TE Connectivity Ltd. (TEL), a maker of electronic components, Wednesday reported fourth-quarter earnings which increased, helped by revenue growth, lower restructuring charges and a hefty tax benefit. Earnings topped analysts' estimates, while revenues fell short.
Net earnings were $663 million, up from $387 million a year earlier. Per-share earnings from continuing operations increased to $1.60, from $0.92 a year ago.
Earnings, excluding certain items, of $1.02 per share beat the $1.00 consensus estimate of analysts polled by Thomson-Reuters. Analysts' estimates typically exclude one-time items.
Net sales increased to $3.58 billion, from $3.43 billion last year, but were shy of the $3.64 billion Wall Street expected.
Looking ahead, CEO Tom Lynch said, "For fiscal 2015, we expect to deliver another year of solid sales and earnings growth driven by growth in most of our businesses."
He further said the company expects double-digit revenue growth in its networks segment due to project awards in the Subcom business.
For the first quarter, TE Connectivity expects earnings of $0.95 to $0.99 per share, and adjusted earnings of $0.88 to $0.92 per share, on revenues of $3.46 billion to $3.56 billion.
The company sees fiscal 2015 earnings of $3.99 to $4.29 per share, and adjusted earnings of $4.05 to $4.35 per share, on revenues of $14.7 billion to $15.3 billion.
Analysts expect first-quarter earnings of $0.94 on revenues of $3.64 billion, and annual earnings of $3.77 on revenues of $13.94 billion.
For comments and feedback: editorial@rttnews.com