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TYCO ELECTRONICS RAISES FISCAL THIRD QUARTER OUTLOOK
PEMBROKE, Bermuda - 16 June, 2009 - Tyco Electronics Ltd. (NYSE: TEL; BSX: TEL) has revised upward its outlook for the fiscal third quarter ending 26 June, 2009. As a reminder, this outlook excludes the company's Wireless Systems segment which will be reported as a discontinued operation beginning with Tyco Electronics' fiscal third quarter earnings release.
- The company currently expects sales of $2.45 billion to $2.55 billion, versus the previous guidance range of $2.35 billion to $2.45 billion. The increase in revenue is due to improved sales in the consumer-related end markets served by the Electronic Components segment, additional project revenue in the Undersea Telecommunications segment and foreign currency translation.
- GAAP income from operations is now expected to be $25 million to $55 million, which includes restructuring charges of approximately $60 million. Adjusted operating income is expected to be $85 million to $115 million, versus prior guidance of $40 million to $70 million. The improvement in adjusted operating income versus prior guidance is due to increased revenue in the Electronic Components and Undersea Telecommunications segments, as well as accelerated execution on restructuring and other cost actions.
- GAAP earnings per share (EPS) from continuing operations are now expected to be $0.00 to $0.07, including restructuring charges of approximately $0.10 per share. Adjusted EPS from continuing operations are expected to be $0.10 to $0.17, compared to prior guidance of $0.01 to $0.06.
The following table shows a comparison of the company's prior outlook issued as part of our fiscal second quarter earnings release and the revised outlook:
|
($ in millions, except per share amounts) |
Q3 Outlook Issued 29 April |
Revised Q3 Outlook |
|
Sales |
$2,350 to $2,450 |
$2,450 to $2,550 |
|
Operating Income |
$0 to $30 |
$25 to $55 |
|
Restructuring Charges |
$40 |
$60 |
|
Adjusted Operating Income |
$40 to $70 |
$85 to $115 |
|
Interest Expense (Net) |
$37 |
$37 |
|
Other Income |
$11 |
$11 |
|
Adjusted Tax Expense |
$12 to $18 |
$10 to $15 |
|
|
|
|
|
GAAP (Loss)/ Earnings Per Share From Continuing Operations |
$(0.05) to $0.00 |
$0.00 to $0.07 |
|
|
|
|
|
Adjusted EPS From Continuing Operations |
$0.01 to $0.06 |
$0.10 to $0.17 |
The company will report complete results for its fiscal third quarter before trading begins on 29 July, 2009.
ABOUT TYCO ELECTRONICS
Tyco Electronics Ltd. is a leading global provider of engineered electronic components, network solutions, undersea telecommunication systems and specialty products, with fiscal 2008 sales of US$14.8* billion to customers in more than 150 countries. We design, manufacture and market products for customers in a broad array of industries including automotive; data communication systems and consumer electronics; telecommunications; aerospace, defense and marine; medical; and alternative energy and lighting. With approximately 7,000 engineers and worldwide manufacturing, sales and customer service capabilities, Tyco Electronics' commitment is our customers' advantage. More information on Tyco Electronics can be found at http://www.tycoelectronics.com/. (* Includes revenue from the company's former Wireless Systems segment, which will be reported as a discontinued operation beginning in the fiscal third quarter of 2009.)