SCHAFFHAUSEN, Switzerland (AP) _ TE Connectivity Ltd. (TEL) on Wednesday reported fiscal third-quarter net income of $580 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Schaffhausen, Switzerland-based company said it had net income of $1.74. Earnings, adjusted for costs related to mergers and acquisitions and restructuring costs, came to $1.79 per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.58 per share.
The electronics maker posted revenue of $3.85 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $3.73 billion.
For the current quarter ending in September, TE Connectivity expects its per-share earnings to be $1.65.
The company said it expects revenue in the range of $3.8 billion for the fiscal fourth quarter.
TE Connectivity expects full-year earnings to be $6.47 per share, with revenue expected to be $14.9 billion.
TE Connectivity shares have increased 14% since the beginning of the year, while the S&P's 500 index has risen 17%. The stock has climbed 53% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TEL at https://www.zacks.com/ap/TEL
Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News