Suara Malaysia
ADVERTISEMENTFly London from Kuala LumpurFly London from Kuala Lumpur
Monday, December 23, 2024
More
    ADVERTISEMENTFly London from Kuala LumpurFly London from Kuala Lumpur
    HomeTechSensor maker TE Connectivity beats profit target on steady demand from EV...

    Sensor maker TE Connectivity beats profit target on steady demand from EV makers

    -

    Fly AirAsia from Kuala Lumpur

    (Reuters) – TE Connectivity beat Wall Street expectations for fourth-quarter profit on Wednesday as demand for its sensor technology was buoyed by steady sales of electric vehicles (EVs) across the globe.

    Customers have been increasingly turning to EVs as governments around the world implement regulations to incentivize cleaner modes of transport.

    The Switzerland-based connectivity and sensors solutions manufacturer reported an adjusted profit of $1.78 per share for the quarter ended Sept. 29, compared with analysts’ average estimate of $1.76, according to LSEG data.

    It, however, forecast 2024 first-quarter net sales of about $3.85 billion compared with analysts’ expectations of $3.94 billion, owing to a decline in its communications segment, which supplies electronic components for data centers and appliances.

    It expects an adjusted profit of $1.70 in the quarter, in line with Wall Street expectations.

    In the fourth quarter, total net sales stood at $4.04 billion, down 7% from a year earlier, but beat analysts’ average expectations of $4.01 billion.

    It cited a decline in its communications and industrial solutions segment among other reasons for the fall in revenue.

    (Reporting by Aishwarya Jain and Shivansh Tiwary; Editing by Shinjini Ganguli)

    Suara
    Suarahttps://www.suara.my
    Tech enthusiast turning dreams into reality, one byte at a time 🚀

    Related articles

    ADVERTISEMENTFly London from Kuala Lumpur

    Subscribe to Newsletter

    To be updated with all the latest news, offers and special announcements.

    Latest posts