Medical Design and Outsourcing

  • Home
  • Medical Device Business
    • Mergers & Acquisitions
    • Financial
    • Regulatory
  • Applications
    • Cardiovascular
    • Devices
    • Imaging
    • Implantables
    • Medical Equipment
    • Orthopedic
    • Surgical
  • Technologies
    • Contract Manufacturing
    • Components
    • Electronics
    • Extrusions
    • Materials
    • Motion Control
    • Prototyping
    • Pumps
    • Tubing
  • Med Tech Resources
    • Subscribe to Print Magazine
    • DeviceTalks Tuesdays
    • Digital Editions
    • eBooks
    • Manufacturer Search
    • Medical Device Handbook
    • MedTech 100 Index
    • Podcasts
    • Print Subscription
    • The Big 100
    • Webinars / Digital Events
    • Whitepapers
    • Video
  • 2022 Leadership in MedTech
    • 2022 Leadership Voting!
    • 2021 Winners
    • 2020 Winners
  • Women in Medtech

TE Connectivity posts Street-beating Q1 results, medical sales dip 12%

January 27, 2021 By Danielle Kirsh

TE Connectivity (NYSE:TEL) posted first-quarter results today that beat the consensus on Wall Street.

The Schaffhausen, Switzerland-based company reported profits of $381 million, or $1.13 per share, on sales of $3.5 billion for the three months ended Dec. 31, 2020, for a bottom-line gain of 1365.4% sales growth of 11.2% compared with Q1 2020.

Adjusted to exclude one-time items, earnings per share were $1.47, 19¢ ahead of The Street, where analysts were looking for sales of $3.3 billion.

Medical sales experienced a -12.8% decline for a loss of -$23 million, up slightly from Q1 2020 when the medical sector saw a -13.4% decline on -$24 million in sales losses.

“Our strong first-quarter performance reflects our global team’s ability to adapt to ongoing dynamic market conditions to deliver double-digit sales and EPS growth that exceeded our expectations,” CEO Terrence Curtain said in a news release. “These results demonstrate the strength and resilience of our portfolio, our employees’ commitment to our customers and the benefit of our leadership position in long-term global growth trends. In particular, our transportation segment continued to outperform the market due to content growth driven by electric vehicles, along with data connectivity and autonomy trends. Our communications segment also exhibited strength due to demand in high-speed cloud applications and growth in the appliances market. As we are seeing continued signs of improvement in the majority of our end markets, we expect to deliver continued sales and earnings growth in the second quarter.”

The company said it expects to log approximately $3.4 billion in revenue in its second quarter for an approximate 10% increase. Earnings per share are expected to be $1.38 with non-GAAP earnings being $1.47, up 14% year-over-year.

Shares in TEL were down -3.26% to $123.54 yesterday at market close and were at a standstill before hours.

Related Articles Read More >

AdvaMed pushes CMS for proposed TCET pathway rule this year
Amazon COVID-19 diagnostics lab in Hebron, Kentucky
What’s Amazon planning for primary care provider One Medical?
Fresenius Medical Care
DOJ files fraud suit against Fresenius Medical division
Medtech startups land European Innovation Council Accelerator funding

DeviceTalks Weekly.

August 12, 2022
DTW – Medtronic’s Mauri brings years of patient care to top clinical, regulatory, scientific post
See More >

MDO Digital Edition

Digital Edition

Subscribe to Medical Design & Outsourcing. Bookmark, share and interact with the leading medical design engineering magazine today.

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
DeviceTalks

DeviceTalks is a conversation among medical technology leaders. It's events, podcasts, webinars and one-on-one exchanges of ideas & insights.

DeviceTalks

New MedTech Resource

Medical Tubing

Enewsletter Subscriptions

Enewsletter Subscriptions

MassDevice

Mass Device

The Medical Device Business Journal. MassDevice is the leading medical device news business journal telling the stories of the devices that save lives.

Visit Website
MDO ad
Medical Design and Outsourcing
  • MassDevice
  • DeviceTalks
  • MedTech100 Index
  • Medical Tubing + Extrusion
  • Medical Design Sourcing
  • Drug Delivery Business News
  • Drug Discovery & Development
  • Pharmaceutical Processing World
  • R&D World
  • About Us/Contact
  • Advertise With Us
  • Subscribe to Print Magazine
  • Subscribe to E-newsletter
  • Attend our Monthly Webinars
  • Listen to our Weekly Podcasts
  • Join our DeviceTalks Tuesdays Discussion

Copyright © 2022 WTWH Media, LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media LLC. Site Map | Privacy Policy | RSS

Search Medical Design & Outsourcing

  • Home
  • Medical Device Business
    • Mergers & Acquisitions
    • Financial
    • Regulatory
  • Applications
    • Cardiovascular
    • Devices
    • Imaging
    • Implantables
    • Medical Equipment
    • Orthopedic
    • Surgical
  • Technologies
    • Contract Manufacturing
    • Components
    • Electronics
    • Extrusions
    • Materials
    • Motion Control
    • Prototyping
    • Pumps
    • Tubing
  • Med Tech Resources
    • Subscribe to Print Magazine
    • DeviceTalks Tuesdays
    • Digital Editions
    • eBooks
    • Manufacturer Search
    • Medical Device Handbook
    • MedTech 100 Index
    • Podcasts
    • Print Subscription
    • The Big 100
    • Webinars / Digital Events
    • Whitepapers
    • Video
  • 2022 Leadership in MedTech
    • 2022 Leadership Voting!
    • 2021 Winners
    • 2020 Winners
  • Women in Medtech