financetom
Business
financetom
/
Business
/
TE Connectivity misses Q3 revenue estimates amid auto production decline
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
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.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
Copyright 2023-2026 - www.financetom.com All Rights Reserved