LONDON (dpa-AFX) - Industrial technology company TE Connectivity plc (TEL), while reporting weak fourth-quarter earnings in line with the Street view, on Wednesday issued first-quarter earnings and sales outlook, below market estimates.
Further, the company's board of directors authorized a $2.5 billion increase in its share repurchase program.
For the first quarter of fiscal 2025, the company expects earnings per share from continuing operations to be $1.64, and adjusted earnings per share to be $1.88, on net sales of approximately $3.90 billion.
Analysts on average expect the company to report earnings of $1.90 per share on sales of $3.94 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Beginning in fiscal 2025, the company will have two reportable segments of Transportation Solutions and Industrial Solutions, following the previously announced reorganization.
TE Connectivity CEO Terrence Curtin said, 'Our teams will build on our momentum from 2024 and we expect first quarter sales and adjusted EPS to be up year over year. We will continue to capitalize on our operational strengths and innovations in long-term growth trends such as electrification and data connectivity in transportation, renewable energy and AI.'
In its fourth quarter, TE Connectivity's earnings decreased from last year, in line with the Street estimates.
The company's earnings totaled $276 million or $0.90 per share, compared to $552 million, or $1.75 per share last year.
Adjusted earnings were $595 million or $1.95 per share for the period. Analysts had expected the company to earn $1.95 per share.
The company's revenue for the quarter rose 0.8 percent to $4.068 billion from $4.035 billion last year.
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