TE Connectivity Ltd. (TEL) primarily manufactures and designs products that connect and protect the flow of power and data inside millions of products used by consumers and industries. The company partners with customers in a broad array of industries ranging from consumer electronics, energy, and healthcare to automotive, aerospace and communication networks. The company operates through four segments: Transportation Solutions, Industrial Solutions, Consumer Solutions and Network Solutions.
Although TEL has been benefitting from its highly engineered harsh environment applications business, Network Solutions and Consumer Solutions divisions continues to remain the headwind.
Investors should also note the recent earnings estimate revisions for TEL, as the consensus estimate has moved down in the last few months. Nevertheless, TEL has a decent history in earnings season, with a positive average earnings surprise of 3.48% in the last four trailing quarters.
Currently, TEL has a Zacks Rank #3 (Hold) but that could change following its first quarter fiscal 2015 earnings report which has just released. We have highlighted some of the key details from the announcement below:
Earnings: TEL beat on earnings. Adjusted Earnings per share for the quarter came in at 98 cents, exceeding the Zacks Consensus Estimate of 90 cents.
Revenue: Revenues of $3,466 million came below the Zacks Consensus Estimate of $3,504 million.
Key Stats: TEL is divesting its weaker Broadband Network Solutions business to CommScope for $3.0 billion.
Stock Price: Shares prices of TEL went up by 6.93% during the pre-market trading session.
Check back for our full write up on this TEL earnings report later!
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