TE Connectivity (NYSE: TEL) reported Q1 EPS of $1.47, $0.19 better than the analyst estimate of $1.28. Revenue for the quarter came in at $3.5 billion versus the consensus estimate of $3.26 billion.

First Quarter Highlights

• Net sales were $3.5 billion, up 11% on a reported basis, and 6% on an organic basis year over year.
• Orders of approximately $4 billion, up 25% year over year.
• GAAP earnings per share (EPS) from continuing operations were $1.13, and adjusted EPS were $1.47, up 21% year over year.
• Cash flow from continuing operating activities was $640 million and free cash flow was $529 million, with $286 million returned to shareholders.

"Our strong first quarter performance reflects our global team's ability to adapt to ongoing dynamic market conditions to deliver double-digit sales and EPS growth that exceeded our expectations," said TE Connectivity CEO Terrence Curtin. "These results demonstrate the strength and resilience of our portfolio, our employees' commitment to our customers and the benefit of our leadership position in long-term global growth trends. In particular, our Transportation segment continued to outperform the market due to content growth driven by electric vehicles, along with data connectivity and autonomy trends. Our Communications segment also exhibited strength due to demand in high-speed cloud applications and growth in the appliances market. As we are seeing continued signs of improvement in the majority of our end markets, we expect to deliver continued sales and earnings growth in the second quarter."

GUIDANCE:

TE Connectivity sees Q2 2021 EPS of $1.47, versus the consensus of $1.33. TE Connectivity sees Q2 2021 revenue of $3.5 billion, versus the consensus of $3.34 billion.

For the second quarter of fiscal 2021, the company expects net sales of approximately $3.5 billion, reflecting an approximate 10% increase on a reported basis and an increase of mid-single digits on an organic basis year over year. GAAP EPS from continuing operations are expected to be approximately $1.38 with adjusted EPS of approximately $1.47, up 14% year over year.

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