Employees hold a plate with components at TE Connectivity in Woerth, Germany, February 16, 2022.
REUTERS/Lukas Barth Acquire Licensing RightsNov 1 (Reuters) - TE Connectivity (TEL.N) beat Wall Street expectations for fourth-quarter profit on Wednesday as demand for its sensor technology was buoyed by steady sales of electric vehicles (EVs) across the globe.
Customers have been increasingly turning to EVs as governments around the world implement regulations to incentivize cleaner modes of transport.
It expects an adjusted profit of $1.70 in the quarter, in line with Wall Street expectations.
In the fourth quarter, total net sales stood at $4.04 billion, down 7% from a year earlier, but beat analysts' average expectations of $4.01 billion.
Persons:
Lukas Barth, Aishwarya Jain, Shivansh, Shinjini
Organizations:
REUTERS, Thomson
Locations:
Woerth, Germany, Switzerland