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$TEL 2Q15 10-Q: Interest expense was $37MM and $31MM in 2Q15 and 2Q14, respectively. In 1H15 and 1H14, interest expense was $71MM and $65MM, respectively. The increases were due to higher average debt levels. Net other expense was $5MM in 2Q15. TEL recorded income tax provisions of $94MM and $120MM for 2Q15 and 2Q14, respectively.
$TEL's BoD authorized an increase in its share repurchase program by an additional $1.5Bil. The BoD also approved an increase in the company's quarterly dividend from $0.40 to $0.44 per share, for the four fiscal quarters starting in April 2018, the beginning of the third fiscal quarter. The increase reflects an annualized rate of $1.76 per share.
$TEL launched the M5800 digital display pressure transducer with rotatable display. The sensor was designed for applications requiring on-site process control and readily displayed pressure measurements such as food & beverage and pharmaceutical & medical systems.
$AMD has announced the appointment of Abhi Y. Talwalkar to its BoD. He currently serves on the boards of $LRCX, iRhythm Technologies, Inc., and $TEL. Additionally, the company has increased the annual base salary of CFO Devinder Kumar, SVP James R. Anderson and CTO Mark D. Papermaster, effective July 1, 2017.
$TEL declared 3Q17 dividend of $0.40 per share. The dividend will be payable on June 9, 2017, to shareholders of record at the close of business on May 26, 2017. The dividend was approved by shareholders at the company's annual general meeting held on March 8, 2017.
For FY17, $TEL is seeing net sales of $12.6-12.8Bil, reflecting 6% growth YoY at the mid-point, excluding the additional week in FY16. GAAP EPS is expected to be $4.39-4.47 including net restructuring, acquisition-related and other charges of $0.33 and a tax related benefit of $0.14. $TEL also expects adjusted EPS of $4.58-4.66 for FY17.
For 3Q17, $TEL expects net sales of $3.2-3.3Bil, reflecting a rise of 4% on an as reported basis and 5% organically, YoY at the midpoint. GAAP EPS is expected to be $1.08-1.12, including net restructuring, acquisition-related and other charges of $0.06. $TEL expects adjusted EPS of $1.14-1.18 representing a 7% increase at the mid-point vs. 3Q16.
Connectivity and sensor solutions maker $TEL posted a rise in 2Q17 earnings, helped by higher revenue and operating margin expansion in the Industrial and Communications segments. Net income rose 6.57% to $405MM or $1.13 per share from $380MM or $1.03 per share in 2Q16. Revenue rose 9.31% to $3.22Bil. Excluding items $TEL earned $1.19 per share.
For FY17, $TEL expects 4% growth in vehicle production in China and 2% growth in auto production globally. Also for the full-year, the company expects to continue to outpace the growth of production due to the continued benefit of content growth and share gains.
$TEL saw organic order growth across all three of the company's segments in 1Q17, excluding subcomp. The company also saw orders growth in all regions, with particular strength in Asia, which grew 26% YoverY, with strength in China. In Europe and the Americas orders grew approx. 3% and 1% respectively.
$TEL narrowed its FY17 sales outlook to $12.2-12.6Bil from $12.3-12.9Bil. The company lifted GAAP EPS guidance to $4.04-4.24 from $3.84-4.14 and its adjusted EPS estimate to $4.30-4.50 from $4.19 from $4.49. $TEL said the outlook implies 3% actual and 4% organic sales growth and 11% growth in adjusted EPS.
$TEL expects 2Q17 net sales of $3.025-3.125Bil, reflecting an increase of 4% YoverY at the midpoint. GAAP EPS are expected to be $0.97-1.01, including net restructuring, acquisition-related and other charges of $0.08. $TEL expects adjusted EPS of $1.05-1.09 which represents a 19% growth at the mid-point versus 2Q16.
$TEL reported a rise in 1Q17 earnings driven by higher sales volume, benefit of cost reductions and continued execution of TE Operating Advantage. Net income rose to $409MM or $1.14 per share from $353MM or $0.91 per share last year. Net sales grew to $3.06Bil from $2.83Bil. Non-GAAP EPS increased 37% to $1.15.