TE Connectivity Reports Mixed Q3 FY23 Results, Sees Growth in Transportation and Industrial Segments
Portfolio Pulse from Anusuya Lahiri
TE Connectivity Ltd (NYSE:TEL) reported a 2.4% YoY decline in Q3 FY23 net sales to $3.998 billion, missing the consensus of $4.05 billion. However, the company saw growth in its Transportation and Industrial segments, with revenues rising 5.8% and 1.3% YoY respectively. The non-GAAP EPS of $1.77 beat the consensus of $1.66. For Q4, TEL expects net sales of $4.0 billion and non-GAAP EPS of $1.75.
July 26, 2023 | 5:43 pm
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NEUTRAL IMPACT
TE Connectivity reported lower than expected Q3 FY23 net sales but saw growth in key segments and beat EPS estimates. Q4 guidance is slightly below consensus.
TE Connectivity's lower than expected sales could negatively impact the stock. However, growth in key segments and higher than expected EPS could offset this. The Q4 guidance being slightly below consensus could also have a negative impact, but this may be mitigated by the company's strong performance in key areas.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100