Molex shares fall on Q2 earnings disappointment

By Reuters
Posted Oct. 26, 2010 at 5:16 p.m.

Electronic connector maker Molex Inc. posted a quarterly profit that beat market estimates, partly helped by new product launches and strong demand, but forecast second-quarter earnings below estimates, sending its shares down 4 percent in after-market trade.

The company sees second-quarter earnings of 38-44 cents a share, while analysts were expecting earnings of 45 cents a share, according to Thomson Reuters I/B/E/S.

Lisle, Illinois-based Molex’s customers include Dell Inc., Ford Motor Co., Hewlett-Packard, IBM and Motorola Inc.

For July-September, the company reported net income of $75.1 million, or 43 cents a share, compared with a net loss of $15.1 million, or 9 cents a share, a year ago.

The company earned 46 cents a share, before special items, while analysts were expecting the company to earn 44 cents a share, according to Thomson Reuters I/B/E/S.

Revenue at Molex, which competes with larger rivals Tyco Electronics Ltd (TEL.N: Quote) and Amphenol Corp (APH.N: Quote), rose 33 percent to $897.7 million, while analysts were expecting sales of $867.4 million.

Molex shares, which have risen 12 percent in value since the company reported fourth-quarter results in August, closed at $22.55 Tuesday on Nasdaq. They were down at $21.64 in extended trade.

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