TE Connectivity reports Q1 adjusted EPS $1.84, consensus $1.71

Reports Q1 revenue $3.83B, consensus $3.86B. Orders were $3.8B, up 4%. “I’m pleased with our strong performance in our first quarter, as our teams delivered earnings above guidance driven by significant margin expansion, along with record free cash flow, in what remains a dynamic market environment,” said TE Connectivity CEO Terrence Curtin. “Our industry-leading innovations and global position in automotive connectivity, including a strong presence in Asia, once again allowed us to outperform the market and deliver year-over-year growth in our Transportation segment. In our Industrial segment, we continued to benefit from growth in renewable energy, commercial air and medical applications. Our Communications segment delivered margins in the high teens, and we anticipate revenue growth in artificial intelligence applications as we move through the year. We expect to deliver strong margin performance at the company level throughout fiscal year 2024 as we continue to execute on operational levers, while benefiting from the diversity and positioning of our portfolio around key long-term growth trends.”