UPDATE 1-TE Connectivity profit beats but outlook below Street
* Fourth-quarter adjusted profit $0.76/shr beats by 2 cents
* Demand slowing in Europe, China
* Sees $200 mln in restructuring charges in fiscal 2013
Nov 5 (Reuters) - TE Connectivity Ltd reported a higher-than-expected quarterly profit on Monday but said the economic environment was weaker than expected and it will spend $200 million this fiscal year to restructure operations.
The maker of electronic connectors used in cars and consumer devices earned a net $396 million, or 92 cents per share, in the fiscal fourth quarter ended Sept. 28, compared with $326 million or 75 cents per share a year earlier.
Adjusted earnings were 76 cents a share, 2 cents more than analysts had expected, according to Thomson Reuters I/B/E/S.
Sales fell to $3.36 billion from $3.75 billion. Lower sales to industrial and consumer electronics markets offset higher revenue from auto, aerospace and other transportation markets.
Demand in Europe and China is slowing and will hit first-quarter results, the company said.
TE Connectivity, the former Tyco Electronics, said it expects fiscal first-quarter adjusted profit of 62 cents to 66 cents a share on sales of $3.15 billion to $3.25 billion.
Those ranges were below Wall Street forecasts for profit of 74 cents on sales of $3.39 billion.