TE Connectivity Ltd. (TEL) recorded its best quarterly earnings ever, and the company is raising its guidance.
Sales were up 6% year-over-year to $3.33 billion. Operating income soared from $293 million in the previous year’s first quarter to $479 million, and net income jumped from $277 million to $353 million for the quarter.
The company is well-known for its distributed antenna products for mobile operators, but also works with a variety of industries for connectivity, including automotive manufacturers and aerospace and defense.
“We had a strong first quarter with sales up six percent and EPS above the high end of our guidance range,” said Tom Lynch, TE Connectivity’s chairman and CEO. “Sales were up in all regions led by continued momentum in our transportation and industrial segments. This was another quarter of strong execution.”
Lynch went on to add that the company is “encouraged by the continued strength in the global automotive market, improvements in our industrial end markets and increased demand in the fiber portion of the broadband network, all markets in which we have a leadership position.”
Because of that potential for positive growth, TE is raising the midpoint of its guidance by about five percent. TE Connectivity expects second quarter net sales of $3.4-$3.5 billion, and full year net sales of $13.8-$14.2 billion.
Watch our latest interview with TE Connectivity below — we spoke with John Spindler, director of product management, about the company’s new FlexWave active integration panel.
