TE Connectivity's 1Q Profit Grows on Vehicle, Connectivity Demand
January 27 2021 - 6:56AM
Dow Jones News
By Matt Grossman
TE Connectivity Ltd. on Wednesday logged a larger profit year
over year in the latest quarter, as the company received more
orders to supply its components for the electric vehicles and
connected appliances that use its technology.
The Swiss company, which makes connectivity and sensor
equipment, posted a first-quarter profit of $381 million, or $1.14
a share, compared with $26 million, or eight cents a share, a year
earlier.
On an adjusted basis, the company's profit was $1.47 a share.
Analysts surveyed by FactSet had been expecting $1.29 a share.
Revenue was $3.52 billion, up from $3.17 billion, the company
said. Analysts had forecast $3.26 billion.
Orders grew by 25% year over year to approximately $4 billion,
TE Connectivity said. The sales rise was supported by growth in
electric vehicles, which use TE Connectivity components for
products such as charging inlets and power connectors, the company
said.
Transportation-segment sales were higher at $2.22 billion,
compared with $1.87 billion a year earlier.
TE Connectivity's communications segment also posted higher
revenue on growth of high-speed cloud products and of the appliance
market it serves. Connectivity sales rose to $425 million, from
$373 million a year earlier. Industrial-solutions revenue declined
to $873 million, from $927 million, it said.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
January 27, 2021 06:41 ET (11:41 GMT)
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