TE Connectivity (NYSE:TEL) posted first-quarter results today that beat the consensus forecast on Wall Street.
The Schaffhausen, Switzerland–based company provides connectivity and sensor solutions for a broad range of industries, including medtech.
The company reported profits of $566 million — or $1.72 per share — on sales of $3.8 billion for the fiscal quarter ended Dec. 24, 2021, for a bottom-line gain of nearly 49% and sales growth of 8.4% compared with Q1 2020.
Adjusted to exclude one-time items, earnings per share were $1.76, 16¢ ahead of the Street, where analysts were looking for EPS of $1.60 on sales of $3.73 billion.
“We continue to experience a strong global demand environment and our first-quarter sales growth was driven by strong sales performance in our Industrial and Communications segments,” TE Connectivity CEO Terrence Curtin said in a news release. “We also continue to benefit from the strategic positioning of our portfolio and investment in innovation that is focused on growth and sustainability trends in electric vehicles, factory automation, the cloud, and renewable energy.”
TE Connectivity said it expects to log adjusted EPS of $1.70 in the second quarter, up 8% year over year, and sales of $3.8 billion, an increase of about 2%.
Investors reacted by sending TEL shares down 3% to $144.56 by mid-day.