TE Connectivity (TEL) Tops Q2 EPS by 9c, Revenues Beat; Offers 3Q EPS/Revenue Guidance Above Consensus

April 21, 2021 6:06 AM EDT

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TE Connectivity (NYSE: TEL) reported Q2 EPS of $1.57, $0.09 better than the analyst estimate of $1.48. Revenue for the quarter came in at $3.7 billion versus the consensus estimate of $3.52 billion.

Second Quarter Highlights

  • Net sales were $3.7 billion, up 17% on a reported basis, and 11% on an organic basis year over year.
  • Orders of $4.6 billion, up 36% year over year.
  • GAAP diluted earnings per share (EPS) from continuing operations were $1.51, and adjusted EPS were $1.57, up 22% year over year.
  • Cash flow from operating activities was $580 million and free cash flow was $477 million, with approximately $340 million returned to shareholders.

"I am very pleased with our performance as well as our team's ability to deliver double digit sales growth and record quarterly adjusted EPS that exceeded our expectations," said TE Connectivity CEO Terrence Curtin. "We delivered strong earnings this quarter, and year-to-date generated free cash flow of $1 billion, also a record for the first half of a fiscal year. It is also encouraging that we are benefiting from both a recovering economic backdrop as well as our leadership positions in long-term technology trends that drive content growth. I am proud of our team's perseverance to serve our customers through a global economic recovery and resulting challenges in the broader supply chain."

GUIDANCE:

TE Connectivity sees Q3 2021 EPS of $1.57, versus the consensus of $1.48. TE Connectivity sees Q3 2021 revenue of $3.7 billion, versus the consensus of $3.45 billion.

  • For the third quarter of fiscal 2021, the company expects net sales of approximately $3.7 billion, compared to $2.5 billion in the prior year.
  • GAAP diluted EPS from continuing operations are expected to be approximately $1.51, compared to a loss of $0.18 in the prior year. Adjusted EPS are expected to be approximately $1.57, compared to adjusted EPS of $0.59 in the prior year.

For earnings history and earnings-related data on TE Connectivity (TEL) click here.



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