TE Connectivity (NYSE: TEL ) reported earnings on April 25. Here are the numbers you need to know.
The 10-second takeaway
For the quarter ended March 30 (Q2), TE Connectivity missed slightly on revenues and beat expectations on earnings per share.
Compared with the prior-year quarter, revenue dropped and GAAP earnings per share contracted.
Gross margins expanded, operating margins improved, net margins shrank.
TE Connectivity logged revenue of $3.25 billion. The 10 analysts polled by S&P Capital IQ expected a top line of $3.30 billion on the same basis. GAAP reported sales were 6.4% lower than the prior-year quarter's $3.47 billion.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
Non-GAAP EPS came in at $0.68. The 12 earnings estimates compiled by S&P Capital IQ predicted $0.65 per share on the same basis. GAAP EPS of $0.60 for Q2 were 10% lower than the prior-year quarter's $0.67 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 31.4%, 50 basis points better than the prior-year quarter. Operating margin was 13.0%, 10 basis points better than the prior-year quarter. Net margin was 7.9%, 70 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $3.62 billion. On the bottom line, the average EPS estimate is $0.81.
Next year's average estimate for revenue is $13.92 billion. The average EPS estimate is $3.00.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on TE Connectivity is outperform, with an average price target of $40.25.
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