TE Connectivity Q2 Beats Market; Sees Higher Q3 Results Above Street; Stock Rises - Update

(RTTNews) - TE Connectivity Plc (TEL), while reporting weak second-quarter profit but above market estimates, on Wednesday issued third-quarter outlook, expecting year-over-year growth, above the Street.

In the pre-market activity on the NYSE, TE Connectivity shares were gaining around 5.7 percent to trade at $141.01.

For the third quarter, the company projects earnings per share from continuing operations of around $2.02, up nearly 9 percent year over year, and adjusted earnings per share of approximately $2.06, up 8 percent year over year.

The company expects net sales of approximately $4.30 billion, up 8 percent year over year. The guidance includes the benefit from the Richards acquisition and tariff impact assumptions, as well as tax rate headwinds.

The Wall Street analysts on average expect the company to report earnings of $2.03 per share on sales of $4.13 billion. Analysts' estimates typically exclude special items.

In its second quarter, TE Connectivity's bottom line totaled $13 million or $0.04 per share, compared with $541 million or $1.75 per share last year.

Adjusted earnings were $631 million or $2.10 per share for the period. Analysts had expected the company to earn $1.96 per share.

The company's net sales for the period rose 4.4 percent to $4.143 billion from $3.967 billion last year. The Street expected sales of $3.97 billion.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.