TE Connectivity Sees Higher Results In Q4, FY21 Above Market

(RTTNews) - While reporting strong third-quarter results on Wednesday, Swiss connectivity and sensor solutions provider TE Connectivity Ltd. (TEL) said it expects higher earnings and sales in its fourth quarter and fiscal 2021.

For the fourth quarter, the company expects earnings per share from continuing operations to be around $1.55, compared to $0.69 in the prior year. Adjusted earnings per share are expected to be around $1.65, compared to last year's $1.16.

Net sales for the quarter are expected to be around $3.8 billion, compared to $3.26 billion in the prior year.

On average, analysts polled by Thomson Reuters expect earnings of $1.54 per share on sales of $3.72 billion. Analysts' estimates typically exclude special items.

For the full year 2021, the company expects earnings per share from continuing operations to be $5.94, and adjusted earnings per share of $6.47, compared to $4.26 in the prior year, up 52% year over year. Net sales for the year are projected to be $14.9 billion, up approximately 22% year over year.

Analysts estimate earnings of $6.17 per share on net sales of $14.71 billion for the year.

TE Connectivity CEO Terrence Curtin, said, "We expect strong performance to continue into the fourth quarter with double digit sales growth and significant EPS growth year over year as we continue to benefit from a recovering economic backdrop, content growth and our leadership positions in long-term technology trends."