(Reuters) – Sensor manufacturer TE Connectivity beat Wall Street estimates for fourth-quarter revenue on Wednesday, buoyed by heightened demand for components from electric vehicle makers.
TE Connectivity’s products are used in automotive technologies for vehicle body and chassis systems, convenience features, driver information, infotainment systems as well as compact design solutions.
The company’s total net sales of $4.07 billion came in above analysts’ average estimate of $4.01 billion for the quarter ended Sept. 27, according to data compiled by LSEG estimates.
Its fourth-quarter adjusted profit was $1.95 per share, compared with estimates of $1.90 per share.
Operating profit in the company’s transportation solutions unit, which competes with Aptiv as a supplier for the auto industry, stood at $404 million for the fourth quarter.
TE Connectivity said on Wednesday its board has authorised a $2.5 billion increase in the share repurchase program.
Following a recent reorganization, the company will also reorganize its reporting structure into two segments – transportation and industrial solutions – starting in fiscal 2025.
(Reporting by Pratyush Thakur in Bengaluru; Editing by Shreya Biswas)
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