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Tyco Electronics Reports Strong Second Quarter Results; Increases Full-Year Outlook

May 01, 2008

  • Net Sales Increased 14 Percent to $3.7 Billion; Organic Sales Growth of 7 Percent

  • Earnings Per Share (EPS) From Continuing Operations of $0.62 on a GAAP Basis, Up 9 Percent; Adjusted EPS of $0.67, an Increase of 12 Percent Over Prior Year

  • Income From Operations of $501 Million Increased 20 Percent and Adjusted Operating Income of $514 Million Increased 17 Percent

  • Company Increases 2008 Outlook for Adjusted EPS From Continuing Operations to $2.60 to $2.66, an Increase of 21 to 24 Percent Over Prior Year

PEMBROKE, Bermuda, May 1 /PRNewswire-FirstCall/ -- Tyco Electronics Ltd. (NYSE: TEL)(BSX: TEL) today reported net sales of $3.7 billion for the fiscal second quarter ended Mar. 28, 2008, an increase of 14 percent over the prior- year period. Excluding currency effects, organic sales growth was 7 percent. GAAP diluted earnings per share (EPS) from continuing operations were $0.62 for the quarter, compared to $0.57 in the prior-year period. Included in EPS from continuing operations was $0.05 of net charges -- comprised of $0.04 per share of income related to a gain from the sale of real estate, which was more than offset by a charge of $0.05 per share for the company's portion of a Tyco International securities litigation settlement with the State of New Jersey and $0.04 per share of restructuring costs. This compares to $0.03 per share of charges in the prior-year quarter. Adjusted diluted EPS from continuing operations were $0.67 in the quarter, an increase of 12 percent over last year's adjusted EPS of $0.60.

"We had a strong second quarter with double-digit sales and earnings growth," said Tyco Electronics Chief Executive Officer Tom Lynch. "The strength of our businesses that serve the global industrial and infrastructure markets more than offset slower growth in the consumer markets served by our Electronic Components segment. Our adjusted operating income grew by 17 percent and our adjusted operating margin improved slightly, compared to the prior year. We also repurchased over 10 million of our shares in the quarter and announced that we are pursuing another divestiture to further focus our company."

Read more at: http://newsroom.tycoelectronics.com/index.php?s=43&item=279

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