TE Connectivity beats quarterly revenue estimates on component demand

NiSource

30/10/2024 11:34

Oct 30 (Reuters) - Sensor manufacturer TE Connectivity
 TEL.N  beat Wall Street estimates for fourth-quarter revenue on
Wednesday, buoyed by heightened demand for components from
electric vehicle makers.
    TE Connectivity's products are used in automotive
technologies for vehicle body and chassis systems, convenience
features, driver information, infotainment systems as well as
compact design solutions.
    The company's total net sales of $4.07 billion came in above
analysts' average estimate of $4.01 billion for the quarter
ended Sept. 27, according to data compiled by LSEG estimates.
    Its fourth-quarter adjusted profit was $1.95 per share,
compared with estimates of $1.90 per share.
    Operating profit in the company's transportation solutions
unit, which competes with Aptiv  APTV.N  as a supplier for the
auto industry, stood at $404 million for the fourth quarter.
    TE Connectivity said on Wednesday its board has authorised a
$2.5 billion increase in the share repurchase program. 
    Following a recent reorganization, the company will also
reorganize its reporting structure into two segments -
transportation and industrial solutions - starting in fiscal
2025.

 (Reporting by Pratyush Thakur in Bengaluru; Editing by Shreya
Biswas)
 ((pratyush.thakur@thomsonreuters.com;))