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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