By Matt Grossman
TE Connectivity Ltd. on Wednesday logged a larger profit year over year in the latest quarter, as the company received more orders to supply its components for the electric vehicles and connected appliances that use its technology.
The Swiss company, which makes connectivity and sensor equipment, posted a first-quarter profit of $381 million, or $1.14 a share, compared with $26 million, or eight cents a share, a year earlier.
On an adjusted basis, the company's profit was $1.47 a share. Analysts surveyed by FactSet had been expecting $1.29 a share.
Revenue was $3.52 billion, up from $3.17 billion, the company said. Analysts had forecast $3.26 billion.
Orders grew by 25% year over year to approximately $4 billion, TE Connectivity said. The sales rise was supported by growth in electric vehicles, which use TE Connectivity components for products such as charging inlets and power connectors, the company said.
Transportation-segment sales were higher at $2.22 billion, compared with $1.87 billion a year earlier.
TE Connectivity's communications segment also posted higher revenue on growth of high-speed cloud products and of the appliance market it serves. Connectivity sales rose to $425 million, from $373 million a year earlier. Industrial-solutions revenue declined to $873 million, from $927 million, it said.
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(END) Dow Jones Newswires
January 27, 2021 06:41 ET (11:41 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.