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TE Connectivity fiscal Q1 profit climbs 31.2% YOY

TE Connectivity Ltd. said its normalized net income for the fiscal first quarter ended Dec. 26, 2014, amounted to 81 cents per share, compared with the S&P Capital IQ consensus estimate of 90 cents per share.

EPS increased 32.5% year over year from 61 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $336.3 million, a gain of 31.2% from $256.3 million in the prior-year period.

The normalized profit margin rose to 9.9% from 9.0% in the year-earlier period.

Total revenue increased 21.1% year over year to $3.47 billion from $2.86 billion, and total operating expenses rose 19.5% on an annual basis to $2.91 billion from $2.44 billion.

Reported net income rose 50.5% from the prior-year period to $470.8 million, or $1.14 per share, from $312.8 million, or 75 cents per share.