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TE Connectivity misses Q3 revenue estimates amid auto production decline
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TE Connectivity misses Q3 revenue estimates amid auto production decline
Jul 24, 2024 5:35 AM

July 24 (Reuters) - Sensor maker TE Connectivity ( TEL )

on Wednesday reported third-quarter revenue that fell short of

Wall Street estimates, citing a decline in auto production.

TE Connectivity ( TEL ) makes switches and sensors and its products

are used in vehicle body and frame systems, as well as in

convenience features such as infotainment.

Total net sales for the quarter ended June 28 came in at

$3.98 billion, falling short of LSEG estimates of $4.01 billion.

However, margin in its transportation unit, which competes

with Aptiv ( APTV ), was 21.4%, compared to 17.5%, a year

earlier, driven by "strong operational performance".

TE Connectivity ( TEL ) reported an adjusted profit of $1.87 per

share for the reported quarter, slightly ahead of Wall Street

estimates of $1.86 per share.

The company forecast fourth-quarter revenue of about $4

billion and an adjusted per share profit of $1.94.

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