TE Connectivity (TEL) Stock Climbs as Q3 Results Top Estimates
NEW YORK (TheStreet) -- Shares of TE Connectivity (TEL) - Get Report are advancing 4.01% to $61.98 late Wednesday afternoon after the company posted better-than-expected earnings for the 2016 fiscal third quarter.
Before today's opening bell, the Switzerland-based electronics manufacturer reported adjusted earnings of $1.08 per share, above analysts' forecasts of $1.03 per share.
Revenue for the quarter was $3.12 billion, while analysts had projected revenue of $3.13 billion.
For fiscal 2016, TE Connectivity sees earnings per share of $3.97 to $4.03 on revenue of $12.15 billion to $12.35 billion.
Previously, the company expected earnings per share between $3.90 and $4.10 on revenue of $12.1 billion to $12.5 billion, the Wall Street Journal noted.
In the fourth quarter, the company sees earnings per share in the range of $1.17 and $1.23 on revenue of $3.25 billion. Analysts are modeling earnings of $1.20 per share on revenue of $3.33 billion.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, growth in earnings per share, expanding profit margins and notable return on equity.
The team believes its strengths outweigh the fact that the company shows weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: TEL