TE Connectivity Posts Higher 1Q Sales, Profit
January 26 2022 - 6:51AM
Dow Jones News
By Will Feuer
TE Connectivity Ltd. logged higher profit and sales in its
latest quarter, driven by growth in its industrials and
communications segments.
The Swiss company, which makes connectivity and sensor
equipment, on Wednesday posted a first-quarter profit of $566
million, or $1.72 a share, compared with $381 million, or $1.14 a
share, a year earlier.
On an adjusted basis, the company's profit was $1.76 a share.
Analysts surveyed by FactSet had been expecting $1.61 a share.
Revenue was $3.82 billion, up from $3.52 billion, the company
said. Analysts had forecast $3.73 billion.
Orders grew by 7% year-over-year to about $4.3 billion, TE
Connectivity said. Sales growth was driven by the company's
industrial and communications segments, the company said.
Industrial sales rose to $1.06 billion from $873 million a year
earlier, while communications sales rose to $601 million from $425
million in the year prior.
Transportation-segment sales were lower at $2.16 billion,
compared with $2.22 billion a year earlier, though the company said
it is still benefiting from demand for electric vehicles, which use
TE Connectivity components for products such as charging inlets and
power connectors
"We expect to deliver year over year sales and earnings growth
in the second quarter as we continue to capitalize on a strong
demand environment and our team's ability to continue to execute
well despite ongoing volatility in global supply chains," TE
Connectivity Chief Executive Terrence Curtin said.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 26, 2022 06:36 ET (11:36 GMT)
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