Bulletin: TE Connectivity Ltd.'s Second Quarter Results Do Not Affect The Ratings

NEW YORK (Standard&Poor's) April 22, 2015--Standard&Poor's Ratings Services said today that Berwyn, Pa.-based designer and manufacturer of connectivity devices TE Connectivity Ltd.'s (A-/Stable/A-2) second-quarter results were in line with our expectations and do not affect the ratings on the company. Quarterly revenue was $3.1 billion, up 4% year over year and up 6% organically. The foreign exchange impact lowered revenue by $246 million, or about 8% on a year-over-year basis, most of which was expected. Growth in the quarter was led by strong performance in auto, commercial aerospace, industrial equipment, appliances, and subsea communications. The previously announced sale of the company's Broadband Network Solutions (BNS) business is on track and the transaction is expected to close

...NEW YORK (Standard & Poor's) April 22, 2015--Standard & Poor's Ratings Services said today that Berwyn, Pa.-based designer and manufacturer of connectivity devices TE Connectivity Ltd.'s (A-/Stable/A-2) second-quarter results were in line with our expectations and do not affect the ratings on the company. Quarterly revenue was $3.1 billion, up 4% year over year and up 6% organically. The foreign exchange impact lowered revenue by $246 million, or about 8% on a year-over-year basis, most of which was expected. Growth in the quarter was led by strong performance in auto, commercial aerospace, industrial equipment, appliances, and subsea communications. The previously announced sale of the company's Broadband Network Solutions (BNS) business is on track and the transaction is expected to close by December 2015. The integration of recently acquired Measurement Specialties, American Sensor Technologies, and AdvanceCath are progressing well. TE Connectivity's continuing operations adjusted operating...

Bulletin