As reported at Reuters, electronic connector maker TE Connectivity (NYSE: TEL) has reported higher-than-expected Q3 profits, citing strong demand from automakers, in addition to an uptick in the build-up of broadband networks outside the U.S.
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The company reported that, for the quarter, its revenue rose 21 percent to $3.73 billion, compared to Wall Street forecasts of $3.56 billion. In the third quarter ended June 24, net earnings reportedly rose to $355 million, or 80 cents per share, up from $330 million, or 72 cents per share, a year earlier.
Almost half of the sales growth was attributed to TE's 2010 acquisition of communications networks supplier ADC.
SOURCE: TE Connectivity profit beats forecasts (reuters.com)
