...NEW YORK (Standard & Poor's) April 20, 2016--Standard & Poor's Ratings Services said today that Schaffhausen, Switzerland-based global connectivity and sensors solutions designer and manufacturer 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 billion, down 4% year-over-year and down 2% organically. The foreign exchange impact lowered revenue by $74 million, or about 2% on a year-over-year basis. Growth in the quarter was led by relative strength in subsea communications and auto, which were up 18% and 4% organically, respectively, on a year-over-year basis. The acquisition of Creganna Medical Group was closed on April 4, 2016 and would add about $250 million to TE Connectivity's revenue on an annual run-rate basis. TE Connectivity's adjusted operating margin was 14.9% in the second quarter of fiscal 2016, declining from 16.4% in a year-ago period, contributed by negative...
