SCHAFFHAUSEN, Switzerland (AP) _ TE Connectivity Ltd. (TEL) on Wednesday reported fiscal first-quarter net income of $276 million, after reporting a loss in the same period a year earlier.
The Schaffhausen, Switzerland-based company said it had net income of 80 cents per share. Earnings, adjusted to account for discontinued operations and restructuring costs, were $1.29 per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.27 per share.
The electronics maker posted revenue of $3.35 billion in the period, missing Street forecasts. Six analysts surveyed by Zacks expected $3.38 billion.
For the current quarter ending in April, TE Connectivity expects its per-share earnings to range from $1.25 to $1.29.
The company said it expects revenue in the range of $3.3 billion to $3.4 billion for the fiscal second quarter.
TE Connectivity expects full-year earnings in the range of $5.35 to $5.55 per share, with revenue ranging from $13.45 billion to $13.85 billion.
TE Connectivity shares have risen 5 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 5 percent. The stock has declined 21 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TEL at https://www.zacks.com/ap/TEL