LISLE, IL – Molex Inc. reported a third-quarter net loss of $58.6 million, compared to a $50.3 million profit last year. The company blames a higher restructuring charge and a drop in orders.
For the quarter ended March 31, revenue dropped 39% over last year to $505.5 million on customers reducing inventory and currency translations.
Orders declined 47% year-over-year to $475 million, while capital expenses fell to $31.1 million. Orders appear to have bottomed out in March, but future visibility remains limited, according to Molex.
The company expects second-quarter sales between $525 million to $575 million.