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Molex expects 1st-qtr profit below estimates
August 8, 2012 / 1:40 PM / 5 years ago

Molex expects 1st-qtr profit below estimates

* Sees Q1 EPS $0.37-$0.41 vs est $0.43

* Sees Q1 revenue $900-$940 mln vs est $911.1 mln

* Q4 EPS $0.40 vs est $0.38

* Q4 revenue $858.8 mln vs est $880.5 mln

Aug 8 (Reuters) - Electronic components maker Molex Inc forecast first-quarter profit below analysts’ estimates but said it was counting on several new products and the pre-Christmas build up to drive revenue growth.

Molex expects to earn between 37 cents and 41 cents per share, for the first quarter, on revenue of between $900 million and $940 million.

Analysts on average were expecting earnings of 43 cents per share, on revenue of $911.1 million, according to Thomson Reuters I/B/E/S.

“The September quarter typically experiences a strong sequential sales uptick... the disappointing EPS guidance seems to speak to margin challenges at the company,” Topeka Capital Markets’ analyst Brian White wrote in a note.

White, who has a “sell” rating on the stock, expects demand to weaken around the December quarter after the holiday ramp.

Net income rose to $72.0 million, or 40 cents per share, in the fourth quarter, from $64.9 million, or 36 cents per share a year earlier.

Revenue fell 6 percent to $858.5 million.

Analysts had expected quarterly earnings of 38 cents per share, on revenue of $880.5 million.

Backlog for the quarter grew 10.5 percent helped by direct orders for new products.

Shares of the company were down 4 percent at $25.60 on Wednesday morning on the Nasdaq.

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