TE Connectivity beats quarterly profit estimates on sensor demand

TE Connectivity

24/04/2024 12:38

April 24 (Reuters) - TE Connectivity  TEL.N  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  APTV.N  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)
 ((pratyush.thakur@thomsonreuters.com;))