TE Connectivity (TEL) Sells Touch Solutions, TE Professional Services; Cuts Q2 Outlook
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Price: $202.21 -2.78%
Revenue Growth %: +10.7%
Financial Fact:
Loss from discontinued operations, net of income taxes: 48M
Today's EPS Names:
RCBC, GASS, YSG, More
Revenue Growth %: +10.7%
Financial Fact:
Loss from discontinued operations, net of income taxes: 48M
Today's EPS Names:
RCBC, GASS, YSG, More
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TE Connectivity (NYSE: TEL) has announced an agreement to sell its Touch Solutions business to Gores Group for $380 million. The company has also agreed to sell its TE Professional Services (TPS) business to BlueStream Professional Services, LLC, an affiliate of KGP Logistics, for $23.5 million.
TE expects to recognize in discontinued operations an after-tax loss in its fiscal second quarter of approximately $20 million related to these divestitures.
The company now sees Q2 adj-EPS from continuing operations of 62-66 cents on sales of $3.15-$3.25 billion. TE had previously expected quarterly EPS of 64-68 cents on sales of $3.3-$3.4 billion. The Street is currently expecting EPS and sales of cents and $ billion, respectively.
TE expects to recognize in discontinued operations an after-tax loss in its fiscal second quarter of approximately $20 million related to these divestitures.
The company now sees Q2 adj-EPS from continuing operations of 62-66 cents on sales of $3.15-$3.25 billion. TE had previously expected quarterly EPS of 64-68 cents on sales of $3.3-$3.4 billion. The Street is currently expecting EPS and sales of cents and $ billion, respectively.
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