January 23, 2013 / 11:21 AM / 5 years ago

TE Connectivity profit rises 17 pct on higher orders

Jan 23 (Reuters) - TE Connectivity Ltd, which makes electronic connectors used in cars and consumer devices, reported a 17 percent rise in quarterly profit as orders improved.

The company also said it plans to raise its annual dividend to $1.00 per share from 78 cents a year earlier.

Net income from continuing operations attributable to TE Connectivity rose to $279 million, or 65 cents per share, in the first quarter, from $238 million, or 55 cents per share, a year earlier.

Revenue slipped 1 percent to $3.13 billion.

The company said it expects to earn between 68 cents and 72 cents per share, excluding items, in the second quarter on revenue of $3.2 billion to $3.3 billion.

Analysts on average expected earnings of 74 cents per share, excluding items, on revenue of $3.20 billion, according to Thomson Reuters I/B/E/S.

TE Connectivity’s consumer products are used in mobile devices and appliances. Its network connectors include undersea telecommunications and systems used by utilities and manufacturers.

The company said in November it would take $200 million in charges this fiscal year to restructure and could close some factories.

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