Channel and China Chop TE's 4Q Outlook; Long-Term Thesis and FVE Unchanged
TE Connectivity's third-quarter results were mixed, as revenue fell shy of guidance and our expectations and adjusted earnings were above the high end of management's prior forecast. In addition, TE's outlook for the fiscal fourth quarter indicated additional top-line headwinds due to a combination of automotive weakness, particularly in China, and inventory destocking from the firm's distributor partners. However, the durability of profitability in the third quarter after previous cost initiati...
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