TE Connectivity posts net sales of $3.13 billion in fiscal first quarter

Infotech Lead America: TE Connectivity has reported net sales of $3.13 billion in fiscal first quarter ended December 28, 2012 compared to prior year sales of $3.17 billion.

Company orders, excluding the Subsea Communications business, were $3.08 billion in the first quarter and the book-to-bill ratio was 1.02.

For the second quarter, the company expects net sales of $3.2 to $3.3 billion.

“First quarter results were in line with our expectations as strong margin performance offset slightly weaker than expected sales particularly in our Networks segment,” said TE Connectivity Chairman and Chief Executive Officer Tom Lynch.

“Orders strengthened through the quarter in most of our businesses primarily due to improved economic conditions in the United States and China. Our book to bill for the quarter was 1.02 excluding our SubCom business. We also had another good free cash flow quarter, generating $304 million and returning the majority back to our shareholders,”¬†Lynch added.

For the full year, the company expects net sales of $13.3 to $13.7 billion.

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