TE Connectivity Ltd. (TEL: Quote) provided preliminary results for its fiscal third quarter ended June 29, 2012. The company expects earnings per Share from continuing operations to be approximately $0.60. Adjusted EPS are expected to be $0.79.
Analysts polled by Thomson Reuters expect the company to report earnings of $0.79 per share. Analysts' estimates typically exclude special items.
Sales for the quarter were $3.5 billion. Analysts estimated revenues of $3.58 billion.
"Our performance in the quarter was solid and we expect to report adjusted EPS and operating margins that are in line with our expectations," said Tom Lynch, TE's Chief Executive Officer. "The current economic environment continues to be uncertain and our sales in the quarter were slightly below our guidance range due to the weakening of the Euro and demand in the Networks segment that was softer than anticipated."
During the fourth quarter, the company will transition to the new segment structure and all changes to segment reporting will be effective at the beginning of the company's fiscal year 2013, which begins on September 29, 2012.
The company also announced changes to its leadership team. The changes will be effective August 1, 2012. TE Connectivity said Terrence Curtin, Executive Vice President and Chief Financial Officer, has been named President, Industrial Solutions. This new segment will include TE's Industrial, Energy, and Aerospace, Defense and Marine businesses. Robert Hau will succeed Curtin as Executive Vice President and Chief Financial Officer.
Hau joins TE from Lennox International (LII: Quote), where he most recently served as Executive Vice President and Chief Financial Officer.
Joe Donahue, Executive Vice President, Chief Operating Officer and President, Transportation Solutions, has been appointed as President, Network Solutions, succeeding Alan Clarke who will retire at the end of the calendar year.
Further, Steve Merkt will succeed Donahue and has been promoted to President, Transportation Solutions. He previously served as President of TE's Automotive business.
James O'Toole will continue to serve as President of the Company's Consumer Solutions businesses (Consumer Devices and Appliance), which will now become a stand-alone segment.
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by RTT Staff Writer
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