(RTTNews) - Electronic components maker Molex, Inc. (MOLX: News ) reported Tuesday a loss for the first quarter as higher restructuring charges and lower revenue reversed its year-ago profit. However on a non-GAAP basis, the company reported first-quarter net income that was down 47% from last year, but still topped analysts' expectations by three cents. The company also provided earnings guidance for the second quarter, below consensus estimate, but refrained from providing full-year outlook citing limited visibility caused by current economic conditions.

In a statement, chief executive officer, Martin Slark said, "We continue to see month over month improvements in revenue and orders in virtually all of our key markets. The increase in orders of 26% from the June quarter was the second consecutive quarter of increasing orders and gives us strong momentum going into the December quarter. Order rates in two key markets, consumer electronics and data, surpassed prior year levels."

First Quarter Results

The Lisle, Illinois-based company reported a net loss of $11.60 million or $0.07 per share for the first quarter ended September 30, 2009, compared to net income of $44.30 million or $0.25 per share in the prior-year quarter. However, net loss for the September quarter significantly narrowed from $219.7 million or $1.27 per share reported in the June quarter.

The results for the latest quarter include $38.55 million or $0.22 per share of restructuring costs and asset impairments, and $4.80 million or $0.03 per share of tax adjustment related to stock compensation, while the year-ago quarter included $15.67 million or $0.09 per share of restructuring costs and asset impairments.
Excluding the items, non-GAAP net income for the quarter declined to $31.75 million or $0.18 per share from $59.96 million or $0.34 per share in the year ago quarter. On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.15 per share for the first quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter declined to $674.03 million from $838.99 million in the same quarter last year, but topped analysts' consensus estimate of $661.0 million. However, net revenues grew 18% sequentially from $570.6 million in the previous quarter.

Orders for the first quarter declined to $724.4 million from $795.9 million in the corresponding quarter a year ago. However, orders increased 26% sequentially.

To receive FREE breaking news email alerts for Molex Inc. and others in your portfolio

 1   2   3   Next Page