Engineered electronic components manufacturer Tyco Electronics Ltd. (TEL) Tuesday said that its adjusted earnings per share from continuing operations, adjusted operating income and sales for the first quarter of fiscal 2010 are tracking toward the high end of the outlook range provided on November 4. The company attributed this improvement to additional strength in its Electronic Components segment.
Tyco said it is hosting an investor meeting today in New York City to update investors on its strategic priorities, growth initiatives, and financial performance. The program will include presentations from Chief Executive Officer Tom Lynch, as well as members of the company's senior management team.
For the first quarter of fiscal 2010, the company had earlier projected adjusted earnings per share from continuing operations in the range of $0.35 - $0.39, compared to $0.21 per share reported in the prior-year period. The company also projected GAAP earnings per share between $0.25 and $0.29 for the quarter.
Further, on November 4, the company set first-quarter adjusted operating income target of $250 million to $280 million and sales target of $2.7 billion to $2.8 billion, which is flat to 4% growth sequentially.
On average, 10 analysts polled by Thomson Reuters expect the company to report earnings of $0.38 per share for the first quarter. Analysts' estimates typically exclude special items. Analysts also forecast sales of $2.76 billion for the quarter.
For the recently closed fourth quarter, Tyco reported a 54% decline in profit, hurt by a 25% decrease in revenues as well as lower margins. All of the company's business units reported double digit sales drop. The Schaffhausen, Switzerland-based company's net income was $93 million or $0.20 per share, compared with $202 million or $0.43 per share in the prior-year quarter. Net sales dropped to $2.70 billion from $3.58 billion in the same quarter last year.
Further, Tyco's fourth-quarter sales for the electronic components business, which is one of the world's largest suppliers of passive electronic components, slid 28% to $1.63 billion from the year-ago quarter.
Among others in the sector, optical connectors and coaxial cable maker Amphenol Corp. (APH) expects fourth-quarter earnings per share in the range of $0.47 - $0.49 and revenues in the range of $720 million - $735 million. The forecast reflects currency exchange rates and a continuation of improving demand trends. Street analysts expect earnings of $0.49 per share on revenues of $736.41 million for the quarter.
Another peer Molex, Inc. (MOLX) has said that its second-quarter earnings are expected to be in the range of $0.11 - $0.15 per share, including a restructuring charge of $0.07 per share. The company also estimates revenues between $680 million and $720 million. Analysts expect Molex to report earnings of $0.21 per share for the second quarter, on revenues of $707.38 million.
TEL is trading at $23.16, down $0.67, on a volume of 359,472 shares.
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