UPDATE: TE Connectivity FQ1 Earnings Drop 1.9%, Issues Downbeat Forecast

TE Connectivity Ltd

reported a 1.9% decline in its fiscal first-quarter earnings. TE Connectivity projects Q2 earnings of $0.64 to $0.68 per share on revenue of $3.3 billion to $3.4 billion. However, analysts expected earnings of $0.76 per share on revenue of $3.52 billion. TE Connectivity's quarterly profit fell to $260 million, from $265 million, in the year-ago period. Its per-share earnings climbed to $0.61 from $0.59. Excluding other items, TE Connectivity earned $0.66 per share. TE Connectivity's revenue rose 3.4% to $3.31 billion. The company had projected earnings of $0.68 to $0.72 per share on revenue of $3.4 billion to $3.5 billion. TE Connectivity shares dipped 9.83% to $32.20 in pre-market trading.