Tyco Electronics Ltd. (TEL) said its first-quarter net income attributable to the company stood at $172 million versus a loss of $37 million a year ago.
Earnings per share for the recent quarter were $0.37 compared with a loss of $0.08 last year. Adjusted earnings per share were $0.47 in the quarter compared with last year's adjusted earnings per share of $0.21. On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.39 for the quarter. Analysts' estimate typically excludes one-time items.
The company reported net sales of $2.89 billion, a 7% increase compared with $2.71 billion in the prior-year period. Eight analysts estimated revenues of $2.79 billion for the quarter.
Looking ahead to the second quarter of fiscal 2010, GAAP earnings per share are expected to be $0.46 - $0.51, including restructuring and other charges of about $0.03 per share. Adjusted earnings per share are expected to be $0.49 - $0.54. This outlook assumes current foreign exchange rates.
For the second fiscal quarter, the company expects sales of $2.85 billion - $2.95 billion. Eight analysts estimate second-quarter earnings per share of $0.39 on revenues of $2.75 billion for the quarter.
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