TE Connectivity Ltd Issues Q1 2013 Guidance Below Analysts' Estimates; Issues FY 2013 Guidance; Revenue Guidance Below Analysts' Estimates; Issues Q1, FY 2013 Charge Guidance

TE Connectivity Ltd announced that for the first quarter of 2013, it expects net sales of $3.150-$3.250 billion and adjusted EPS of $0.62-$0.66. GAAP EPS are expected to be $0.43-$0.47, including restructuring and acquisition-related charges of $0.19. For fiscal 2013, the Company expects net sales of $13.4-$14.0 billion and adjusted EPS of $3.00-$3.30. GAAP EPS are expected to be $2.61-$2.91, including restructuring and acquisition-related charges of $0.39. In light of the weaker than expected economic environment, the Company is expanding its restructuring effort to generate approximately $75 million of additional annualized cost savings. The Company expects to incur approximately $200 million in charges during fiscal 2013, of which approximately $100 million is expected to be incurred in the first quarter of 2013. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $3.385 billion and EPS of $0.74 for the first quarter of 2013; and revenue of $14.1 billion and EPS of $3.27 for fiscal 2013.