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TE Connectivity Hikes Dividend by 4% After Strong Q1 Results

TE Connectivity Ltd. (TEL) is a global industrial technology leader that provides a broad range of connectivity and sensor solutions, proven in the harshest environments, enabling transportation, industrial applications, medical technology, energy, data communications and residential homes.

The company generated 56% of its revenue from Transportation Solutions, 31% from Industrial Solutions and 13% from Communications Solutions in 2020. In terms of geographic diversification, 35% of sales came from the Asia-Pacific region, 35% from European, Middle Eastern and African (EMEA) markets, and 30% from the Americas.

Strong First-Quarter Results

TE Connectivity recently announced fiscal first-quarter revenue that rose by 10.4% to $3.5 billion, beating consensus estimates by $240 million, with non-GAAP earnings of $1.47 per share, beating consensus estimates by 18 cents.

Analysts have a mixed opinion of the stock following earnings. Cowen & Co. believes that near-term auto production remains the key risk given supply chain issues at customers, but with other areas on the uptick, they see the potential for multi-year 20% growth margins.

The company raised its quarterly dividend by 4.2% to $0.50 per share, which represents a 1.51% forward yield. The dividend is payable on June 4, 2021 to shareholders on record as of May 21, 2021.

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