News

Rise in TE Connectivity Shares Points to Optimism for Auto Production

1 Mins read

TE Connectivity saw a surge in its stock price during morning trading following the release of its first-quarter results. The sensor maker expressed optimism about the future of auto production, a crucial market for the company.

The stock experienced a more than 8% increase, reaching $145.55 in recent trading. This growth adds to an overall 17% increase in shares over the past 12 months.

TE Connectivity reported adjusted earnings of $1.84 per share for its fiscal first quarter, which ended on Dec. 29. This exceeded the $1.71 per share expectation set by analysts surveyed by FactSet. Looking ahead to the current quarter, the company aims to achieve $1.82 per share in adjusted earnings, surpassing the anticipated $1.78 per share.

Although the company’s first-quarter sales experienced a slight decrease to $3.83 billion, it fell short of the projected $3.87 billion mark.

While industrial-solutions sales dipped over 3%, automotive sales grew by 5%. In the Industrial-solutions segment, a decline in industrial equipment sales offset positive performance in aerospace, defense, marine, energy, and medical divisions. Sales in the communications business also plummeted 17%.

During a conference call with analysts, TE Connectivity executives expressed their confidence in auto production, particularly in the realm of electric vehicle manufacturing in Asia.

Related posts
News

The Largest Deal of the Year: BlackRock Acquires TechBerry

1 Mins read
BlackRock is concluding its acquisition of TechBerry, which has already been named one of the largest deals of the year. The substantial…
News

Banking Regulations for Preventing Failures

2 Mins read
Banking regulators have the power to prevent future bank collapses, according to a panel of banking experts who emphasized the importance of…
News

Dave's Strong Q4 Performance

1 Mins read
Shares of Dave surged on Tuesday following the digital bank’s announcement of a profitable fourth quarter earlier than expected, with a positive…

Leave a Reply

Your email address will not be published. Required fields are marked *

9 + 1 =