UPDATE: TE Connectivity Posts Higher Q1 Profit

reported a rise in its fiscal first-quarter profit. The Schaffhausen, Switzerland-based company posted a quarterly profit of $472 million, or $1.14 per share, compared to $353 million, or $0.84 per share, in the year-ago period. Excluding one-time items, the company's earnings per share climbed 20% to $0.98. Its revenue gained 4% to $3.47 billion. However, analysts were estimating earnings of $0.90 per share on revenue of $3.5 billion. Total company orders rose 9% to $3.7 billion in the quarter. The company's board increased its buyback program by $3 billion. "We are off to a very good start in the first quarter, with revenues up 4 percent, adjusted operating margins at record levels and EPS exceeding the high end of our guidance range," said Tom Lynch, TE Connectivity Chairman and CEO. "Our performance was led by our businesses focused on highly engineered harsh environment applications, which include automotive, commercial transportation, commercial aerospace and appliances.” For the current quarter, the company projects earnings of $0.98 to $1.02 per share on revenue of $3.55 billion to $3.65 billion. For the full year, TE Connectivity projects earnings of $4.05 to $4.35 per share on revenue of $14.45 billion to $14.85 billion. TE Connectivity also reached an agreement to sell its Broadband Network Solutions business unit to CommScope

for $3.0 billion. TE Connectivity shares gained 2.33% to close at $64.63 yesterday.