UPDATE: TE Connectivity Posts 27% Rise In FQ1 Earnings, Lifts Year Outlook

TE Connectivity TEL reported a 27% rise in its fiscal first-quarter earnings. For the year, TE Connectivity lifted its adjusted earnings forecast to $3.65 to $3.85 per share on revenue of $13.8 billion to $14.2 billion. The company had earlier expected a profit of $3.50 to $3.80 per share on revenue of $13.65 billion to $14.15 billion. TE Connectivity's quarterly profit surged to $353 million, or $0.84 per share, from a year-ago profit of $277 million, or $0.65 per share. Excluding one-time items, its adjusted earnings came in at $0.82 per share. Its net sales climbed 6.1% to $3.33 billion. The company had projected earnings of $0.74 to $0.78 per share on sales of $3.225 billion to $3.325 billion. TE Connectivity shares gained 2.11% to $57.51 in pre-market trading.