Electronics Production | July 23, 2010

Tyco post strong Q3

Tyco Electronics reported a net sales increase of 23 percent year-over-year, and 4 percent sequentially, to $3.08 billion. GAAP EPS were $0.72 for the quarter, compared to $0.05 in the prior-year period.
Sales grew 23 percent compared to the prior-year quarter and 4 percent sequentially. Organically, sales increased 24 percent compared to the prior year and 7 percent sequentially. By segment, and on an organic basis, sales in the Electronic Components segment increased 8 percent sequentially, with broad-based growth in consumer and industrial markets. Sales increased 17 percent sequentially in the Network Solutions segment due to increased capital spending in infrastructure markets and a normal seasonal increase. Sales in the Specialty Products segment grew 10 percent sequentially, primarily reflecting growth in aerospace and defense, touch systems and circuit protection markets. In the Subsea Communications segment, sales decreased 18 percent sequentially.

The adjusted operating margin improved to 15 percent, compared to 13.9 percent in the prior quarter. The operating margin improvement was due to volume increases and productivity gains.

Total company orders increased 41 percent compared to the prior year and 7 percent sequentially. The book-to-bill ratio was 1.06 in the quarter. Excluding the company's Subsea Communications segment, which is a project-oriented business with uneven order patterns, orders increased 38 percent year-over-year and 4 percent sequentially and the book-to-bill ratio was 1.08.


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