TE Connectivity projects upbeat quarterly results amid strong AI tools demand

Here are some more details:

• TE's orders in the quarter rose by more than $1 billion to $5.7 billion, compared with a year ago, supported by increased business in its AI-facing customers such as data centers and the broader energy infrastructure, the company said.
• "Our orders are up 70% this year, building strong backlog into next year," Curtin said.
• The company forecast an adjusted profit of $3.05 per share for the current quarter, compared with analysts' expectations of $2.96 per share, according to data compiled by LSEG.
• It expects fourth-quarter revenue to be about $5.25 billion, above analysts' estimate of $5.16 billion.
• Revenue for the third quarter grew 14% to $5.16 billion, driven by growth in its industrial and transportation segments.
• Analysts, on average, expected revenue of $5 billion.
• TE reported adjusted profit of $2.94 per share for the quarter ended June 26, beating estimates of $2.84 per share.

TE Connectivity shares have trailed the broader market in past six months https://tmsnrt.rs/4yzNBao

CEO Terrence Curtin told Reuters in an interview that the company would stick to its strategy of passing on higher raw material costs through price hikes to protect its margins, as the cost of oil-based products such as resins remains elevated amid renewed fighting between the U.S. and Iran.