TE Connectivity (NYSE: TEL) today reported that revenue was up 12% and adjusted earnings per share were up 15% year-over-year during the company’s third quarter — beating analysts’ predictions.
TE earned $454 million, or $1.29 per share, off $3.8 billion in sales during the quarter ended June 29, up from $435 million, or $1.22 per share, in profits off of $3.4 billion in sales during the same quarter a year ago. The company saw adjusted earnings per share of $1.43 per share during the third quarter.
The results beat the average estimates of analysists, who expected adjusted earnings of $1.37 per share off of $3.7 billion in sales.
Despite the Street-beating results, TE Connectivity’s stock was down about 1.4%, to $92.69, by the middle of the day today. (The Dow Jones Industrial Average was only down about 0.2%.)
“We exceeded our guidance for the quarter, delivering strong double-digit growth in both sales and adjusted earnings per share through our positive alignment with long-term global growth trends in our markets, the customer focus of our global teams and our industrial technology leadership position,” TE Connectivity CEO Terrence Curtin said in a news release.
“Our performance reflects the benefits of our strong business model, effective execution of our strategy and our focus on co-creating a safer, sustainable, productive and connected future with our customers,” Curtin said.
For the full year, TE is predicting sales of $14.58 to $14.68 billion, reflecting 12% actual and 6% organic growth at the mid-point versus the prior year. Diluted earnings per share are expected to be $3.79 to $3.81, including net restructuring, acquisition-related, tax and other charges of $1.77.