TE Connectivity sees continued Covid-19 recovery

TE Connectivity sees continued Covid-19 recovery

Business news |
By Nick Flaherty

Connector maker TE sees significant growth in the first half of the year at $7.26bn, up 12 percent from $6.36bn on last year and marking its recovery from the Covid-19 pandemic.

“I am very pleased with our performance as well as our team’s ability to deliver double digit sales growth and record quarterly adjusted EPS that exceeded our expectations,” said Terrence Curtin, CEO of TE Connectivity. “We delivered strong earnings this quarter, and year-to-date generated free cash flow of $1 billion, also a record for the first half of a fiscal year. It is also encouraging that we are benefiting from both a recovering economic backdrop as well as our leadership positions in long-term technology trends that drive content growth. I am proud of our team’s perseverance to serve our customers through a global economic recovery and resulting challenges in the broader supply chain.”

For the third quarter of 2021, the company expects net sales of $3.7bn, up from to $2.5 billion in the same quarter last year.

The company owns connector and sensor brands such as Hirschmann, Raychem and Hartma.

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