Molex Issues FY Q3 Warning; Cutting Exec Salaries

Molex (MOLX) this afternoon warned that March quarter results will likely be below current Street expectations, sending the stock lower in late trading.

For the fiscal second quarter ended Dec. 31, the company posted revenue of $666.7 million, a bit above the Street consensus at $656.6 million, but down 20.8 percent versus a year ago and off 20.5 percent sequentially. The company posted a GAAP loss for the quarter of $87.2 million, or 50 cents a share. Backing out various charges and gains, adjusted net income was nine cents a share, below the Street consensus of 14 cents a share.

Orders in the quarter were $562.2 million, down 34.5 percent from a year ago, and off 29.4 percent sequentially. Backlog at Dec. 31 stood at $285.3 million, down from $374.4 million a year ago and $385.5 million one quarter earlier.

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