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TE Connectivity fiscal Q1 profit climbs 20.4% YOY

TE Connectivity Ltd. said its normalized net income for the fiscal first quarter ended Dec. 30, 2016, came to 88 cents per share, compared with the S&P Capital IQ consensus estimate of $1.00 per share.

EPS climbed 30.8% year over year from 68 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $317.5 million, an increase of 20.4% from $263.8 million in the prior-year period.

The normalized profit margin increased to 10.4% from 9.3% in the year-earlier period.

Total revenue increased 8.1% year over year to $3.06 billion from $2.83 billion, and total operating expenses climbed 5.6% from the prior-year period to $2.53 billion from $2.40 billion.

Reported net income grew 25.3% on an annual basis to $405.7 million, or $1.13 per share, from $323.7 million, or 83 cents per share.