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TE Connectivity Reports Q3

SCHAFFHAUSEN, Switzerland — TE Connectivity Ltd. (NYSE: TEL) today reported results for the fiscal third quarter ended Jun. 24, 2011. The company reported a net sales increase of 21 percent year-over-year, and 7 percent sequentially, to $3.7 billion. Earnings Per Share from Continuing Operations (GAAP EPS) were $0.80 for the quarter, compared to $0.72 in the prior-year period. Included in the GAAP EPS were $0.02 per share of ADC acquisition-related charges, $0.01 per share of restructuring and other charges and $0.05 of tax-related income. This compares to $0.01 per share of restructuring and other charges and $0.04 per share of income related to tax and other items in the prior-year quarter. Adjusted EPS were $0.78 in the quarter, up 11 percent compared to $0.70 in the prior-year quarter.

“Our third quarter results were strong and our earnings represent a new high for TE. We continue to capitalize on automotive sales growth and investment in broadband networks, particularly outside of the United States. These trends more than offset the impact on our company from the Japan earthquake,” said TE Connectivity Chief Executive Officer Tom Lynch. “Although there is macroeconomic uncertainty, we expect our momentum to continue through the fourth quarter and to deliver full year adjusted earnings per share in excess of $3.00, up about 20 percent from last year.”

Read the full press release.

TE Connectivity

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