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S&P 500 (NYSE:SPY) component Molex Incorporated (NASDAQ:MOLX) reported its results for the first quarter. Molex manufactures electronic components, including switches, integrated products, and electrical and fiber optic interconnection products and systems.
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Molex Incorporated Earnings Cheat Sheet
Results: Net income for Molex Incorporated fell to $71.3 million (40 cents per share) vs. $80.5 million (46 cents per share) a year earlier. This is a decline of 11.4% from the year-earlier quarter.
Revenue: Fell 2% to $916.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Molex Incorporated beat the mean analyst estimate of 38 cents per share. It beat the average revenue estimate of $848.3 million.
Quoting Management: “Despite challenging global economic conditions and growing uncertainty in end markets, Molex continues to introduce new products driving growth higher than the overall connector market. With our reputation for quality, customer service and engineering, Molex is recognized as an industry leader and increasingly the supplier of choice as our customers continue to require innovative interconnect solutions,” commented Martin P. Slark, Chief Executive Officer. “We have been expanding our M&A efforts over the past year and are pleased to announce that we acquired Affinity Medical Technologies in early October. Affinity manufactures custom medical interconnect products and systems and will complement our strategy of focusing on high growth markets.”
For each of the last four quarters, the company has seen its net income fall. In the fourth quarter of the last fiscal year, net income fell 6.9% while the figure fell 4.8% in the third quarter of the last fiscal year and 18.2% in the second quarter of the last fiscal year.
Revenue has dropped for four quarters in a row. Revenue declined 6% to $858.5 million in the fourth quarter of the last fiscal year. The figure fell 4.3% in the third quarter of the last fiscal year from the year earlier and dropped 4.9% in the second quarter of the last fiscal year from the year-ago quarter.
The company has now beaten estimates the last two quarters. In the fourth quarter of the last fiscal year, it topped expectations with net income of 35 cents versus a mean estimate of net income of 34 cents per share.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the second quarter is 43 cents per share, down from 46 cents ninety days ago. The average estimate for the fiscal year is $1.58 per share, down from $1.60 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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