Switzerland-based diversified electronics maker TE Connectivity Ltd. (TEL) posted an increase in its earnings for the second quarter, with a slight increase in sales. The company also said it is raising its annual guidance slightly to reflect the strong second quarter performance.
The company's net profit was $277 million or 65 cents per share, compared with $257 million or 60 cents per share in the year-ago quarter.
Adjusted earnings per share for the quarter totaled 76 cents. On average, 10 analysts polled by Thomson Reuters expected the company to report earnings per share of 71 cents for the quarter. Analysts' estimates typically exclude one-time items.
The company posted second-quarter net sales of $3.27 billion, higher than last year's $3.25 billion as well as analysts' consensus of $3.26 billion.
For the third quarter, the company expects earnings per share of 65 cents - 69 cents, including restructuring and acquisition-related charges of 15 cents, adjusted earnings per share of 80 cents - 84 cents, on net sales of $3.325 billion - $3.425 billion. The Street is looking for earnings per share of 87 cents, on net sales of $3.52 billion, for the next quarter.
For the full year, the company said it is raising its annual guidance slightly to reflect the strong Q2 performance. The company further said it now expects earnings per share of $2.80 - $2.92, including restructuring and acquisition-related charges of 50 cents and income from tax-related items of 20 cents, adjusted earnings per share of $3.10 - $3.22, on net sales of $13.075 billion - $13.375 billion. Analysts expect earnings per share of $3.12, on revenues of $13.46 billion.
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