UPDATE: TE Connectivity Q1 Profit Rises 17%

TE Connectivity

reported a 17% gain in its first-quarter profit. TE Connectivity announced its plans to lift its annual dividend to $1.00 per share. Its quarterly net income from continuing operations climbed to $279 million, or $0.65 per share, from $238 million, or $0.55 per share, in the year-ago period. Its revenue fell 1% to $3.13 billion. TE Connectivity projects Q2 earnings of $0.68 to $0.72 per share, on revenue of $3.2 billion to $3.3 billion. TE Connectivity shares closed at $39.06 yesterday.