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Molex Reports Q3

LISLE, Ill. — Molex Incorporated (NASDAQ: MOLX and MOLXA), a global electronic components company, today reported results for its fiscal 2011 third quarter ended March 31, 2011.

Revenue for the March 2011 quarter of $874.5 million increased 16% from the March 2010 quarter and declined 3% from the December 2010 quarter. Revenue in local currencies increased 13% compared with the prior year quarter and declined 4% compared with the December 2010 quarter. Orders for the quarter were $880 million, an increase of 5% from the prior year quarter and 1% from the December 2010 quarter.

Net income for the March 2011 quarter was $68.1 million or $0.39 per share, compared with net income of $38.4 million, or $0.22 per share, for the March 2010 quarter and $78.3 million, or $0.45 per share, for the December 2010 quarter. The effective tax rate for the current quarter was 30.4%. These periods include costs related to unauthorized activities in Japan as outlined below in our update on this matter. The March 2010 quarter also included restructuring costs of $9.1 million ($7.4 million after-tax or $0.04 per share).

“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 rate of expansion of mobile computing, investments in data and communication infrastructure and growth of the middle class in emerging markets continues to accelerate, driving increased demand for our many products. Our new organization structure, Focus Account program and portfolio management initiatives position Molex to benefit from these strong trends.”

Read the full press release.

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