TE Announces Solid Quarter but Headwinds Remain; Maintaining $87 Fair Value Estimate
TE Connectivity’s second-quarter fiscal 2019 results were solid, with both revenue and adjusted earnings per share exceeding the top of management’s prior guidance. While automotive production and global macro concerns were headwinds to the financial results, as expected, a combination of transportation content growth, strong performance from medical equipment, and aerospace and defense sales mitigated the revenue declines. Further, the firm realized strong operating performance in both communic...
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