TE Connectivity Ltd. (TEL) said it has agreed for the sale of its Touch Solutions business to The Gores Group for $380 million. The company has also agreed to sell its TE Professional Services business to BlueStream Professional Services, LLC, an affiliate of KGP Logistics, for $23.5 million.
Results related to these businesses will be recast for prior periods and reported as discontinued operations on TE Connectivity's financial statements beginning with its fiscal second quarter ended March 30, 2012. The company expects to recognize in discontinued operations an after-tax loss in its fiscal second quarter of approximately $20 million related to these divestitures.
The company also updated its outlook for the second quarter for the impact of these divestitures. TE Connectivity now expects second-quarter adjusted earnings per share in the range of $0.62 to $0.66, compared to earlier forecast of $0.64 to $0.68.
TE Connectivity lowered its sales outlook to a range of $3.15 billion to $3.25 billion from the prior outlook range of $3.3 billion to $3.4 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.66 per share, on revenues of $3.36 billion. Analysts' estimates typically exclude special items.
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