TE Connectivity Sees Weak Profit In Q4; Adj. EPS, Revenues To Top Market View - Update

(RTTNews) - While announcing higher third-quarter results on Wednesday, TE Connectivity Ltd. (TEL), a Swiss industrial technology company, said it expects weak fourth-quarter earnings on a reported basis. However, adjusted earnings and revenues are expected to be above market estimates.

For the quarter, earnings per share from continuing operations are expected to be approximately $1.79, down 25 percent year-over- year. Adjusted earnings per share are expected to be around $1.85, up 9 percent year over year.

For the fourth quarter, the company expects net sales of approximately $4.2 billion, reflecting around 10 percent increase on a reported basis and an approximate 15 percent increase on an organic basis.

On average, six analysts polled by Thomson Reuters expect earnings of $1.81 per share for the quarter on revenues of $4.01 billion. Analysts' estimates typically exclude special items.

The outlook includes the impact of an extra week in the fourth quarter.

TE Connectivity CEO Terrence Curtin said, "We saw broad growth across all segments, with every one of our businesses growing organically.... We continue to outperform the market - both through content growth and share gains - as our customers seek out our technology and solutions to enable an increasingly connected and electrified world. Our orders remain strong.."