Schaffhausen, Switzerland-based TE Connectivity reported overall sales of $3.261 billion for the quarter ended Sept. 25, 2020, down 8.7% from the same quarter one year ago.
Adjusted to exclude one-time items, earnings per share were $1.16, $0.32 ahead of The Street, where analysts were looking for sales of $2.9 billion.
For its full 2020 fiscal year, TE Connectivity reported a loss of $241 million on overall sales of $12.17 billion. The company did not comment on the 8.6% decline in healthcare sales for the quarter.
“I am proud of our employees for delivering fourth-quarter results well above our expectations, exiting the year with sequential sales growth in all segments. In particular, our transportation segment was up nearly 50% from last quarter, driven by a recovery in auto production and our continued outperformance versus the market due to our strong position in hybrid and electric vehicle platform technology,” said TE Connectivity CEO Terrence Curtin in a news release. “Our global manufacturing strategy and acceleration of our cost-reduction activities enabled us to meet our commitments to our customers as they continue to navigate the impacts of COVID-19. Our full-year results demonstrate strong cash flow generation and our portfolio is well-positioned. While the markets remain uncertain, we do expect our first quarter of 2021 to be back to pre-COVID revenue levels and we expect an increase in profitability with year-over-year adjusted margin and EPS growth.”
For the first quarter of fiscal 2021, the company expects net sales to be up 1% to approximately $3.2 billion, reflecting an increase of 1% on a reported basis and down 2% on an organic basis year over year. The company is not providing full-year guidance for 2021 due to the uncertainty of future demand because of COVID-19.
This article has been corrected to reflect adjusted EPS and analysts’ expectations for the fourth quarter 2020.