TE Connectivity Ltd. announced unaudited consolidated earnings results for the first quarter ended December 28, 2012. For the quarter, the company reported GAAP operating income for the quarter was $293 million, which includes restructuring charges of $92 million and Deutsch acquisition-related charges of $5 million, compared to $361 million a year ago period. Adjusted operating income was $390 million, with an adjusted operating margin of 12.4%, up 30 basis points from first quarter last year, compared to adjusted operating income of $421 million a year ago. Income from continuing operations attributable to company was $279 million or $0.65 per diluted share compared to $238 million or $0.55 per diluted share a year ago period. Net income was $277 million compared to $262 million a year ago period. Net income attributable to company was $277 million or $0.65 per diluted share compared to $260 million or $0.61 per diluted share a year ago period. GAAP EPS included $0.15 of restructuring and other charges and $0.01 of acquisition-related charges, offset by $0.16 of income related to tax items. Cash from continuing operations was $393 million. Net cash provided by operating activities was $392 million compared to $207 million a year ago. Free cash flow in first quarter was a very strong $304 million. This was a very good start for the fiscal year as free cash flow is the typically lowest in the first quarter. Capital expenditures were $126 million compared to $130 million a year ago. Capital expenditures, net were $124 million compared to $125 million a year ago. Adjusted income from continuing operations attributable to company was $294 million or $0.68 per diluted share compared to $269 million or $0.63 per diluted share a year ago period.

The company provided earnings guidance for the second quarter of fiscal 2013. The company expect revenue in second quarter to be in the range $3.2 billion to $3.3 billion range and adjusted EPS in the $0.68 to $0.72 range. At the midpoint, revenue would be about flat versus the prior year, with EPS up 3%, and adjusted operating margins would be between 12.5% and 13%. The company expect approximately $100 million of restructuring charges in the second quarter as the company is accelerating cost improvement actions. GAAP EPS are expected to be $0.50 to $0.54, including restructuring and acquisition-related charges of $0.18.

For the full year, the company expected sales in the range of $13.3 billion to $13.7 billion and adjusted EPS of $3.05 to $3.25, and the midpoint of $3.15 is consistent with prior guidance on lower sales of about $200 million. At the midpoint of this guidance, adjusted EPS would be up about 10% on revenue growth of about 2%. The company expect the total of approximately $225 million of restructuring charges for the full year, and this is an increase of $25 million versus the prior guidance as the company planned to accelerate several actions in response to the current slow environment. GAAP EPS are expected to be $2.79 to $2.99, including restructuring and acquisition-related charges of $0.42 and income from tax-related items of $0.16.