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Wireless connectivity and distributed antenna provider TE Connectivity reported a strong second quarter performance, with net sales up 6% year-over-year to $3.43 billion.
The company’s orders and sales were up in all regions, according to Chairman and CEO Tom Lynch, and across most of the markets it serves, including automotive, broadband networks, aerospace, industrial transportation and oil and gas. He added that the company expects “continued strength in our transportation and industrial markets in the second half.” Those verticals have been particularly strong for the company in recent quarters, including the first quarter, during which TE reported its best quarterly earnings ever and raised its guidance.
The company also announced earlier this month that it will acquire Seacon Group, which provides connectivity to offshore oil and gas operations, for $490 million in cash.
“This is another step in our strategy to expand our leading position in connectivity solutions for harsh environment applications,” Lynch said.
The purchase of Seacon Group continues an expansion of its industrial solutions that comes three years after TE acquired Deutsch Group SAS, which manufactures heavy-duty electronic connectors for harsh environments, for just over $2 billion in 2011.
TE said it expects net sales of $3.54-$3.64 billion in the third quarter, and full year net sales between $13.8-$14.1 billion.
