TE Connectivity Beats in Fiscal Q1

TE Connectivity Wednesday reported better-than-expected results for fiscal Q1 and provided its guidance for fiscal 2017.

Non-GAAP earnings in the quarter ended Dec. 30 was $1.15 per share, up from last year’s $0.84, exceeding the Capital IQ consensus of $1. Sales grew year-over-year to $3.06 billion from $2.83 billion, beating the mean estimate of $3.01 billion provided by Capital IQ.

For fiscal Q2, company expects non-GAAP EPS of $1.05 to $1.09 compare to the $1.05 average estimate, on net sales of $3.03 billion to $3.13 billion, straddling the $3.09 billion consensus.

For fiscal 2017, it expects non-GAAP EPS of $4.30 to $4.50 compared to the $4.34 estimate, on net sales of $12.20 billion to $12.60 billion, straddling the $12.59 billion consensus.

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