Tyco Electronics profit beats expectations

 @ibtimes
on January 27 2010 8:56 AM

Electronic connector maker Tyco Electronics Ltd's posted a larger-than-expected jump in quarterly profit on Wednesday, as its clients ramped up purchases to restock depleted inventories.

First-quarter net earnings more than tripled to $269 million, or 37 cents per share, compared with $83 million, or 7 cents per share a year earlier.

Excluding items, operating income totaled 47 cents a share, compared to the average Wall Street estimate of 39 cents a share, according to Thomson Reuters I/B/E/S.

Net sales gained 7 percent to $2.9 billion, compared with Wall Street forecasts for sales of $2.8 billion.

Heartened by the recovering trend in sales, the company expects adjusted operating margin to approach 12 percent in the second quarter from 11.5 percent in the first quarter.

Rivals Amphenol Corp reported better-than-expected results on January 21, while Molex Inc also beat expectations with its quarterly profit announcement after Tuesday's closing bell.

(Reporting by Chris Kaufman and Nick Zieminski; Editing by Derek Caney)

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