TE Connectivity Ltd. (TEL: Quote) reported that its first-quarter net income attributable to the company was $277 million or $0.65 per share, up from $260 million or $0.61 per share in the same quarter last year.
GAAP earnings per share included $0.01 per share of acquisition-related charges, $0.15 per share of restructuring and other charges, and $0.16 of income related to tax items.
Adjusted earnings per share for the quarter were $0.65, compared to $0.63 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.64 per share for the quarter. Analysts’ estimates typically exclude special items.
Net sales for the quarter were $3.13 billion compared to prior year sales of $3.17 billion. Nine analysts had consensus revenue estimate of $3.20 billion for the quarter.
For the second quarter, the company expects net sales of $3.2 to $3.3 billion and adjusted earnings per share of $0.68 to $0.72. GAAP earnings per share are expected to be $0.50 to $0.54, including restructuring and acquisition-related charges of $0.18. Analysts expect the company to report earnings of $0.74 per share on revenues of $3.35 billion for the second-quarter.
For the full year 2013, the company expects net sales of $13.3 to $13.7 billion and adjusted earnings per share of $3.05 to $3.25. GAAP earnings per share are expected to be $2.79 to $2.99, including restructuring and acquisition-related charges of $0.42 and income from tax-related items of $0.16.
Earlier, the company had expected earnings per share of $2.61 to $2.91, adjusted earnings per share of $3.00 to $3.30, and net sales of $13.4 billion to $14.0 billion for fiscal 2013.
Analysts expect the company to report earnings of $3.17 per share on revenues of $13.69 billion for fiscal 2013.
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by RTT Staff Writer
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