TE Connectivity Swings to 3Q Loss
July 29 2020 - 7:20AM
Dow Jones News
By Adriano Marchese
TE Connectivity Ltd. swung to loss in the third quarter as net
sales fell in the period, but the company expects a rise in sales
in the next quarter.
The connectivity and sensors solutions company reported
Wednesday that it has a quarterly loss of $41 million, or 12 cents
a share, compared with a profit of $757 million, or $2.23, for the
same period last year.
Excluding items, TE Connectivity reported an adjusted profit of
59 cents a share, beating analysts' forecasts of 41 cents a share,
polled on FactSet.
Net sales fell to $2.55 billion from $3.39 million.
Looking ahead, the company said it expects fourth-quarter net
sales to rise around 10% sequentially, driven primarily by an
increase in its transportation-solutions business.
However, TE Connectivity isn't providing guidance for the full
year, due to the limited visibility of the pandemic's effect on
future demand.
"We believe the quarter we just ended is the low point for our
business, and we have seen improvements in orders and we expect
sequential revenue and margin improvement into our fourth fiscal
quarter," Chief Executive Officer Terrence Curtin said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
July 29, 2020 07:05 ET (11:05 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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