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TE Connectivity,
an automotive and communications technology supplier, reported better-than-expected quarterly earnings. More importantly, guidance wasn’t terrible. That will be a relief to investors.
TE (ticker: TE) announced fiscal fourth-quarter earnings per share of $1.78 from sales of $4 billion, Wednesday morning. Wall Street was looking for $1.76 and $4 billion respectively. A year ago, in the fiscal fourth quarter of 2022, TE earned EPS of $1.88 from sales of $4.4 billion.
“I’m pleased with our strong finish to fiscal 2023, as we delivered earnings above guidance for the quarter along with record cash flow,” said
TE Connectivity
CEO Terrence Curtin. “As we look to the year ahead, while we remain in a dynamic market environment, we are confident in our ability to drive profitable growth leveraging key trends including e-mobility, renewable energy, and artificial intelligence.”
For the fiscal first quarter of 2024, TE projects adjusted EPS of about $1.70 from sales of $3.9 billion. Wall Street is projecting $1.7 billion and $3.9 billion respectively.
Guidance in line with Wall Street estimates is a positive. Other technology-laden automotive suppliers haven’t provided similarly strong updates lately. Auto chip supplier
ON Semiconductor
(ON) said on Monday that fourth-quarter sales should come in at about $2 billion. Wall Street was looking for about $2.2 billion. Shares, as a result, are down 25% for the week.
TE management hosts a conference call at 8:30 a.m. Eastern time. Investors and analysts will be looking for more insights into how 2024 is shaping up amid rising interest rates and a slowing economy.
Coming into Wednesday trading, TE stock was down 5% over the past 12 months. The
S&P 500
and
Dow Jones Industrial Average
were up 9% and 1%, respectively.
Write to Al Root at [email protected] and Nicholas Jasinski at [email protected]
Read the full article here
