By Dave Sebastian
TE Connectivity Ltd. turned a profit for its fiscal second quarter as it said it benefited from a recovering economic backdrop, beating Wall Street estimates.
The Swiss company, which makes connectivity and sensor equipment, on Wednesday posted net income of $506 million, compared with a loss of $456 million in the year-earlier period. It reported earnings of $1.51 a share, compared with a loss of $1.37 a share in the same period last year.
Adjusted earnings were $1.57 a share. Analysts polled by FactSet were expecting $1.48 a share.
For the quarter ended March 26, net sales were $3.74 billion, up from $3.2 billion in the year-earlier period. Analysts were looking for $3.52 billion.
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(END) Dow Jones Newswires
April 21, 2021 06:26 ET (10:26 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.