Molex Q4 Results Miss Estimates; Sees Q1 Results Below View

(RTTNews) - Molex Inc. (MLX), a manufacturer of electronic connectors, reported Wednesday that its fourth-quarter net income was $57.1 million or $0.32 per share, compared to $72.0 million, or $0.40 per share a year ago. The latest quarter results were impacted by additional tax expense of $1.7 million or $0.01 per share, reflecting a reduction in the future tax benefit of deferred tax assets in Korea.

On average, 13 analysts polled by Thomson Reuters expected earnings of $0.35 per share for the quarter. Such estimates typically exclude special items.

Net revenue for the June 2013 quarter was $882.9 million, an increase of 2.8% from prior year's $858.5 million. In local currencies, net revenue increased 4.7%. Analysts projected revenues of $888.02 million.

Orders for the June 2013 quarter were $880.0 million, a decrease of 2.3% from the previous year.

Martin Slark, Chief Executive Officer., said, "Revenue in all end markets grew sequentially, except for the mobile devices market which remained weak throughout the quarter. We expect tablet and mobile phone production to increase during the September quarter as our customers roll-out new products in time for the holidays. We are also encouraged by an improving order rate in most end markets, signaling better growth in the second half of the year."

Looking ahead for the first quarter, the company expects earnings per share in the range of $0.35 to $0.39 and net revenue in the range of $890 million to $930 million. Analysts expect earnings of $0.40 per share on revenues of $937.07 million.