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TE Connectivity Reports Q2

SCHAFFHAUSEN, Switzerland — TE Connectivity Ltd. (NYSE: TEL) today reported results for the fiscal second quarter ended Mar. 25, 2011. The company reported a net sales increase of 17 percent year-over-year, and 9 percent sequentially, to $3.5 billion. Earnings Per Share from Continuing Operations (GAAP EPS) were $0.67 for the quarter, compared to $0.66 in the prior-year period. Included in the GAAP EPS were $0.05 per share of ADC acquisition-related charges and $0.01 per share of restructuring and other credits. This compares to $0.02 per share of restructuring and other charges and $0.04 per share of income related to tax items in the prior-year quarter. Adjusted EPS were $0.71 in the quarter, up 11 percent compared to $0.64 in the prior-year quarter. In the fiscal second quarter, the acquisition of ADC contributed $279 million of revenues and approximately $0.02 to adjusted EPS.

“Our second quarter overall was solid with double-digit sales and adjusted earnings growth versus the prior year and continued orders growth in most of our markets, especially automotive, industrial and telecom networks,” said TE Connectivity Chief Executive Officer Tom Lynch. “In addition, the benefits of the ADC acquisition began to materialize during the quarter as sales and earnings were on track and we were awarded a $400 million contract to supply network connectivity products for the Australian government’s National Broadband Network.

“Our company, like many others, is being impacted by the earthquake in Japan. We feel fortunate that all 2,000 of our people there came through the earthquake safely and I want to thank them for their commitment to keeping our operations running and supporting our customers during these trying times,” Lynch continued. “The situation is creating disruptions to some of our customers’ operations and we expect the majority of this impact to be in our third quarter.”

Read the full press release.

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