(Reuters) – TE Connectivity beat Wall Street estimates for second-quarter profit on Wednesday, helped by strong demand for its sensor technology from electric vehicle (EV) makers across the globe. With governments worldwide implementing regulations to promote cleaner transportation, a shift towards electric vehicles is underway, benefiting EV suppliers. The company posted total net sales of […]
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TE Connectivity beats quarterly profit estimates on sensor demand
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(Reuters) – TE Connectivity beat Wall Street estimates for second-quarter profit on Wednesday, helped by strong demand for its sensor technology from electric vehicle (EV) makers across the globe.
With governments worldwide implementing regulations to promote cleaner transportation, a shift towards electric vehicles is underway, benefiting EV suppliers.
The company posted total net sales of $3.97 billion for the quarter, which was slightly above the analysts’ estimates of $3.95 billion.
Operating margin in “Transportation Solutions” unit, which competes with Aptiv as a supplier to the auto industry, rose to 19.6% during the quarter.
It reported an adjusted profit of $1.86 per share for the quarter ended March 29, ahead of Wall Street estimates of $1.83 per share.
However, the company expects an adjusted profit of around $1.85 per share on revenue of $4 billion for the third quarter, while analysts estimate it at $1.92 per share, on revenue of $4.11 billion, according to LSEG estimates.
(Reporting by Pratyush Thakur in Bengaluru; Editing by Ravi Prakash Kumar)