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TE Connectivity profit misses consensus by 20.1% in fiscal Q3

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TE Connectivity profit misses consensus by 20.1% in fiscal Q3

TE Connectivity Ltd. said its normalized net income for the fiscal third quarter ended June 26 came to 70 cents per share, compared with the S&P Capital IQ consensus estimate of 88 cents per share.

EPS increased year over year from 70 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $290.0 million, compared with $289.4 million in the year-earlier period.

The normalized profit margin fell to 9.3% from 9.4% in the year-earlier period.

Total revenue climbed year over year to $3.12 billion from $3.08 billion, and total operating expenses grew on an annual basis to $2.64 billion from $2.60 billion.

Reported net income grew from the prior-year period to $350.2 million, or 85 cents per share, from $345.3 million, or 83 cents per share.