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TE Connectivity profit misses consensus by 18.2% in fiscal Q2

TE Connectivity Ltd. said its normalized net income for the fiscal second quarter ended March 31 came to 88 cents per share, compared with the S&P Capital IQ consensus estimate of $1.08 per share.

EPS rose 29.0% year over year from 68 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $316.3 million, an increase of 25.9% from $251.3 million in the year-earlier period.

The normalized profit margin increased to 9.8% from 8.5% in the year-earlier period.

Total revenue increased 9.3% year over year to $3.23 billion from $2.95 billion, and total operating expenses increased 6.3% from the prior-year period to $2.69 billion from $2.53 billion.

Reported net income increased year over year to $405.7 million, or $1.13 per share, from $390.1 million, or $1.06 per share.