TEL TE Connectivity Ltd

By Michael Dabaie

TE Connectivity Ltd. (TEL) Wednesday guided for 2020 sales of $12.7 billion to $13.3 billion.

The connectivity and sensors solutions company said the forecast reflects a 3% actual and 2% organic decline at the mid-point versus the prior year.

Profit from continuing operations for the year is expected to be $4.21 to $4.61 a share, which includes restructuring, acquisition-related and other charges of 64 cents. The company said it expects adjusted per-share earnings of $4.85 to $5.25.

For the first quarter, TE guided for sales of $3 billion to $3.2 billion, reflecting a decrease of 7% on an actual basis and 6% on an organic basis year over year at the mid-point. It forecast profit from continuing operations of 93 cents to 99 cents, which includes charges of 17 cents.

The company said expects adjusted profit of $1.10 to $1.16 a share.

"We continue to see a challenging and uncertain global market environment in fiscal 2020 and remain confident in the ability of our teams to adjust to changing dynamics and deliver strong performance for our owners and customers," Chief Executive Terrence Curtin said.

Shares fell 4.7% to $89.74 in light premarket trading.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

October 30, 2019 09:39 ET (13:39 GMT)

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