TE Connectivity misses Q3 revenue estimates amid auto production decline
July 24 (Reuters) -Sensor maker TE Connectivity TEL.N on Wednesday reported third-quarter revenue that fell short of Wall Street estimates, citing a decline in auto production.
TE Connectivity makes switches and sensors and its products are used in vehicle body and frame systems, as well as in convenience features such as infotainment.
Total net sales for the quarter ended June 28 came in at $3.98 billion, falling short of LSEG estimates of $4.01 billion.
However, margin in its transportation unit, which competes with Aptiv APTV.N, was 21.4%, compared to 17.5%, a year earlier, driven by "strong operational performance".
TE Connectivity reported an adjusted profit of $1.87 per share for the reported quarter, slightly ahead of Wall Street estimates of $1.86 per share.
The company forecast fourth-quarter revenue of about $4 billion and an adjusted per share profit of $1.94.
Reporting by Pratyush Thakur in Bengaluru; Editing by Shailesh Kuber
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