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NEW YORK -On Wednesday, TE Connectivity Ltd. (NYSE:TEL) reported better-than-expected fiscal second quarter results and issued upbeat guidance.
The electronic components maker saw its shares rise 7.91% in premarket trading following the release.
The Galway, Ireland-based company posted adjusted earnings of $2.10 per share for the quarter ended March 28, surpassing the analyst consensus of $1.96. Revenue rose 4% YoY to $4.1 billion, also topping estimates of $3.96 billion.
TE Connectivity CEO Terrence Curtin said the company delivered "strong operational performance that led to record adjusted EPS and results that exceeded our guidance on both sales and earnings."
For the fiscal third quarter, TE Connectivity forecast adjusted earnings of approximately $2.06 per share on revenue of about $4.3 billion. Both projections came in above Wall Street expectations.
The company said its Industrial segment expanded its operating margin on sales growth of 17%, driven by broad business growth and ongoing momentum in AI, aerospace and energy applications.
"Our ongoing momentum and ability to pull operational levers gives us confidence in our third quarter guidance for year-over-year improvement in sales and EPS," Curtin added.
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