TE Connectivity Down 6% After Earnings, Guidance

By Michael Dabaie

TE Connectivity Ltd. (TEL) shares were down about 6% at $89.05 around midday.

The connectivity and sensors solutions company reported fourth-quarter sales of $3.3 billion, down from $3.5 billion in the year-ago period. That was above FactSet consensus for $3.27 billion. Adjusted EPS came to $1.33, above FactSet consensus for $1.31.

TE guided for 2020 sales of $12.7 billion to $13.3 billion, reflecting a 3% actual and 2% organic decline at the mid-point versus the prior year. The company said it expects adjusted per-share earnings of $4.85 to $5.25.

"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.

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

(END) Dow Jones Newswires

October 30, 2019 12:17 ET (16:17 GMT)

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