Boyd Gaming buys Resorts Digital online gambling operation
Texas sues Biden administration over lizard's endangered status, cites oil industry threat
LSU linebacker Harold Perkins Jr.'s season is ended by a knee injury, coach confirms
Terrified Lebanese families flee massive Israeli bombardment
Companies ask world leaders at UN to follow through on renewables targets
Iran president warns of 'irreversible' consequences of wider regional war
Thousands of bones and hundreds of weapons reveal grisly insights into a 3,250-year-old battle
Toyota cheated on forklift engine emissions, lawsuit in US claims
Jazz saxophonist and composer Benny Golson dies at 95
Stephen & Evie Colbert offer a cookbook that's also a window on their lives
(Reuters) - TE Connectivity beat Wall Street estimates for second-quarter profit on Wednesday, helped by strong demand for its sensor technology from electric vehicle (EV) makers across the globe.
With governments worldwide implementing regulations to promote cleaner transportation, a shift towards electric vehicles is underway, benefiting EV suppliers.
The company posted total net sales of $3.97 billion for the quarter, which was slightly above the analysts' estimates of $3.95 billion.
Operating margin in "Transportation Solutions" unit, which competes with Aptiv as a supplier to the auto industry, rose to 19.6% during the quarter.
It reported an adjusted profit of $1.86 per share for the quarter ended March 29, ahead of Wall Street estimates of $1.83 per share.
However, the company expects an adjusted profit of around $1.85 per share on revenue of $4 billion for the third quarter, while analysts estimate it at $1.92 per share, on revenue of $4.11 billion, according to LSEG estimates.
(Reporting by Pratyush Thakur in Bengaluru; Editing by Ravi Prakash Kumar)
