TIDMMOL
If transmission is garbled or cut off, please only contact
Business Wire directly at 312/223-1037 for retransmission.
Molex Incorporated (NASDAQ: MOLX and MOLXA), a global electronic
components company, today reported results for its third quarter
ended March 31, 2012.
Three Months Ended
Mar. 31, Dec. 31, Mar. 31,
USD millions, except per share data 2012 2011 2011
Net revenue $ 837.1 $ 857.6 $ 874.5
Net income 64.9 64.0 68.1
Earnings per share 0.36 0.36 0.39
Revenue for the March 2012 quarter was $837.1 million, down 2.4%
from the December 2011 quarter and 4.3% from the March 2011
quarter. Revenue in local currencies declined 2.0% from the
December 2011 quarter and 4.8% from the March 2011 quarter. Net
income for the March 2012 quarter was $64.9 million or $0.36 per
share, compared with net income of $64.0 million or $0.36 per share
for the December 2011 quarter and net income of $68.1 million or
$0.39 per share for the March 2011 quarter. Net income for the
March 2012 quarter includes a net tax benefit of $3.0 million
($0.02 per share) resulting from the release of net operating loss
valuation allowances no longer required, partially offset by
adjustments to deferred tax assets due to changes in applicable tax
rates in certain jurisdictions.
"Business conditions stabilized during the March quarter, with
order rates improving each month and the book-to-bill ratio
increasing to 1.04. Costs remain under control and are being
rigorously monitored," commented Martin P. Slark, Molex's Chief
Executive Officer. "The long term themes driving the business -
mobility, IT spending and growth in emerging markets - continue to
develop, affording Molex significant opportunities for long-term
growth. In addition, cash flow has been very strong, exceeding net
income for each of the last three quarters. Accordingly, our Board
of Directors has approved an increase to the quarterly dividend by
10% to $0.22 per share."
Other financial highlights for the quarter ended March 31,
2012
-- Gross profit margin was 30.5%, compared with 29.8% in the March 2011
quarter and 30.7% in the December 2011 quarter.
-- SG&A expense was $163.9 million, compared with $159.4 million in the
March 2011 quarter and $163.1 million in the December 2011
quarter.
-- Capital expenditures were $54.4 million or 6.5% of revenue.
-- Depreciation and amortization was $58.5 million or 7.0% of revenue.
-- Backlog was $376.9 million, an increase of $30.6 million or 8.8% from
the December 2011 quarter.
-- The book-to-bill ratio was 1.04 to 1.
-- Inventory days outstanding were 93 days compared with 87 days in the
March 2011 quarter and 91 days in the December 2011 quarter.
-- Accounts receivable days outstanding were 72 days compared with 76
days in the March 2011 quarter and 71 days in the December
2011
quarter.
-- Cash flow from operations was $138.9 million.
-- The effective tax rate was 27.2%. Excluding the one-time benefit from
releasing valuation allowances no longer required, partially
offset by
the impact of an adjustment to deferred tax assets, the
effective tax
rate was 30.6%.
Increase in Cash Dividend
The Board of Directors has approved an increase in the quarterly
cash dividend to $0.22 per share, an increase of 10% from the
previous cash dividend of $0.20 per share. The increase is
effective for the cash dividend payable on July 25, 2012 to
shareholders of record on June 29, 2012, for each share of Common
Stock (MOLX), Class A Common Stock (MOLXA) and Class B Common
Stock, and will continue quarterly until further action by the
Board.
Outlook
Based upon current order rates, backlog and normal seasonality,
the Company estimates revenue in a range of $870 to $900 million
for the June 2012 quarter. At this level of revenue, the Company
expects earnings per share in a range of $0.36 to $0.40 assuming
constant foreign currency rates and commodity prices and an
effective tax rate of 31%.
Earnings Conference Call Information
A conference call will be held on Wednesday, April 25, 2012 at
8:30 am central time. Please dial (888) 679-8037 to participate in
the call. International callers should dial (617) 213-4849. Please
dial in at least five minutes prior to the start of the call and
refer to participant pass code 17139779. Internet users will be
able to access the webcast, including slide materials, live and in
replay in the "Investors" section of the Company's website at
www.molex.com. A 48-hour telephone replay will be available at
approximately 10:30 am central time at (888) 286-8010 or (617)
801-6888 / pass code 16705816.
Other Investor Events
May 15, 2012 - 6th Annual Barrington Research Industrial &
Business Services Conference in Chicago
May 31, 2012 - KeyBanc Industrial Conference in Boston
June 12, 2012 - William Blair & Company Growth Stock
Conference in Chicago
Forward-Looking Statements
Statements in this release that are not historical are
forward-looking and are subject to various risks and uncertainties
that could cause actual results to vary materially from those
stated.Words such as "expect," "anticipate," "outlook," "forecast,"
"could," "project," "intend," "plan," "continue," "believe,"
"seek," "estimate," "should," "may," "assume," "potential,"
variations of such words and similar expressions are used to
identify these forward-looking statements.Forward-looking
statements are based on currently available information and
include, among others, the discussion under "Outlook."These
statements are not guarantees of future performance and involve
certain risks, uncertainties and assumptions that are difficult to
predict. Respective risks, uncertainties, and assumptions that
could affect the outcome or results of operations are described in
Part 1, Item 1A of our Annual Report on Form 10-K for the year
ended June 30, 2011, and the Form 10-Q for the quarters ended
September 30, 2011 and December 31, 2011.
Forward-looking statements are based upon beliefs, assumptions
and information available at the time the statements are made.
Actual outcomes and results may differ materially from what is
expressed, implied, or forecast in these forward-looking
statements. Reference may be made to forward-looking statements
regarding growth strategies, industry trends, global economic
conditions, success of customers, cost of raw materials, value of
inventory, availability of credit, currency exchange rates, labor
costs, protection of intellectual property, cost reduction
initiatives, unauthorized activities in Japan, acquisition
synergies, manufacturing strategies, product development
introduction and sales, regulatory changes, competitive strengths,
natural disasters, investigations and legal proceedings. Except as
required under the federal securities laws, Molex does not have any
intention or obligation to update publicly any forward-looking
statements after the distribution of this quarterly release,
whether as a result of new information, future events, changes in
assumptions, or otherwise.
Molex Incorporated is a 73-year-old global manufacturer of
electronic, electrical and fiber optic interconnection systems.
Based in Lisle, Illinois, USA, the Company operates 40
manufacturing locations in 16 countries. The Molex website is
www.molex.com.
Editor's note: Molex is traded on the NASDAQ Global Select
Market (MOLX and MOLXA) in the United States and on the London
Stock Exchange. The Company's voting common stock (MOLX) is
included in the S&P 500 Index.
Molex Incorporated
Condensed Consolidated Balance Sheets
(in thousands)
Mar. 31, June 30,
2012 2011
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 608,809 $ 532,599
Marketable securities 13,654 13,947
Accounts receivable, less allowances of 724,141 811,449
$39,970 and $42,297, respectively
Inventories 546,909 535,953
Deferred income taxes 125,807 129,158
Other current assets 39,454 32,239
Total current assets 2,058,774 2,055,345
Property, plant and equipment, net 1,126,467 1,168,448
Goodwill 161,143 149,452
Non-current deferred income taxes 41,434 38,178
Other assets 175,795 186,429
Total assets $ 3,563,613 $ 3,597,852
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 100,976 $ 119,764
and short-term borrowings
Accounts payable 314,999 359,812
Accrued expenses:
Accrual for unauthorized activities in Japan 177,338 182,460
Income taxes payable 49,737 2,383
Other 210,115 217,628
Total current liabilities 853,165 882,047
Other non-current liabilities 20,870 23,879
Accrued pension and postretirement benefits 91,284 100,866
Long-term debt 155,128 222,794
Total liabilities 1,120,447 1,229,586
Commitments and contingencies
Total stockholders' equity 2,443,166 2,368,266
Total liabilities and stockholders' equity $ 3,563,613 $ 3,597,852
Molex
Incorporated
Condensed
Consolidated
Statements
of Income
(Unaudited)
(in thousands,
except
per share
data)
Three Months Ended Nine Months Ended
March 31, March 31,
2012 2011 2012 2011
Net revenue $ 837,080 $ 874,531 $ 2,630,663 $ 2,673,668
Cost of sales 581,904 613,917 1,819,822 1,866,933
Gross profit 255,176 260,614 810,841 806,735
Selling, 163,853 159,448 496,151 475,548
general
and
administrative
Unauthorized 2,521 2,855 8,166 11,110
activities
in Japan
Total 166,374 162,303 504,317 486,658
operating
expenses
Income from 88,802 98,311 306,524 320,077
operations
Interest (1,212 ) (1,726 ) (4,697 ) (4,849 )
(expense)
income, net
Other income 1,561 1,325 3,319 5,766
Total other 349 (401 ) (1,378 ) 917
income
(expense), net
Income before 89,151 97,910 305,146 320,994
income taxes
Income taxes 24,268 29,765 95,730 99,462
Net income $ 64,883 $ 68,145 $ 209,416 $ 221,532
Earnings per
share:
Basic $ 0.37 $ 0.39 $ 1.19 $ 1.27
Diluted $ 0.36 $ 0.39 $ 1.18 $ 1.26
Dividends $ 0.2000 $ 0.1750 $ 0.6000 $ 0.5025
declared
per share
Average common
shares
outstanding:
Basic 176,164 174,957 175,830 174,666
Diluted 178,134 176,449 177,152 175,678
Molex Incorporated
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Nine Months Ended
March 31,
2012 2011
Operating activities:
Net income $ 209,416 $ 221,532
Add non-cash items included in net income:
Depreciation and amortization 179,664 181,716
Share-based compensation 17,248 17,009
Other non-cash items 8,914 17,719
Changes in assets and liabilities:
Accounts receivable 71,833 (2,143 )
Inventories (20,896 ) (43,112 )
Accounts payable (38,382 ) (63,725 )
Other current assets and liabilities (4,747 ) 3,903
Other assets and liabilities 7,328 (5,968 )
Cash provided from operating activities 430,378 326,931
Investing activities:
Capital expenditures (149,427 ) (196,915 )
Acquisitions (24,000 ) (18,847 )
Proceeds from sales of property, 3,373 1,460
plant and equipment
Proceeds from sales or maturities 8,348 5,568
of marketable securities
Purchases of marketable securities (8,881 ) (6,062 )
Other investing activities 11,000 (196 )
Cash used for investing activities (159,587 ) (214,992 )
Financing activities:
Proceeds from revolving credit facility 75,000 85,000
Payments on revolving credit facility (255,000 ) (20,000 )
Proceeds from short-term loans and - 28,856
current portion of long-term debt
Payments on short-term loans and current (53,615 ) (31,843 )
portion of long-term debt
Proceeds from issuance of long-term debt 150,000 -
Payments of long-term debt (479 ) (47,908 )
Cash dividends paid (105,375 ) (83,766 )
Exercise of stock options 6,867 5,935
Other financing activities (3,199 ) (2,990 )
Cash used for financing activities (185,801 ) (66,716 )
Effect of exchange rate changes on cash (8,780 ) 26,221
Net increase in cash and cash equivalents 76,210 71,444
Cash and cash equivalents, beginning of period 532,599 376,352
Cash and cash equivalents, end of period $ 608,809 $ 447,796
Molex IncorporatedSteve Martens, VP Investor
Relations630-527-4344
Molex A (LSE:MOLA)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Molex A (LSE:MOLA)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024
