Shares of TE Connectivity, the 75,000-worker, Berwyn-based company that makes electronic connectors and sensors for auto, airline, medical-equipment and undersea-cable companies, hit $75 in trading this morning -- highest price in the ten years since the company was spun off by the former Tyco International -- after CEO Tom Lynch reported higher-than-expected quarterly sales of $3.1 billion.
Lynch, who is turning over the chief executive office to President (corrected) Terrence Curtin later this year and will stay on as chairman, cited "double digit growth in our Automotive, Commercial Transportation and Appliances business units; improvement in our Data and Devices business; and strength in Asia" for higher sales.
Profits also hit "a record in the quarter due to higher sales volume, particularly in our harsh environment businesses," along with cost-cutting, Lynch added. "We are raising our organic sales and EPS guidance for the full year, reflecting organic growth in all of our segments." More in TE's quarterly report here.