TE Connectivity projects upbeat quarterly results, to buy Astrodyne for $1.4 billion
TEL•Shares have lagged the broader market
TE Connectivity shares have trailed the broader market in past six months https://tmsnrt.rs/4yzNBao
Astrodyne acquisition and quarterly figures
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TE also said it would buy power management and filtering solutions maker Astrodyne TDI for $1.4 billion, and expects the deal to close by the end of 2026.
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Shares of the company were down more than 5% in premarket trade.
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"Our orders are up 70% this year, building strong backlog into next year," Curtin said.
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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.
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It expects fourth-quarter revenue to be about $5.25 billion, above analysts' estimate of $5.16 billion.
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Revenue for the third quarter grew 14% to $5.16 billion, driven by growth in its industrial and transportation segments.
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Analysts on average had expected revenue of $5 billion.
