TE Connectivity beat Wall Street expectations for fourth-quarter profit on Wednesday as demand for its sensor technology was buoyed by steady sales of electric vehicles (EVs) across the globe.

Customers have been increasingly turning to EVs as governments around the world implement regulations to incentivize cleaner modes of transport.

The Switzerland-based connectivity and sensors solutions manufacturer reported an adjusted profit of $1.78 per share for the quarter ended Sept. 29, compared with analysts' average estimate of $1.76, according to LSEG data.

It, however, forecast 2024 first-quarter net sales of about $3.85 billion compared with analysts' expectations of $3.94 billion, owing to a decline in its communications segment, which supplies electronic components for data centers and appliances.

It expects an adjusted profit of $1.70 in the quarter, in line with Wall Street expectations.

In the fourth quarter, total net sales stood at $4.04 billion, down 7% from a year earlier, but beat analysts' average expectations of $4.01 billion.

It cited a decline in its communications and industrial solutions segment among other reasons for the fall in revenue.

  - Reuters