TE Connectivity hits high on rising profits

Shares of TE Connectivity Ltd. jumped to an all-time high Wednesday after the Swiss electronics maker said that its first-quarter net income rose 27 percent on higher demand for its products.

The company's products are used by the automotive, energy, health care and aerospace industries. There was stronger demand from the automotive industry, said TE Connectivity CEO Tom Lynch. Sales in its automotive business were up 14 percent to $176 million in the first quarter, compared with the same quarter a year ago.

Net income rose to $353 million, or 84 cents per share, in the quarter ending Dec. 27. That compares with net income of $277 million, or 65 cents per share, in the same quarter a year ago.

The company reported earnings of 82 cents per share after one-time items were removed. That's above the 77 cents per share analysts expected, according to FactSet.

Revenue rose 6 percent to $3.33 billion from $3.13 billion. Analysts expected revenue of $3.28 billion.

For the second quarter, the company expects adjusted earnings between 88 cents per share and 92 cents per share and revenue between $3.4 billion and $3.5 billion. That's in line with the 89 cents per share and $3.4 billion analysts expected.

For the full year, it expects adjusted earnings between $3.65 per share and $3.85 per share and revenue between $13.8 billion and $14.2 billion. Analysts expect earnings of $3.68 per share and revenue of $13.9 billion.

Up $3.31, or 5.9 percent, to $59.61 in morning trading Wednesday. Earlier, they rose to a high of $61.14.