Tyco Electronics Ltd. reported results for the fiscal first quarter ended Dec. 24, 2010. The company reported a net sales increase of 11% year-over-year, and 2% sequentially, to $3.2 billion. Earnings Per Share from Continuing Operations (GAAP EPS) were $0.60 for the quarter, compared to $0.37 in the prior-year period. Included in the GAAP EPS were $0.13 per share of ADC acquisition-related charges and $0.01 per share of restructuring charges. This compares to $0.10 per share of restructuring charges in the prior-year quarter. Adjusted EPS were $0.73 in the quarter, up 55% compared to $0.47 in the prior-year quarter. In the fiscal first quarter, the acquisition of ADC contributed $51 million of revenues and had no impact on adjusted EPS.
“We are off to a good start to our fiscal year with strong first quarter results and the completion of the acquisition of ADC in December,” said Tyco Electronics Chief Executive Officer Tom Lynch. “Sales were up 11% and adjusted EPS of $0.73 were up 55% over the prior year. Orders grew 7% in the quarter and our book-to-bill ratio was 1.03, excluding our SubCom business, reflecting strength across most of our end markets. We are excited about completing the acquisition of ADC, which positions TE as a world leader in the rapidly expanding broadband connectivity market.”