(Reuters) – TE Connectivity forecast second-quarter profit below analysts’ expectations on Wednesday, as the sensor maker continues to face demand uncertainty in its largest division, the transportation unit.
The transportation segment, which produces components for automotive technologies, saw sales decline by 6.3% to $2.24 billion, making up 58.4% of the total revenue for the quarter.
The Galway, Ireland-based company expects an adjusted profit of about $1.96 per share for the current quarter, compared with analysts’ estimates of $1.98 per share, according to data compiled by LSEG.
It reported an adjusted profit of $1.95 per share for the quarter ended December 27, beating analysts’ estimates of $1.89 per share, helped by strong sales in its industrial solutions segment.
Total net sales for the quarter stood at $3.83 billion, missing analysts’ estimates of $3.9 billion, partly due to unfavorable currency exchange impacts.
(Reporting by Anshuman Tripathy in Bengaluru; Editing by Tasim Zahid)
