31 percent year-over-year, with adjusted earnings per share of around $1.82, up 10 percent year-over-year.

The company expects net sales of around $3.95 billion.

Analysts on average expect the company to report earnings of $1.78 per share on net sales of $4 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

TE Connectivity CEO Terrence Curtin sid, "We expect to deliver strong margin performance at the company level throughout fiscal year 2024 as we continue to execute on operational levers, while benefiting from the diversity and positioning of our portfolio around key long-term growth trends."

For the first quarter, earnings totaled $1.80 billion, or $5.76 per share, compared to $397 million, or $1.24 per share last year. Adjusted earnings from continuing operations were $577 million or $1.84 per share for the period, compared to $487 million or $1.53 per share a year ago.

The company's net sales for the quarter fell 0.3 percent to $3.83 billion from $3.84 billion last year.

Analysts had expected the company to earn $1.71 per share on net sales of $3.86 billion. .

In pre-market activity on the NYSE, the shares were trading at $143, up 6.20 percent.

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