TE Connectivity Ltd. (NYSE:TEL) reported its results for the first quarter. TE Connectivity is a provider of engineered electronic components, network solutions, specialty products and communication systems.

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TE Connectivity Earnings Cheat Sheet for the First Quarter

Results: Net income for the diversified electronics company fell to $260 million (61 cents per share) vs. $265 million (59 cents per share) a year earlier. This is a decline of 1.9% from the year earlier quarter.

Revenue: Rose 3.4% to $3.31 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: TEL reported adjusted net income of 66 cents per share. By that measure, the company fell short of mean estimate of 70 cents per share. It fell short of the average revenue estimate of $3.44 billion.

Quoting Management: “The first quarter was a slow start to our fiscal year due to lower-than-expected demand in our Communications and Industrial Solutions segment and our Telecom Networks business. This more than offset continued strength in our Transportation Solutions segment,” said TE Connectivity Chief Executive Officer Tom Lynch. “We delivered adjusted operating margins above 12 percent despite the lower sales volume due to pricing and cost reduction actions we implemented in the second half of last year.”

Key Stats:

The company fell short of forecasts after beating estimates in the previous two quarters. In the fourth quarter of the last fiscal year, it topped the mark by 4 cents, and in the third quarter of the last fiscal year, it was ahead by 7 cents.

Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the second quarter is 75 cents per share, down from 78 cents ninety days ago. For the fiscal year, the average estimate has moved down from $3.28 a share to $3.27 over the last ninety days.

Competitors to Watch: Molex Incorporated (NASDAQ:MOLX), Amphenol Corporation (NYSE:APH), Thomas & Betts Corporation (NYSE:TNB), AVX Corporation (NYSE:AVX), Spectrum Control, Inc. (NASDAQ:SPEC), Methode Electronics Inc. (NYSE:MEI), Littelfuse, Inc. (NASDAQ:LFUS), Corning Incorporated (NYSE:GLW), and Cablitec Holding AG (NYSE:GNI).

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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