UPDATE: TE Connectivity Posts Stronger-Than-Expected FQ4 Earnings

TE Connectivity TEL reported upbeat earnings for the fiscal fourth quarter. The Schaffhausen, Switzerland-based company posted quarterly net income of $663 million, or $1.59 per share, compared to $387 million, or $0.92 per share, in the year-ago period. Excluding certain items, the company earned $1.02 per share. Its revenue climbed 4% to $3.58 billion in the period. However, analysts were estimating earnings of $1.00 per share on revenue of $3.6 billion. The company returned $283 million to shareholders through share repurchases and dividends during the quarter. Free cash flow was $661 million in the quarter. “The fourth quarter was a strong finish to a record year for the company," said Tom Lynch, TE Connectivity Chairman and CEO. "Our performance was led by continued momentum in our Transportation and Industrial segments and our Appliances business.” For the full year, TE Connectivity projects earnings of $4.05 to $4.35 per share, on revenue f $14.7 billion to $15.3 billion. Analysts expected earnings of $4.20 per share on revenue of $14.92 billion. For the fiscal first quarter, the company expects earnings of $0.88 to $0.92 per share on net sales of $3.46 billion to $3.56 billion. TE Connectivity shares rose 0.47% to $58.27 at 10:40 a.m. ET.