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Tyco Electronics Ltd. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: January 27, 2012 12:42PM

Tyco Electronics Ltd. (TEL) filed Quarterly Report for the period ended 2011-12-30. Te Connectivity has a market cap of $14.92 billion; its shares were traded at around $34.57 with a P/E ratio of 11.3 and P/S ratio of 1.1. The dividend yield of Te Connectivity stocks is 2.1%. Te Connectivity had an annual average earning growth of 0.6% over the past 5 years.



Highlight of Business Operations:

Net Sales. Net sales increased $109 million, or 3.4%, to $3,309 million in the first quarter of fiscal 2012 from $3,200 million in the first quarter of fiscal 2011. The increase was primarily a result of the acquisition of ADC in the first quarter of fiscal 2011, which contributed net sales of $236 million in the first quarter of fiscal 2012 as compared to $51 million in the first quarter of fiscal 2011, and increased net sales of $94 million in the automotive and aerospace, defense, and marine end markets. These increases were partially offset by lower net sales in our Communications and Industrial Solutions segment. Foreign currency exchange rates positively affected net sales by $7 million in the first quarter of fiscal 2012 as compared to the same period of fiscal 2011. On an organic basis, net sales decreased $83 million, or 2.6%, in the first quarter of fiscal 2012 as compared to the first quarter of fiscal 2011. See further discussion of organic net sales below under Results of Operations by Segment.

Transportation Solutions' net sales increased $94 million, or 7.2%, to $1,405 million in the first quarter of fiscal 2012 from $1,311 million in the first quarter of fiscal 2011. Organic net sales increased by $90 million, or 6.8%, in the first quarter of fiscal 2012 as compared to the same period of fiscal 2011 due primarily to an increase of $76 million in the automotive end market. The strengthening of certain foreign currencies positively affected net sales by $4 million in the first quarter of fiscal 2012 as compared to the same period of fiscal 2011.

Communications and Industrial Solutions' net sales decreased $148 million, or 12.1%, to $1,075 million in the first quarter of fiscal 2012 from $1,223 million in the first quarter of fiscal 2011. Organic net sales decreased $157 million, or 12.9%, during the first quarter of fiscal 2012 as compared to the first quarter of fiscal 2011. The strengthening of certain foreign currencies positively affected net sales by $9 million in the first quarter of fiscal 2012 as compared to the same period of fiscal 2011.

In the industrial end market, our organic net sales decreased 15.1% in the first quarter of fiscal 2012 as compared to the first quarter of fiscal 2011 primarily as a result of inventory corrections in the supply chain and market weakness, particularly in the EMEA and Asia-Pacific regions. In the consumer devices end market, our organic net sales decreased 11.6% in the first quarter of fiscal 2012 as compared to the first quarter of fiscal 2011 due to weaker demand in the mobile phone market driven by our platform position, as well as softness in the personal computer market. In the data communications end market, our organic net sales decreased 19.7% in the first quarter of fiscal 2012 from the same period of fiscal 2011 due to market softness and inventory reductions in the supply chain. In the appliance end market, our organic net sales decreased 15.0% in the first quarter of fiscal 2012 as compared to the first quarter of fiscal 2011 primarily as a result of weakness in the Asia-Pacific and EMEA regions, resulting from lower demand and inventory reductions in the supply chain. In the touch solutions end market, our organic net sales increased 17.7% in the first quarter of fiscal 2012 as compared to the first quarter of fiscal 2011 as a result of increased sales in the medical and retail markets, particularly in the Americas region.

Network Solutions' net sales increased $163 million, or 24.5%, to $829 million in the first quarter of fiscal 2012 from $666 million in the first quarter of fiscal 2011. Organic net sales decreased $16 million, or 2.6%, in the first quarter of fiscal 2012 from the same period of fiscal 2011. The weakening of certain foreign currencies negatively affected net sales by $6 million in the first quarter of fiscal 2012 as compared to the same period of fiscal 2011. ADC, which was acquired on December 8, 2010, contributed net sales of $236 million and $51 million, in the first quarters of fiscal 2012 and 2011, respectively.

Read the The complete Report



Stocks Discussed: TEL,
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