News

Molex Reports Second Quarter Financial Results

January 22, 2007 by Jeff Shepard

Molex Corp. reported a 13.5% increase in second-quarter earnings, in line with its recently-lowered expectations, and forecast stronger-than-expected revenue in the third quarter. Net income in the second quarter rose to $66.4 million, or 36 cents a share, compared with $58.5 million, or 31 cents a share, a year earlier.

Revenue rose about 20% in the second quarter from a year ago, to $837.5 million. Currency translation added $18.6 million to the company’s revenue. Revenue also included $56.1 million from Woodhead Industries, which Molex acquired last August. It said the integration of that business was on track and would be implemented in July.

Orders for the second quarter rose 10.7% to $778.7 million, but down 9.9% from the prior quarter. The order backlog at the end of December was up 26.3% from the prior year to $375.9 million, but that was down 11.6% from the prior quarter.