DOW JONES NEWSWIRES
Molex Inc. (MOLX) raised its fiscal first-quarter forecast,
saying customer orders have rebounded well, particularly in
Asia.
Shares jumped 11% premarket on the news to $22.60.
Chief Executive Martin Slark said the electronics products
manufacturer has seen orders in all key markets trending higher,
particularly in Asia and the consumer and data markets. But he
cautioned the strength may just reflect temporary effects from
restocking, stimulus spending or building up inventory ahead of the
holiday shopping season.
Molex now sees earnings of 12 cents to 16 cents a share for the
quarter ending next week on revenue of $650 million to $665
million, excluding charges. The company last month projected a
4-cent to 10-cent profit on revenue of $590 million to $630
million. That earnings view was much stronger than analysts
expected at the time.
The company added that a recent settlement to close a European
plant will accelerate some restructuring costs, which it now sees
totaling about $30 million more than before to $270 million to $280
million for the year
Molex will report its quarterly results Oct. 27.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com