TE Connectivity Ltd. (TEL), a maker of electronic components, posted second-quarter net income attributable to the company of $599 million, or $1.45 per share, compared to $362 million, or $0.87 per share, last year. Quarterly adjusted earnings per share from continuing operations were $0.91, compared with $0.86 a year ago.
On average, 7 analysts polled by Thomson Reuters expected the company to report earnings of $1.00 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales increased 4% to $3.08 billion from $2.96 billion in the comparable quarter last year and up 6 percent organically. Five analysts were looking for sales of $3.60 billion for the period.
Looking ahead to the third quarter 2015, the firm expects GAAP earnings to be in the range of $0.80 to $0.84, including acquisition related charges of $0.04, and restructuring and other charges of $0.01. The company sees adjusted earnings in the range of $0.85 to $0.89 per share and net sales of $3.13 billion to $3.23 billion. This outlook includes foreign exchange headwinds, reducing expected sales by $330 million and adjusted earnings by $0.13 per share.
For the full year, the company now expects GAAP earnings to be in the range of $3.51 to $3.65, including acquisition related charges of $0.22, restructuring and other charges of $0.18, and income from tax related items of $0.31. The company sees adjusted earnings in the range of $3.60 to $3.74 per share and net sales of $12.35 billion to $12.65 billion. This outlook includes foreign exchange headwinds, reducing expected sales by $1.01 billion and adjusted earnings by $0.38 per share.
Earlier, the company expected GAAP earnings to be $4.04 - $4.34 per share, adjusted earnings of $4.05 - $4.35 per share and net sales of $14.45 billion - $14.85 billion.
Analysts project third-quarter earnings of $1.09 per share on revenues of $3.74 billion, and annual earnings of $4.20 per share on revenues of $14.62 billion.
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