Courtesy of a surge in new orders, Berwyn’s TE Connectivity saw its shares soar to new heights despite a recent major tax hit, writes Joseph DiStefano for the Philadelphia Inquirer.

The electronic parts manufacturer’s shares increased five percent last week, reaching $105 for the very first time. This rise was sparked by new orders – to the tune of $3.9 billion – in part for undersea cables that link Europe, the U.S., and South America.

TE Connectivity also reported net sales of $3.5 billion for the quarter ending Dec. 31, a 14 percent increase from last year. The company also expects to see an increase of 12 percent, or $3.6 billion in sales, for the three-month period ending March 31.

Despite increased sales and profit margins, though, TE Connectivity had to report a quarterly loss of $40 million. It had to declare past losses it had hoped to use for future tax relief as a result of last year’s U.S. income tax overhaul. As TE Connectivity has its legal headquarters in Switzerland, it will not benefit from the new tax legislation in the U.S.

Read more about TE Connectivity in the Philadelphia Inquirer here.