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Molex's Q1 Revenues Fall 21%

Published: 28 January 2009
 by Staff
LISLE, IL – Molex Inc. reported first-quarter revenues fell 20.8% from last year to $666.7 million. For the quarter, the gross profit margin dropped to 26.4%, compared to 30.1% in 2007, on lower production levels and absorption of manufacturing overhead.
 
 Net loss was $87.2 million, including a pretax restructuring charge of $39.8 million and a non-cash goodwill impairment of $93.1 million.

December orders declined 34.5% to $562.2 million. Capital expenditures fell to $51.3 million, compared to $53.3 million the previous year.
 
Molex took significant actions to reduce its workforce and lower the cost of employee benefits during the quarter, including changes to retirement benefits and reduced planned contributions to profit sharing. The reductions increased pretax profit by $14.2 million.
 
Revenue for the March quarter is expected to be $500 million to $570 million, and Molex is predicting an increase in orders.

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