Molex Posts 3Q Loss On Lower Revenue

LISLE, Ill. (AP) — Electronics parts company Molex Inc. posted a fiscal third-quarter loss Tuesday as revenue dropped sharply amid the economic turmoil. But the company said orders improved each month during the quarter and have continued to rise in April, sending shares soaring more than 18 percent in after-hours trading.

For the three months ended March 31, the company posted a loss of $58.6 million, or 34 cents per share, compared with profit of $50.3 million, or 28 cents per share, in the same period a year earlier. The latest quarter's results included restructuring charges of 20 cents per share.

Revenue fell 39 percent to $505.5 million from $822.3 million.

Analysts, on average, were expecting a loss of 7 cents per share on higher sales of $528.1 million, according to a poll by Thomson Reuters. Analysts typically exclude one-time items from their estimates.

Orders fell 47 percent for the quarter to $475 million. But capital expenses also declined sharply, to $31.1 million from $61 million a year earlier.

"We believe that the revenue and orders for the quarter were below the level of current market demand, a result of inventory reductions within the supply chain," said Chief Executive Martin P. Slark, in a statement.