Market News

SAN JOSE, CA – Weak product demand continues to affect Sanmina-SCI Corp.’s financials. The company reported a second-quarter loss of $37.5 million, compared to $39.9 million last year.
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TORONTO – Celestica Inc. reported first-quarter net earnings were $19.2 million, down from $29.8 million year-over-year. 
 
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WILMINGTON, DE – The fourth-quarter slump has seeped into first-quarter results for DuPont. The company reported revenue for the quarter fell 17% from last year to $7.27 billion, forcing a revision to its full-year earnings outlook.
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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.
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HARTFORD, CT – United Technologies Corp. reported first-quarter revenue dropped 12% from last year to $12.25 billion. Profit fell 28% for the quarter.
 
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PEORIA, IL – Caterpillar reported first-quarter revenues fell 22% from last year to $9.22 billion.
 
Net loss was $112 million, compared to a $922 million profit last year. The company’s last quarterly loss was in 1992.
 
Included in the amount is $558 million in redundancy costs associated with extensive cuts to its workforce. The company plans to eliminate 22,000 jobs worldwide as a result of the decline in new orders.
 
Caterpillar has also cut its profit forecast for the year from $36 billion/$44 billion to $31.5 billion/$38.5 billion.

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