TE Connectivity Swings to Net Loss in 2Q

By Adriano Marchese

TE Connectivity Ltd. said Tuesday that it swung to a net loss in the second quarter, and said that it expects net sales to fall by around one fourth in the next quarter.

For the quarter ended March 27, the Switzerland-based tech company reported a loss of $456 million, or $1.37 a share, compared with a profit of $439 million, or $1.29, for the same period last year.

Excluding items, TE Connectivity reported an adjusted profit of $1.29 a share for the quarter, compared with $1.42 last year and analysts forecasts of $1.01, taken from FactSet.

Sales fell to $3.2 billion from $3.4 billion.

Looking ahead, the company said that it expects its third-quarter net sales to be down around 25% sequentially due to the impact of the pandemic on end demand environment. As a result, the it said it would withdraw guidance for its full year due to limited visibility.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

April 28, 2020 06:41 ET (10:41 GMT)

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