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TE Connectivity profit misses consensus by 22.0% in fiscal Q3

TE Connectivity Ltd. said its normalized net income for the fiscal third quarter ended June 30 amounted to 91 cents per share, compared with the S&P Capital IQ consensus estimate of $1.17 per share.

EPS rose 14.4% year over year from 80 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $326.9 million, an increase of 13.4% from $288.1 million in the prior-year period.

The normalized profit margin rose to 9.7% from 9.2% in the year-earlier period.

Total revenue increased 7.9% on an annual basis to $3.37 billion from $3.12 billion, and total operating expenses climbed 6.9% on an annual basis to $2.81 billion from $2.63 billion.

Reported net income decreased 45.2% year over year to $433.2 million, or $1.21 per share, from $790.6 million, or $2.19 per share.