TE Connectivity misses Q3 revenue estimates amid auto production decline

TE Connectivity

24/07/2024 13:02

July 24 (Reuters) - Sensor maker TE Connectivity  TEL.N 
on Wednesday reported third-quarter revenue that fell short of
Wall Street estimates, citing a decline in auto production. 
    TE Connectivity makes switches and sensors and its products
are used in vehicle body and frame systems, as well as in
convenience features such as infotainment.  
    Total net sales for the quarter ended June 28 came in at
$3.98 billion, falling short of LSEG estimates of $4.01 billion.
    However, margin in its transportation unit, which competes
with Aptiv  APTV.N , was 21.4%, compared to 17.5%, a year
earlier, driven by "strong operational performance".  
    TE Connectivity reported an adjusted profit of $1.87 per
share for the reported quarter, slightly ahead of Wall Street
estimates of $1.86 per share.
    The company forecast fourth-quarter revenue of about $4
billion and an adjusted per share profit of $1.94.

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