Molex Incorporated Earnings: Revenues and Profits Rise But Miss Wall Street Expectations
S&P 500 (NYSE:SPY) component Molex Incorporated (NASDAQ:MOLX) reported its results for the third quarter. Molex Inc. manufactures electronic components, including switches, integrated products and electrical and fiber optic interconnection products and systems.
Molex Incorporated Earnings Cheat Sheet for the Third Quarter
Results: Net income for Molex Incorporated rose to $68.1 million (39 cents/share) vs. $38.4 million (22 cents/share) in the same quarter a year earlier. A 77.3% rise from the year earlier quarter.
Revenue: Rose 15.6% to $874.5 million YoY.
Actual vs. Wall St. Expectations: MOLX fell short of the mean analyst estimate of 42 cents/share. Estimates ranged from 41 cents per share to 44 cents per share.
Quoting Management: “We were fortunate that the recent natural disasters in Japan had only a minor impact on Molex this quarter. Our employees are safe and our facilities are operational,” commented Martin P. Slark, Molex’s Chief Executive Officer. “Financial results for the March quarter were generally in line with our guidance and expectations; however, we do expect additional impact on our results in the June quarter due to supply chain disruptions in Japan. Fortunately, we have significant new product introductions and strong new orders outside of Japan which will help to mitigate this situation.”
The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of 34.1%, with the biggest boost coming in the third quarter of the last fiscal year when revenue rose 49.6% from the year earlier quarter.
Competitors to Watch: Amphenol Corporation (NYSE:APH), TE Connectivity Ltd. (NYSE:TEL), RF Industries, Ltd. (NASDAQ:RFIL), AVX Corporation (NYSE:AVX), Methode Electronics Inc. (NYSE:MEI), Thomas & Betts Corporation (NYSE:TNB), Spectrum Control, Inc. (NASDAQ:SPEC), 3M Company (NYSE:MMM), Illinois Tool Works Inc. (NYSE:ITW), and Optical Cable Corporation (NASDAQ:OCCF)
Stock Performance: Shares of MOLX are down 2.37% after hours.