Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

TE Connectivity To Sell Its Touch Solutions, Professional Services Units

RELATED NEWS
Trade TEL now with 

TE Connectivity Ltd. (TEL: Quote) 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.

Register
To receive FREE breaking news email alerts for TE Connectivity Ltd. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
After seeing some strength last week, stocks are likely to move back to the downside in early trading on Monday. The major index futures are currently pointing to a moderately lower open for the markets, with the Dow futures down by 38 points. There are just two days to go for the big event of India making its maiden foray to Mars. The nation's first interplanetary probe known as Mars Orbiter Mission (MOM) spacecraft is scheduled to enter the Martian orbit at 7.30 AM IST on September 24, 2014. A US satellite to study Mars' upper atmosphere has entered the Red Planet's orbit. NASA said its Mars Atmosphere and Volatile Evolution (MAVEN) spacecraft successfully entered the orbit at 10:24 p.m. EDT Sunday, completing a 10-month interplanetary journey of 442 million miles, or 711 million kilometers. MAVEN is the first spacecraft dedicated to exploring the tenuous higher atmosphere of Mars.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.